The Nigerian government has approved a 30-day extension for the Presidential Enabling Business Environment Council (PEBEC) Regulatory Reform Accelerator, aiming to further enhance the country’s business environment. This decision comes as part of ongoing efforts to improve Nigeria’s ease of doing business and attract more investments.
The PEBEC initiative, which was launched to streamline regulatory processes and eliminate bureaucratic hurdles, has been instrumental in making Nigeria a more business-friendly destination. The extension will allow the council to finalize critical reforms that are expected to significantly boost business operations across various sectors.
Dr. Jumoke Oduwole, the Special Adviser to the President on Ease of Doing Business, announced the extension, highlighting the progress made so far. “We have achieved substantial milestones in simplifying business regulations, but there is more work to be done. This additional time will help us ensure that these reforms are thoroughly implemented and beneficial to all stakeholders,” Oduwole said.
Since its inception, the PEBEC has focused on key areas such as starting a business, dealing with construction permits, getting electricity, registering property, and paying taxes. The council’s efforts have already led to Nigeria’s significant improvement in the World Bank’s Ease of Doing Business rankings.
One of the notable achievements of the PEBEC is the simplification of the process for starting a business. By reducing the number of procedures and the time required to register a business, Nigeria has become more attractive to both local and international entrepreneurs. Additionally, the introduction of electronic platforms for business registration has further streamlined operations.
The extension is also expected to benefit sectors that are crucial for Nigeria’s economic growth. For instance, the construction industry, which has been hampered by lengthy permit processes, stands to gain from more efficient regulatory frameworks. The energy sector, too, will see improvements in the ease of obtaining electricity connections, which is vital for industrial operations.
Business leaders have welcomed the extension, expressing optimism that the additional time will lead to more comprehensive and impactful reforms. “This extension is a positive step. It shows the government’s commitment to creating a conducive business environment. We look forward to the completion of these reforms and the positive impact they will have on our operations,” said a spokesperson for the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA).
As Nigeria continues to push for economic diversification and sustainable growth, the successful implementation of these regulatory reforms will be critical. The government’s focus on improving the ease of doing business is expected to foster a more vibrant and competitive economic landscape.
In conclusion, the 30-day extension for the PEBEC Regulatory Reform Accelerator represents a hopeful stride towards achieving a more efficient and business-friendly environment in Nigeria. The government’s commitment to this initiative underscores its dedication to fostering economic growth and attracting investment, setting the stage for a more prosperous future.
Source: Tribune Online
