Nigeria govt moves to deepen reforms in business environment

To deepen reforms in Nigeria’s business environment, the Federal Government has resolved that chief executive officers (CEOs) and heads of some regulatory agencies in the country be presented with the result of a recent survey that exposed major pitfalls in their organisations.

Specifically, the Cost of Compliance Report presented to the Presidential Enabling Business Environment Council (PEBEC) at its first virtual meeting on Tuesday revealed persistent corruption, duplication of functions, poor service orientation, and several anti-business acts among some regulators.

Vice President Yemi Osinbajo, who presided over the parley, directed that the chief executives be exposed to the outcome of the study conducted by Pricewaterhouse Coopers (PwC).

He said the report revealed human issues that inhibit seamless business operations.

Osinbajo noted that doing otherwise would only jeopardise the government’s efforts in creating a conducive business environment.

His words: “If the environment on account of regulatory authorities is so difficult or expensive, such that people are discouraged or it doesn’t make sense for people to do business, then we are shooting ourselves in the foot in a manner we can only blame ourselves. These are human issues and we must do something very serious about them.”

Speaking further about holding those responsible for the major lapses to account, the Vice President stated: “I am in full support of holding our CEOs to account because they, in turn, must hold their staff to account. If there is systemic corruption, bribery, and extortion, and nobody is held to account, there is a problem.”

According to Osinbajo, the plans of the Federal Government in growing the economy and changing the lives and livelihoods of Nigerians for the better are largely dependent on the business environment in which they operate. Theguardianng

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