Abuja, Sept. 20, 2024 (TheGavel) – Vice President Kashim Shettima has called on Nigeria’s regulatory agencies to improve transparency and efficiency in order to enhance the country’s global competitiveness and accelerate its economic transformation. Speaking as the Chairman of the Presidential Enabling Business Environment Council (PEBEC), Shettima emphasized the need for a more stable and transparent business environment to attract investment and foster sustainable economic growth.
The Vice President made these remarks during the inaugural Regulators’ Forum, held in Abuja on Friday, which was convened to strengthen collaboration among key regulatory bodies in Nigeria. The forum, a strategic platform for regulators, aims to address operational bottlenecks and streamline regulatory processes that hinder business operations, thereby creating a more conducive business climate in the country.
In a statement issued by Dr. Jumoke Oduwole, the Special Adviser to the President on PEBEC and Investments, Shettima urged the heads of various Ministries, Departments, and Agencies (MDAs) to leverage the forum as an opportunity to reshape the regulatory framework in alignment with national economic goals. “A stable and transparent business environment is crucial for attracting investments and fostering economic growth in the country,” Shettima noted.
The Vice President stressed that collaboration between regulatory bodies is critical in building trust in Nigeria’s regulatory practices, aligning them with international standards, and enhancing perceptions of the ease of doing business in Nigeria. “The expected impact of this collaboration between regulatory bodies will improve Nigeria’s business climate and foster trust and transparency,” Shettima stated, adding that this effort is key to aligning Nigeria’s regulatory practices with global standards and improving the country’s international business rankings.
The Regulators’ Forum provides a collaborative platform to address and resolve long-standing regulatory challenges, including bureaucratic red tape, that businesses in Nigeria often face. Participants at the forum included heads of key regulatory agencies and stakeholders from various sectors. Together, they discussed the importance of reducing operational bottlenecks, promoting transparency, and improving efficiency in service delivery, all of which are essential to boosting investor confidence and economic activity in the country.
Established in July 2016 by the Federal Government, the Presidential Enabling Business Environment Council (PEBEC) has a dual mandate: to eliminate bureaucratic and legislative constraints to doing business and to improve perceptions of Nigeria’s ease of doing business. The council has been at the forefront of numerous reforms aimed at streamlining processes, simplifying procedures, and reducing costs for businesses in Nigeria.
Through these reforms, PEBEC has implemented a wide range of initiatives, such as the digitization of business registrations, the introduction of electronic tax filing, and the simplification of export and import procedures. These efforts have significantly reduced the time and cost associated with doing business in the country, thus improving Nigeria’s rankings in global ease-of-doing-business reports.
Vice President Shettima underscored the importance of a transparent regulatory landscape for achieving Nigeria’s long-term economic transformation goals. By creating an environment where businesses can thrive, Nigeria can position itself as a competitive destination for global investment. The Vice President also emphasized that regulatory agencies must not only collaborate but also adapt to modern practices that reflect global standards.
In closing, Shettima reiterated the government’s commitment to removing barriers that have historically hampered business operations in Nigeria. “It is time to build a regulatory framework that not only meets the needs of today’s businesses but also drives future growth and innovation,” he said.
The Vice President further called on regulatory agencies to continuously improve their operations to ensure that Nigeria remains competitive on the global stage. Enhanced efficiency, transparency, and accountability in regulatory practices, he noted, are crucial for fostering a business-friendly environment that promotes investment and economic diversification.
The forum concluded with a strong commitment from regulatory agencies to implement the reforms discussed and work together to drive Nigeria’s economic transformation. Stakeholders expressed optimism that the collaborative efforts fostered by the Regulators’ Forum would result in tangible improvements in the country’s regulatory landscape and overall business environment. (NAN)
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