Doing Business: Nigeria To Improve Ranking By 103 Positions

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The Federal Government has said that part of its specific measurable targets over the next four years would include increasing Nigeria’s competitiveness ranking by 103 positions, from its current 137th position to number 34 in global competitiveness.

Minister of Trade and Investment, Dr.Olusegun Aganga, disclosed this at the opening of a 2-day First Bi-Annual Seminar for Trade and Investment Correspondents and Group Business Editors in Abuja.

Aganga, who also said the ministry, would push to ensure that Nigeria?? occupied the top-5 position in Africa by that year pointed out that improving Nigeria’s ranking in the Ease of Doing Business by 103 positions and enabling ranking by 75 positions were key priorities.

He said that in order to improve the flow of trade and investment into the country, the federal government has set up the ‘Doing Business and Competitiveness’ and Investor- Care committees as the first step in a series of well laid-out plans.

The minister said? the mandate of the two committees as contained in their Terms of Reference, was to monitor the legislation governing the art of doing business in Nigeria, stressing that the committee on competitiveness and investor- care would, among the others things, receive and appraise complaints on investment/business environment from investors.

He? also said that the ministry would work with the state governments on the One –Stop-Investment Centres across the country to fast- track the business registration processes for foreign investors.

Internationally acclaimed Standard & Poor’s Ratings Services recently said its ratings on Nigeria were constrained by its view of the country’s internal political tensions, weak political institutions, and faltering efforts to institute buffers that would allow countercyclical policy options.?

Nigeria, it also said has a low level of development and significant infrastructure shortfalls, noting that Inconsistencies in reported external data also constrained the ratings.

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