FG concludes 120-day regulatory reform initiative to boost businesses
The Presidential Enabling Business Environment Council (PEBEC) says it has concluded its 120-day Regulatory Reform Accelerator Action Plan, which will significantly improve Nigeria’s business environment. The Special Adviser to the President on Ease of Doing Business, Jumoke Oduwole, said the reforms concentrated on eight key indicators, including reviewing and updating service level agreements. Oduwole said […]
presidential enabling business environment council (pebec)
The Presidential Enabling Business Environment Council (PEBEC) says it has concluded its 120-day Regulatory Reform Accelerator Action Plan, which will significantly improve Nigeria’s business environment.
The Special Adviser to the President on Ease of Doing Business, Jumoke Oduwole, said the reforms concentrated on eight key indicators, including reviewing and updating service level agreements.
Oduwole said others are transparency reforms, efficiency reforms, entry and exit (Airport) reforms, port operations reforms, national single window project facilitation, agro-export reforms, and manufacturing for export reforms. The News Agency of Nigeria (NAN) reports that the initiative is a 90-day programme, which started on Feb. 20 and terminated on May 20.
NAN also reports that the Vice President and Chair of PEBEC, Kashim Shettima, granted a 30-day extension period to enable Ministries, Departments and Agencies (MDAS) to intensify their reform efforts. According to Oduwole, this is due to the sub-optimal performance of Ministries, MDAs and the sluggish completion of reform. The extension period ends at midnight on June 19.
“These reforms operationalise earlier codified provisions in the Business Facilitation Act 2022 and directly impact the productivity and competitiveness of Nigeria’s economy.
“With the success of this final sprint, vice-president Shettima is set to host the inaugural PEBEC Townhall Meeting on June 28.
“This is where the results of the Accelerator and deepening the PEBEC’s regulatory reform mandate will be discussed.”
She said the successful implementation of these reforms marks a significant step towards making Nigeria a more business-friendly environment.
According to Oduwole, the event will bring together PEBEC Members, heads of over 50 federal government agencies and their reform teams, representatives of the organised private sector, and other stakeholders.
”PEBEC was established in July 2016 to oversee interventions to enhance Nigeria’s business climate. The council is crucial to President Bola Tinubu’s 8-point renewed hope agenda,” she said.
She said the third cohort of the council, inaugurated in November 2023, comprises 24 members from various levels and arms of government.
Oduwole said with these reforms, PEBEC aims to elevate Nigeria’s global business rankings, attract foreign investments, and drive sustainable economic growth.