Buhari’s Supporters Hail Nigeria’s Climb In Ease Of Doing Business Ranking

Nigeria’s improved rating in World Bank’s Ease of Doing Business Index is a development that will certainly help to attract more foreign investments into the country supporters of President Muhammadu Buhari have said.

According to the Buhari Media Organisation (BMO), the leap of 15 places from last year’s ranking put Nigeria as one of only two African countries to make this highly prestigious list of the top 10 most improved economies in the world.

In a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke, BMO said, this is the second time in three years Nigeria has made it to the top 10 improvers in ease of doing business.

“This year, Nigeria’s rank was lifted by an improvement in six of the 10 parameters considered by World Bank for the list – 1) Ease of starting a business. 2) Dealing with construction permits. 3) Getting electricity for the same. 4) Registering your property. 5) Trading across borders. 6) Enforcing contracts.

“This is in line with the fulfilment of the projections of the Economic Recovery and Growth Plan (ERGP 2017-2020), which aims to deliver sustainable economic growth in Nigeria by restoring growth, investing in our people, and building a competitive economy as we work towards delivering Mr President’s mandate of bringing 100 million people out of poverty.

“The large inflow of Foreign Direct Investments (FDI) to the country was the direct positive outcome of Federal Government’s policy of ease of doing business, favourable investment climate and relative security prevalent in the country. Foreign investments enabled an inflow of about eight billion dollars in 2018 in at least 85 projects, leading to the creation of about 10,000 direct and indirect jobs across the country.”

According to the Buhari group, it is obvious that our environment is now new businesses friendly and that is why businesses are coming in.

“The number of Japanese affiliated companies in Nigeria has doubled in the last four years, growing from 21 in 2014 to 42 last year, also Foreign Portfolio Investment (FPI) increased by $4.5B in June 2019. This is one benefit of ease of doing business.

“The Nigerian economy recorded a total investment commitment of $45.7bn in various sectors of the economy within the first six months of this year. Figures obtained from the Nigerian Investment Promotion Council (NIPC) showed that the $45.74bn investment commitments were made for 42 projects in nine states and the Federal Capital Territory. The sectoral analysis of the commitments indicates that investors were willing to invest the $45.7bn in 12 sectors of the economy,” the statement added.

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