GLOBAL COMPETITIVENESS INDEX

GLOBAL COMPETITIVENESS INDEX: BUSINESS IN NIGERIA

GLOBAL COMPETITIVENESS INDEXGlobal competitiveness index- what does this term mean? Are you an investor looking for where to put your money? What area of the economy would you rather tap into? Does population men anything to you? Do you know that Nigerian population is more than 190 million people and is on a rapid increase? What do you know about the ease of doing business in Nigeria? Thus, this article is written to expose you to what ease of doing business mean in the Nigerian context.

GLOBAL COMPETITIVENESS INDEX: EASE OF DOING BUSINESS IN NIGERIA

If you were in Nigeria some year back, you may be having a wrong idea of the business environment in the country right now. On the 18 May, 2017, the then acting President, Hi Excellency, Prof. Yemi Osinbajo signed an executive order (EO1) on transparency and improving the business environment in Nigeria. Consequently, things have changed in the Nigerian business arena.

The executive order (EO1) has the following component:

  • Transparency
  • Default Approval
  • One Government
  • Entry Experience of Travelers and Visitors
  • Equally, ports Operations

Read Also: LOGISTICS COMPANY: EASE OF DOING BUSINESS IN NIGERIA

THE EXECUTIVE ORDER (EO1): TRANSPARENCY

Summarised thus is the executive order on transparency:

  • All Ministries and Departments and Agencies (MDAs) shall publish a complete list of all fees, timelines, conditions & requirements for obtaining permits, licences & approvals: the benefit of this directive is that you know exactly what I needed to process and obtain what.
  • Each MDA all publish lit on its premises and on its website:

THE EXECUTIVE ORDER (EO1): DEFAULT APPROVALS

  • Any application not approved or received within the specified period will be assumed to have been granted to the applicant by default.
  • The Applicant whose application is deemed granted after the expiration of the application period can apply to the supervising Minister to issue any document or certificate required.
  • The Order requires that MDAs communicate with applicants by at least two methods, which may be by email, letter, and publication.
  • application rejection must be accompanied with valid reasons for such rejection.
  • Failure of appropriate officer to act on application within lawful stipulated time without lawful excuse is misconduct and disciplinary action would be taken

THE EXECUTIVE ORDER (EO1): ONE GOVERNMENT DIRECTIVE

  • To enhance application processes in Nigeria, this Order promotes a “One Government” policy. Applicant will not be asked to produce or submit a document issued to it by another FGN MDA as part of application process. MDAs needing any original of the document in the possession of another FGN MDA must now go for it. A photocopy will be enough on the part of applicants. FGN MDAs must now bear the responsibility of seeking verification or certification directly from the issuing MDA.

THE EXECUTIVE ORDER (EO1): ENTRY EXPERIENCE OF VISITORS AND TRAVELERS

  • First, for ordinary tourists travelers to Nigeria, visas will be issued within 48 hours
  • A transparent manner for visa issuance on arrival.
  • Touting has at the Port or environs are now strictly prohibited.
  • Any official caught soliciting or receiving bribes from passengers or other port users shall be subject to immediate removal from post and disciplined.

In Conclusion:

I am sure the World Bank has now rated Nigeria differently on its global competitiveness index. The reason is because things have really changed since the executive order on ease of doing business became operative.

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