PEBEC’s reforms to achieve 20% annual growth in businesses

The Presidential Enabling Business Environment Council (PEBEC) in its 2024 outlook document stated that it hoped to provide direct support to business champion firms to minimise bottlenecks experienced in accessing government delivery services.

This, according to PEBEC, would bring about the achievement of 20 percent or more annual growth across the following key success metrics; annual revenue, tax remittances, foreign exchange earnings and new job creation.

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PEBEC in its 2024 outlook said sustained economic growth driven by increased productivity across multiple sectors is the only antidote for the current situation.

“While businesses have faced some challenges as a result of ongoing reforms, we are optimistic that staying the course and completing these key reforms will result in significant improvements in the business climate across Nigeria in 2024,” said the report.

In the document, PEBEC is planning to embark on a work stream of reforms that covers regulatory reforms, subnational (state) ease of doing business reforms, strategic communication, legislative and Judiciary reforms and business champion firms.

A breakdown of the PEBEC reforms showed that the regulatory reforms (description) will improve the efficiency and transparency of public service delivery in 36 PEBEC priority MDAs. While expected impact (2024), are 25 percent growth in MDAs adherence to the 72-hour ReportGov.ng resolution SLA and timeline.

In the subnational (state) ease of doing business reforms (description) will support the Ease of Doing Business (EoDB) reforms at the subnational level working with 36 states and the FCT. While expected impact (2024) is that 30 percent of supported states achieve All SABER Dali’s for 2024. Supported SABER states improve EoDB score by 15 percent.

In the strategic communication (description), will support the effective and transparent communication of PEBEC’s mandate, work streams and key initiatives. While expected impact (2024), is to achieve a 25 percent improvement in internal and external stakeholder satisfaction with PEBEC in 2024.

Also, achieve a 20 percent growth in followership across all PEBEC media platforms.

However, the PEBEC 2024 outlook with five main actionable strategic steps for its enhanced coordination, includes – aligning PEBEC ranking methodology and framework with the Presidency’s Central Delivery Coordinating Unit (CDCU). Align with the Office of the Head of Service (OHOS), communicate PEBEC’s work streams on enabling reforms in priority and focus areas to stakeholders in the private and public sectors.

Also, leverage strengthened governance mechanisms in MDAs to rally support and drive critical reforms forward and deepen inter-government collaboration by continuing to work across all arms and levels of government.

The PEBEC document also indicated that PEBEC plans to work directly to contribute to the success of the government’s eight-Point Agenda which are:

Reform the economy to deliver sustained inclusive growth, strengthen national security for peace and prosperity, boost agriculture to achieve food security and unlock energy and natural resources for sustainable development.

Others are enhancing infrastructure and transportation as enablers for growth, focusing on education, health and social investment as essential pillars of development, accelerating diversification through industrialization, digitalization, creative arts, manufacturing and innovation and improving governance for effective service delivery.