The Nigerian Investment Promotion Commission (NIPC) has revealed that Nigeria ranks 146 out of 190 countries on the Ease of Doing Business globally.
The Executive Secretary of the Commission, Ms Yewande Smith, said in a lecture at the ongoing 43rd Annual Conference and Dinner of The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), on Thursday in Lagos.
Conference was tagged, “Ease of Doing Business in Nigeria: The Role of Regulatory Agencies.’’
Smith, who was represented by Mr Mutawalli Kukawa, Acting Director, Investment Relations, NIPC, said the ranking was carried out by the World Bank.
According to the Bank’s report, which was presented at the lecture, Nigeria’s Ease of Doing Business score improved by 1.37 points from 51.52 distance to frontier (DTF) in 2018 to 52.89 in 2019.
She added that the Commission had adopted some proactive strategies geared towards improving Nigeria’s Investment Promotion, thereby helping to create an ease in doing business.
“The Proactive Investment Promotion strategies include focusing on key strategic partners and countries, identifying high impact sectors, better balance investors’ rights with obligations, improving investor experience and using feedback to develop the business environment.’’
Others are: proactively inviting target companies to Nigeria and hand-holding them through decision making and the implementation process, and encouraging more Nigerians to invest in the country.
“We encourage states to develop investment promotion agencies, so that they will be specifically charged with the responsibility of promoting the states,’’ she said.
Smith, however, cautioned investors to ensure that they abide by the relevant investment laws in the nation.
She urged government to enable investors so they can create more jobs that will have a significant impact on the economy.
Earlier, the President of ICSAN, Mr Bode Ayeku, said the theme of this year’s Conference tagged, “Ease of Doing Business in Nigeria: The Role of Regulatory Agencies,’’ was part of the institute’s contribution to the development of the economy.
“Ease of doing business is very relevant at this stage of our socioeconomic development, getting it right will enable us to make significant progress towards achieving the much sought after diversified and inclusive economy,’’ he said