Yemi Osinbajo urges multinationals to set up factories in Nigeria

YemiYemi Osinbajo at the 48th World Economic Forum annual meeting for 2018. (Image source: GovernmentZA/Flickr)Yemi Osinbajo, vice-president of the Republic of Nigeria, has emphasised the country as an attractive business hub and urged the multinational companies to invest in Nigeria for the growth of its business environment

Osinbajo spoke this at the commissioning of the New Nestle Milo Ready-To-Drink Factory in Agbara, Ogun State, Nigeria, on 8 February 2018.

Nigeria aims to implement the Economic Recovery and Growth Plan (ERGP) to keep the economy on the path of sustainable economic growth and global competitiveness, he said.

“One important component of the plan is the provision of critical infrastructure, such as roads, rail and power. We're fully committed to supporting companies such as Nestle as we spur growth and create jobs within the economy,” he further added.

To actualise this goal, Nigeria inaugurated the presidential enabling business environment council (PEBEC). “The business climate reforms undertaken under PEBEC have already begun to bear some fruit and reflect that Nigeria is committed to creating an enabling environment to facilitate private sector-led growth and development,” he said.

In October 2017, the World Bank released its flagship ‘Doing Business’ report for 2018, in which Nigeria moved up by 24 places, and for the first time the country was also recognised as one of the top 10 most improved economies in the world.

Presently, Nigeria ranks sixth out of 190 countries in the reform areas such as getting credit, with the potential to unlock credit to small and medium-scale enterprises by giving added comfort to lenders.

On 5 February 2018, PEBEC has announced a National Action Plan to focus on implementing some of the most relevant ease of doing business reforms that have ever come within our radar within the next two months.

“We are working with NAFDAC, SON, the Nigeria Customs Service, as well as the Nigeria Police Force, amongst others, to ease the burden of product registrations, quality standards regulation, as well as the movement of goods and services across the country,” Osinbajo explained.

“This year, we are working on a number of major reform initiatives including the deployment of a National Trading Platform comprising a Single Window Platform, deployment of scanners and a Ports Community system, which will together promote transparency and efficiency at our ports.”

“Furthermore, we are, once again, collaborating with the National Assembly and supporting the passage of their priority business climate reform bills, while partnering to deliver an Omnibus Bill, which will address various irritants within extant laws that need to be amended for the purpose of achieving a better environment for doing business in Nigeria.”

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