The Presidential Enabling Business Environment Council (PEBEC), has released details of the outcome of the 60 days national action which was initiated to make Nigeria an easier place to do business (see earlier alert).
The scorecard shows an overall result of 70% completion of targeted reforms. According to the report, some of the completed reform interventions include:
- Starting a business (88% progress): revised timeframe for processing new company registration to 24 hours, single registration form for incorporation of business, electronic submission of registration documents, etc.
- Dealing with construction permits (86% progress): online platform for submitting applications, clearer communication of timelines for processing application and corresponding fees, etc.
- Getting electricity (100% progress): reduced number of procedures and timeframe for processing new connections
- Getting credit (75% progress): increased usage of the National Collateral Registry to assess credit worthiness of small businesses, increased usage of credit history and credit scoring.
- Registering property (33% progress): Sworn affidavit no longer required for title search.
- Trading across borders (60% progress): reduced number of documents for processing imports/exports, physical examination of goods at the ports now harmonized to ensure only one point of contact between officials and importers, etc.
- Entry and exit of people (71% progress): introduction of new immigration regulation, consolidation of arrival and departure forms, etc.
A copy of PEBEC’s 60 days scorecard on the ongoing reforms can be accessed here.
Investors and relevant stakeholders are encouraged to explore these procedures which are aimed at improving the business environment in Nigeria. Feedback on effectiveness of these reforms can be shared with the PEBEC team here.