WHY NIGERIA MOVED UP 15 PLACES IN THE EASE OF DOING BUSINESS RANKING
Never liked Mourinho, (yes, I’m an Arsenal fan) but it’s from him I took one of the most profound quotes that we should all apply in our lives as Nigerians. “The dog barks but the caravan moves on”
Detractors will have you continuously believe that the economy is not improving or that the climate is not prime for entrepreneurial development but this recognition alongside all the recent pronouncements by the World Bank and the United Nations on the success of the NSIPs shows that it’s actually our scepticism that’s holding us all back from exploring all the policies being put in place by this administration.
The question Nigerians should be asking is why have we climbed up the World Bank’s Ease of Doing Business 2020? What are the things we are doing right and how could we possibly improve.
World Bank used 12 areas of business regulation to measure countries globally and they are, starting a business; dealing with construction permits; getting electricity; registering property; getting credit; protecting minority investors; paying taxes; trading across borders; enforcing contracts; resolving insolvency; employing workers and contracting with the government.
Starting a business is very easy in Nigeria and cheap too. You only need N5000 to register your business name and all that can be done online, no more middlemen or agents. As we already know, the CBN has mandated all banks to loan out 60% of their deposits to local businesses. To show their seriousness, they warned that banks that fail to meet up with this lending ratio will be fined 50% of their shortfall.
FIRS has made sure that tax payment can be done online and tax certificate can also be printed online making it easy for businesses to access their tax records.
For those who have been following the MSME Clinics championed by Vice President Yemi Osinbajo you will agree this has been perhaps the biggest reason we are up on the Ease of Doing Business. MSME Clinics has made it possible for regulators, lenders and MSMEs to meet under one roof.
Agencies like NEPC, NAFDAC, SON and NEXIM have also used the clinics to reduce MSME related certifications by 50% during Clinics. From the MSME Clinics, the National Export Processing Council (NEPC) and NEXIM identify and provide support for MSMEs that are ready for export.
The Buhari government is also launching Shared Facilities for MSMEs across the nation this year. This is to allow MSMEs without financial capacity to own their equipment and opportunity to go into a fully equipped cluster style facility to pay a token to use such equipment, while the relevant regulatory agencies will have certified the facility.
It’s time for more Nigerian youths to take up the opportunities being presented via the Ease of Doing Business policies for that is one of the most assured ways of breaking the unemployment higihaga.
Remember, the naysayers will always present reasons why the ark shouldn’t be built yet they will be the same ones to doubt and envy every success story just like they are doing the “Ga’ate Rice Tedheke militant to millionaire tale”. Be rest assured that the caravan of President Buhari and Vice President Osinbajo will continue to move onwards to the next level while the wailers and detractors bark on.
Nicholas Adesina writes in from Ibadan
Detractors will have you continuously believe that the economy is not improving or that the climate is not prime for entrepreneurial development but this recognition alongside all the recent pronouncements by the World Bank and the United Nations on the success of the NSIPs shows that it’s actually our scepticism that’s holding us all back from exploring all the policies being put in place by this administration.
The question Nigerians should be asking is why have we climbed up the World Bank’s Ease of Doing Business 2020? What are the things we are doing right and how could we possibly improve.
World Bank used 12 areas of business regulation to measure countries globally and they are, starting a business; dealing with construction permits; getting electricity; registering property; getting credit; protecting minority investors; paying taxes; trading across borders; enforcing contracts; resolving insolvency; employing workers and contracting with the government.
Starting a business is very easy in Nigeria and cheap too. You only need N5000 to register your business name and all that can be done online, no more middlemen or agents. As we already know, the CBN has mandated all banks to loan out 60% of their deposits to local businesses. To show their seriousness, they warned that banks that fail to meet up with this lending ratio will be fined 50% of their shortfall.
FIRS has made sure that tax payment can be done online and tax certificate can also be printed online making it easy for businesses to access their tax records.
For those who have been following the MSME Clinics championed by Vice President Yemi Osinbajo you will agree this has been perhaps the biggest reason we are up on the Ease of Doing Business. MSME Clinics has made it possible for regulators, lenders and MSMEs to meet under one roof.
Agencies like NEPC, NAFDAC, SON and NEXIM have also used the clinics to reduce MSME related certifications by 50% during Clinics. From the MSME Clinics, the National Export Processing Council (NEPC) and NEXIM identify and provide support for MSMEs that are ready for export.
The Buhari government is also launching Shared Facilities for MSMEs across the nation this year. This is to allow MSMEs without financial capacity to own their equipment and opportunity to go into a fully equipped cluster style facility to pay a token to use such equipment, while the relevant regulatory agencies will have certified the facility.
It’s time for more Nigerian youths to take up the opportunities being presented via the Ease of Doing Business policies for that is one of the most assured ways of breaking the unemployment higihaga.
Remember, the naysayers will always present reasons why the ark shouldn’t be built yet they will be the same ones to doubt and envy every success story just like they are doing the “Ga’ate Rice Tedheke militant to millionaire tale”. Be rest assured that the caravan of President Buhari and Vice President Osinbajo will continue to move onwards to the next level while the wailers and detractors bark on.
Nicholas Adesina writes in from Ibadan
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