The Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, has said the current administration believes that a conducive business environment was crucial to achieving the government’s economic diversification agenda.
He, however, pointed out that even though significant milestones have already been recorded, the greatest effect will only be possible with the active collaboration of state and local governments.
Enelamah spoke at the 10th meeting of the National Council on Industry, Trade and Investment, with the theme, “Ease of Doing Business: The Role of States and Local Governments,” which took place in Umuahia, Abia State, during the weekend.
He pointed out that President Muhammadu Buhari has shown strong political will by establishing and supporting the Presidential Enabling Business Environment Council (PEBEC) with an ambitious mandate of removing constraints and bottlenecks in doing business in Nigeria.
The Minister added that the Federal Government also signed the Executive Order 001, which promotes transparency, default approvals and one government.
Enelamah took stock of some of the successes recorded by the government so far in diverse areas. “Business registration in Nigeria can now be concluded within 48 hours with the automated platform by the Corporate Affairs Commission (CAC),” he said.
On trading across borders, he listed some of the completed reforms to include reduction in import documentation requirements from 14 to eight and export documents from 10 to seven, introduction of advance cargo manifests and scheduling of joint physical examination anchored by the Nigerian Customs Service.
Other reforms include the passage and signing into law of two bills to ease access to credit for Medium, Small and Micro Enterprises (MSMEs). “These two Bills are the Secured Transactions in Movable Assets Act 2017 and the Credit Reporting Act 2017,” Enelamah said.