Osinbajo predicts better economy if Nigerians work together

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Vice President Yemi Osinbajo says Nigeria’s impressive ranking in the latest World Bank Doing Business report is a proof that the country can do better if Nigerians show commitment and work together.

Osinbajo said this on Wednesday when a team from the World Bank formally presented the 2018 Doing Business report to the Federal Government at the Presidential Villa, Abuja.

In the latest World Bank Doing Business index, Nigeria climbed up 24 places and was placed on the list of 10 most reformed economies globally.

According to the report, Nigeria made significant progress across several indicators comprising starting a business, dealing with construction permits, getting electricity, registering property and getting credit.

Other areas are: protecting minority investors, paying taxes, trading across borders, enforcing contracts, and resolving insolvency.

“This shows that we can do better in whatever we commit ourselves to do in the country.

“There is nothing exceptional about Nigeria’s problems; it is just for us to find the best ways to resolve them,” the Vice President said.

Osinbajo further praised the Presidential Enabling Business Environment Council (PEBEC) for its commitment and efforts since its inauguration.

“We are all excited about the latest ranking, it just shows we can do much better as a people,” he said.

In his remark, Mr Rachid Benmessaoud, the Country Director of the World Bank, praised the efforts of the Federal Government which led to the achievement.

According to Benmessaoud the improvement is proof of the leadership provided by the Buhari administration and the impact of its Ease of Doing Business reforms.

Benmessaoud added that Nigeria’s leap in the World Bank Doing Business rankings was “an important signal from the Federal Government’s effort and also an important signal from Africa’s largest economy.

“We come to congratulate Nigeria and the Federal Government under the leadership of Muhammadu Buhari for the reforms that have been undertaken that provided for Nigeria to jump into the indicators for doing business in Nigeria.

“This is a tribute to this council, which has been regularly meeting and focusing on the issues that influence doing business in Nigeria.

“And this council has done a great job under the leadership of the Vice President, Prof. Yemi Osinbajo,’’ he added.

The World Bank also pledged its support for the Federal Government in its bid to further the improvement of Nigeria’s investment climate.

PEBEC, chaired by the Vice President, was established by President Buhari in 2016, with a mandate to sustainably and progressively make Nigeria an easier place to do business.

The members of the council include the Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah, who is Vice Chairman; 10 Ministers, the Head of the Civil Service of the Federation and the CBN Governor.

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