Nigeria’s Ministry of Trade and Investment is making plans to beat the nation’s previous rank at doing business globally- Nigeria currently ranks 133rd.
According to the Minister of Trade and investment, Mr Olusegun Aganga, the ministry is working with all stakeholders, including the private sector and the Department for International Development (DFID) to reduce the cost of starting a business by making it possible for both Nigeria and foreigners to start their business within 24 to 48 hours.
“Currently, we are working with all the stakeholders to improve the ease of doing business. Our strategy is to work with them to make our business environment friendlier and globally competitive.” Aganga said.
The Corporate Affairs Commission (CAC) is already working on reducing procedures as well as time and cost of starting a business from an average of 36 days to five days.
To ensure desired result, the ministry has set up two committees, “The Doing Business and Competitiveness’ Committee” and “The Investor Care Committee.” These committees will ensure high level of competitiveness, attract investment, create jobs, generate wealth and promote the country towards sustainable goal and development.
The ministry has also announced that 16,472 total number of businesses were registered as at the end of March 2012.
