Ebonyi targets top investment rankings with sweeping business reforms

The Ebonyi State Government has rolled out sweeping reforms aimed at transforming the State into one of Nigeria’s most business-friendly destinations, with new policies, executive orders, and targeted financial interventions for small and medium-sized enterprises (SMEs).

Stephen Odo, the Director-General of the Ebonyi State Small and Medium Enterprises Development Agency (EBSMEDA), said in Abakaliki that the Agency established on July 27, 2023 was the first created under Governor Francis Ogbonna Nwifuru’s Administration and remains central to his economic growth agenda.

“As the state’s focal person on the Ease of Doing Business Council, our mandate is to make it easier, faster, and cheaper for businesses especially MSMEs to start, operate, and expand in Ebonyi,” Dr. Odo explained. “This is about attracting investment, creating jobs, and reducing poverty.”

According to Odo, “Governor Nwifuru has signed over eight executive orders to strengthen the business environment.

“These include Grievance Redress Mechanism (GRM) to ensure swift resolution of complaints from business operators, Public-Private Partnership (PPP) framework to attract private investment in infrastructure and industry, Right of Way reforms to ease infrastructure development, Presumptive Income Tax Regime for small businesses to simplify tax compliance, Responsible and Inclusive Land-Intensive Agriculture framework to meet global best practices in land acquisition, Promotion of transparency and efficiency in business-related government services, Creation of Small Claims Courts for speedy debt recovery without legal representation, Amendment of Magistrate Court Law to handle debt cases up to ₦10 million.

“These are strong selling points for attracting investors who want predictability and fairness in the business climate.

Similarly, Odo cited the Industriosity Project as a flagship industrialisation initiative which is meant to tackle unemployment, close the skills gap, and stimulate local production. The state has also implemented the From Street to Shop programme, providing ₦2 million each to 500 beneficiaries, alongside agricultural training and grants for thousands of smallholders.

Through the World Bank supported NG-CARES programme, over 7,000 micro and small businesses have received financial assistance ranging from ₦50,000 to ₦500,000.

He further said that EBSMEDA is funding free Corporate Affairs Commission (CAC) registration for qualified businesses and covering the cost of export licences to boost non-oil exports.

To address one of the biggest constraints for entrepreneurs credit Governor Nwifuru, according to Odo, has approved a ₦1 billion loan facility from the Bank of Industry for on-lending to SMEs in the state.

He added, “Grants alone cannot grow an economy. Any businessperson who cannot take a loan, manage it, and repay is not ready for business.”

While Ebonyi currently ranks 23rd in Nigeria’s Ease of Doing Business index, Odo noted that ongoing reforms and new agencies, such as the forthcoming Investment Promotion Agency and Public-Private Partnership Agency, would help the state climb the ladder.

“With one of the safest environments in the South-East, targeted reforms, and strong political will, Ebonyi is positioning itself as the new frontier for local, national, and international investment,” he said.