FG TO ‘EASE DOING OF BUSINESS’ IN NIGERIA, ENCOURAGES PRIVATE INVESTMENT

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[Lagos]–As part of efforts to ameliorating the effects of economic depression in the country, the Federal Government has continued to gear efforts that improve business operations in the country and to attract foreign investments.

The government through the Ministry of Industry, Trade and Investment, on Tuesday in Lagos during the 2017 KPMG’s CFO Survey Report Presentations said that ‘Ease of Doing Business’ has become a critical benchmark for assessing the competitiveness of global economies.

The ease of doing business index is an index created by the World Bank Group, in which Nigeria was ranked 169th position out of 190 countries in the 2017 index.

This position indicated that  Nigeria government has not provided simple regulations for businesses nor has it provided strong protections of property rights.

The 2017 KPMG’s CFO survey identified weak infrastructure, foreign exchange (FOREX) volatility and unfriendly business environment as the major factors impeding the nation’s economic growth, and urged government to adopt sustainable measures that would help tackle the problems in medium to long term basis.

The Minister of Industry, Trade and Investment Dr. Enelamah stated that the government is making consistent efforts to create conducive environment for domestic and foreign trade which would fast track nation’s industrialisation and boost investors’ confidence in Nigeria.

He also said the government has put in place various initiatives to facilitate the ease of doing business in Nigeria, that government is working closely with the Ministries, Departments and Agencies (MDAs) to develop vibrant a communications strategy through clear-cut established channels.

He added that implementation of a communications strategy would also ensure that the ministry spearheads a relentless awareness campaign in order to bridge the knowledge gap between the ministry and its stakeholders.

The minister stressed the need for improved government and private sector partnership, to enable them provide appropriate framework to meet the desired developmental target.




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