Last updated on December 4th, 2021 at 12:54 pm
Nigeria – Ease of doing business in a country is an important criterion for a country to flourish in this sector and improve its economy. African countries are struggling to keep pace with the world when it comes to economic matters and with the pandemic, things have become even more difficult for them.
Nigeria is one of emerging nations from Africa which in years to come can witness huge rise in attracting inventors from all over the world but there are big issues that are stopping them from entering this line.
Ease of doing business is something that lets an investor find an opportunity in a nation and make decisions accordingly but in Nigeria, this factor is lacking by a huge margin. If Nigeria wants to improve its economy and get the best out of the resources it has cherished till now, it needs to work towards improving the ease of doing business.
Not only Nigeria but South Africa is another nation that has a lot of potential here but the issue remains the same. The Trade and Industry minister of South Africa Ebrahim Patel has similar views about the two nations.
He was speaking on the sidelines of a Nigeria-South Africa business forum taking place in Abuja on Wednesday where he said that these two nations should improve in this section.
“The one key metric of economic development is the level of trade between countries. Nigeria is today SA’s biggest supplier of oil. Historically, it was at about 20% and it has now grown to about 42%,” said Patel, who attended the forum as part of the delegation accompanying President Cyril Ramaphosa on a four nation tour. The two sides talked about various sectors of growth and focused on how theri can be scope for mutual diplomatic development at both the ends. They have reportedly agreed upon a number of deals on topics ranging from politics, diplomacy and economics.