By Ochiaka Ugwu
In a bid to create an enabling environment for business to thrive in the country, Presidential Enabling Business Environment Council (PEBEC) has launched the Regulatory Impact Analysis (RIA) Framework with the aim to attract Foreign Direct Investment (FDI) in the economy.
The launching of the policy framework which took place Wednesday in Abuja at the second Existing Foreign Direct Investors Roundtable and Regulators’ Forum, will among other things enhance business environments through the State Action Plans for Enabling Business Reforms Program and to be backed by $750 million in World Bank support.
Speaking during the event, Governor of Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso said Nigeria remains one of Africa’s most promising investment destinations with a large consumer base youth and skill workforce with abundant natural resources.
Cardoso said the Central Bank recognizes investors’ critical role in driving economic growth, creating jobs and fostering innovation noting that CBN Policies were tailored to ensure micro economic stability, strengthen financial sector and create a conducive environment for both local and foreign investors.
Continuing, he said that CBN had remained unwavering in its dedication to maintaining a stable macro-economic environment that supports sustainable growth and attracts investment.
He stated that the apex bank had addressed inflationary pressures by prioritizing inflation control through strategic monitoring tightening which provides series of deliberate adjustment to the Monetary Policy Rate (MPR) that increased progressively from 18.5% in February 2024 to 27.5% as of November 2024.
Director-General of the Presidential Enabling Business Environment Council (PEBEC), Princess Zahrah Mustapha Audu who noted the importance of a competitive and investment-friendly Nigeria, said that government was working towards funding incentives that will implement reforms that support SMEs, create jobs, and attract investments.
Audu informed that PEBEC was established to remove long-standing obstacles to doing business, noting that it has implemented over 200 bold reforms across various sectors, focusing on six strategic work streams to sustain progress.
“Today’s launch of the Regulatory Impact Analysis Framework is a major milestone in our regulatory reforms. This framework ensures that all new regulations undergo thorough assessments to evaluate their economic, social, and environmental impact, reducing unnecessary business hurdles while safeguarding public interests” she said.
Audu while presenting PEBEC Survey Report said that Regulatory policy uncertainty was the top issue for many companies followed closely by infrastructural challenges and security.
She also noted that Regulatory and Policy uncertainty were low hanging fruits that were in the control of government and can be fixed with the right focus on simplification and harmonization of policies.
She informed that though, corruption was in bottom three in the report, but should not be ignored, stating that there was a clear view to the government on what the pain point were for immediate intervention.
Audu revealed that that SMEs dominate the business landscape in terms of employment based on the survey responses with over half being small enterprises.
She said the survey showed that mining, agriculture, Information Communications Technology, power, renewable energy were the sectors that have high growth potential.
She informed that majority of companies plan to expend operations in Nigeria, indicating positive business outlook despite current challenges.
Governor of Benue State, Hyacinth Alia highlighted the state’s agricultural potentials, calling on investors to explore opportunities in livestock farming, soybean production, grains, and agro-processing.
“Benue has fertile land, vast water resources, and a favorable climate, making it ideal for agribusiness investments.
“We are working tirelessly to improve life as such and to streamline our intellectual processes and provide incentives for new investors our administration has identified sectors that are ripe for investment” he said.
