Nigeria’s economy is punching below its belt due to various deficiencies in the mode of operation of its ministries, departments and agencies (MDAs), leading to low productivity and lack of accountability.
In a bid to stimulate development and place Nigeria into the right pedestal, the Presidential Enabling Business Environment Council (PEBEC) was inaugurated in July 2016.
The Council was established with a twin mandate of removing bureaucratic and legislative constraints to doing business and improving the perception of the ease of doing business in Nigeria.
According to the Business Facilitation Act (BFA) Compliance Report for 2023, Standard Organisation of Nigeria (SON) leads in the Efficiency Compliance Ranking with 66.42% of the 39 MDAs surveyed.
The BFA Efficiency ranking relates to the capacity of an MDA to provide its
services in a timely, cost-effective, and customer-friendly manner.
“The ranking measures MDAs on their adherence to service level agreements (SLAs), costs and procedures, one government directive, and default approval.
“Historically, the MDAs that exhibit exceptional performance are those that recorded consistent efficiency reporting performance, higher degrees of adherence to service guidelines, and improved customer experience,” the report stated.
Here are the top 10 most efficient MDAs in Nigeria
1. Standard Organisation of Nigeria (SON)
Established in 1971, SON is saddled with the responsibility of standardising and regulating the quality of all products in Nigeria. It ranked first in the Efficiency Compliance Ranking scoring 66.42%.
2. Nigerian Content Development and Monitoring Board (NCDMB)
With a mandate to implement the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, NCDMB, created in 2010, aims to promote the development of local content and capabilities in the country’s oil and gas industry. It came second, scoring 64.02%.
3. Nigerian Electricity Regulatory Commission (NERC)
As a regulatory body, NERC is responsible for overseeing the electricity sector in Nigeria. It regulates the generation, transmission, distribution, and sale of electricity, aiming to ensure efficiency, reliability, and fair pricing in the industry. It ranked third with 61.98% as its efficiency score.
4. Nigeria Agricultural Quarantine Services (NAQS)
Ranking fourth with 56.55% as its efficiency score is NAQS. A government agency responsible for ensuring the compliance of agricultural products with international sanitary and phytosanitary standards. Its primary goal is to facilitate safe trade in agricultural products while protecting the country’s agricultural resources.
5. Nigeria Export-Import Bank (NEXIM)
NEXIM is a financial institution established by the Nigerian government to promote and finance exports and imports in the country. NEXIM provides financial and advisory services to support Nigerian businesses engaged in international trade. It scored 55.96% in the BFA’s efficiency ranking.
6. Federal Competition and Consumer Protection Commission (FCCPC)
Tasked with promoting fair competition and protecting consumers in the marketplace, FCCPC enforces laws and regulations related to consumer rights, fair trading practices, and competition in various sectors of the economy. It was ranked sixth with 55.55% efficiency score.
7. Corporate Affairs Commission (CAC)
The CAC is essentially responsible for regulating the formation and management of companies, business names, and incorporated trustees. It oversees the registration, regulation, and dissolution of companies. Scoring 53.36%, the Commission came seventh in the efficiency scorecard.
8. Securities and Exchange Commission (SEC)
With 46.07% as its efficiency score, the Securities and Exchange Commission (SEC) is responsible for overseeing the securities industry, including the capital markets. Its primary role is to protect investors, maintain fair, efficient, and transparent markets, and promote the development of the Nigerian capital market.
9. Central Bank of Nigeria (CBN)
Mandated to ensure price stability, formulate and implement monetary policy and regulating the banking sector, the CBN ranked ninth in the BFA’s efficiency ranking with 41.53%.
10. Nigerian Electricity Management Services Agency (NEMSA)
NEMSA is responsible for ensuring the safety, reliability, and efficiency of the electricity supply infrastructure in the country. Tasked with the testing, inspection, and certification of electrical installations, equipment, and materials used in the generation, transmission, and distribution of electricity, the agency came 10th with 41.26% as its efficiency score.
