The Vice President, Yemi
Osinbajo’s office coordinates the Presidential Enabling Business Council. The
Council was set up pursuant to an Executive Order signed by the V.P then Acting
President of the Federal Republic of Nigeria.
The crux of the Order was
to ease the process of doing business in
Nigeria. Prior to this order, it was a herculean task moving from point A to
Point B in business registration without facing countless potholes. The move by
the Vice President has so far received accolades both within and outside the
shores of the country. The Ease of Doing Business initiative has streamlined
the process of business registration making it easier to start a business. The
V.P has also involved industry stakeholders comprising the organized private
sector and relevant government departments with a view to cover up loopholes
that impede efficient business formation and administration in Nigeria. Several
regulatory agencies have been directed to reduce the down- time in product
registration and ensure more efficient service delivery.
All these are commendable
when viewed from the institutional perspective. However, considering the fact
that there are human factors involved at every stage of the process, it is imperative
that these factors be considered. Nigeria is at the most formative years
of information technology. The country is yet to embrace the world of
artificial intelligence or the internet of things. It is still grappling with
the challenges of the second industrial revolution. The image of the country is
in tatters and the Nigerian passports arouse suspicion at any port of entry
around the world. There is no way, doing business in the 21st
century can be easy without considering these elements and changing the
attitude and our way of doing business in the country.
Therefore, without any
intention to denigrate the current arrangement, we submit that the council on
enabling business must move beyond ad-hoc arrangements to addressing the real
issues. It cannot be gainsaid that Trust is the major factor that propels
business partnerships. Thus, without working on the national psyche and having
a strong and steady arrangement to change the national image, doing business in
Nigeria may not be easy as expected. There should be arrangements to fix the
roads, to ensure that the telecom industry operates as world class. Internet
connectivity ought to be cheap and easy to install. The Justice System and the
Health system must be efficient and offer prompt service. These are some of the
factors that propel investment in a country and must be addressed alongside the
current institutional re-arrangements of the moment.
Obinna Edeh is a Lawyer and Research Consultant with interest in the Economics of Governance, Medical Rights and Divinity. You can follow him on Facebook and twitter @obilexie
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