Small and medium enterprises (SMEs) have been able to save about N2.6 billion in registration costs to start business annually, following sustained efforts by the Presidential Enabling Business Environment Council (PEBEC) to make the business environment in Nigeria attractive.
Jumoke Oduwole, coordinator, PEBEC and special adviser to the President on Industry, Trade and Investment, disclosed this during a presentation at an event organised by the Nigerian-American Chamber of Commerce with the theme ‘Improving the Ease of Doing Business in Nigeria.’
According to Oduwole, small business owners have had their costs of opening a business drastically reduced following new reforms from Corporate Affairs Commission (CAC), Federal Inland Revenue Service (FIRS), and others enlisted by PEBEC.
At the business dialogue, Oduwole noted that significant strides had been made by PEBEC since it approved the 60 days national action plan aimed at moving Nigeria 20 steps upwards in the World Bank Ease of Doing Business Index.
Achieving the milestone, she said required a collective will starting from the presidency. The council engaged in dialogues and initiated inter-ministerial collaborations. Also the NPAs under each minister and different ministry department agency (MDAs) were enlisted to ensure everyone was pulling in the same direction.
“There has been a lot of working in silos which had not achieved much. We had to think through prioritizing and being focused,” Oduwole said.
She stated further that the council took a decision to scope out seven indicators that it will focus on in 2017. While closing the gap on the ranking may be important, a proper validation will come from the people who are experiencing the reforms.
Aigboje Aig-Imoukhuede, president, the Nigerian Stock Exchange (NSE) who gave the keynote address said more attention should be given to the attitudinal change of the civil servants. The attitudes of the personnel are very important in making the business environment very attractive.
“This shift can only happen with transformation at the top. Although it calls for a massive paradigm shift but countries have done it before,” Aig-Imoukhuede said.
In his address, John Bray, consul-general, United States Consulate, Lagos noted that every investor from the United States always have one question, how can Nigeria make it easier for business.
“We have met with US businesses to discuss the impressive prospect of the Nigerian market. They understand that Nigeria is a market they have to be in. They like what they see but they say they cannot unlock the door to its potential. They are concerned about security, forex, and inadequate infrastructure, lack of transparency in government.
“We know that all of the challenges are small; that Nigeria has the talents to fix every one of its problems. It will come down to a new kind of commitment to work together. Government and private sector will need to work together,” Bray said.
He assured that the United States government was willing to work with its Nigerian counterpart to make American businesses come back to help build the Nigerian economy.
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