Nigeria to work harder to establish businesses after failed attempts

Last updated on February 9th, 2022 at 09:33 am

Nigeria is one of the African countries which is moving in the correct direction when it comes to development and progress.

But despite hard attempts, the government is failing to establish successful businesses and that is causing a huge loss to the investors, taking the country further down in the parameter of ease of doing business.

According to the federal government, the country has set a 60-day export action plan as part of its attempt to make it easier to come to invest in Nigeria and promote ease of doing business. The target is set by the government itself.

This is after they noted that government agencies had terribly failed during the previous actions plan, which was also of 6- days. Hence on Monday, officials stressed they need another attempt of 60 days to test the waters.

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It seemed a gradual growth for Nigeria as in 2020, the African country ranked 131 on the global Ease of Doing Business index which was an improvement from its spot at 145 in 2019. But due to the Covid-19 pandemic and some changed policies, it is once again struggling for steady growth.

The action plan constitutes for the government to ensure that they focus on the agriculture sector more than usual. The produce that they get out from there should be marketed and move freely throughout the ports without any barrier. Nigeria’s Vice-President, Yemi Osinbajo, had already talked about the regulation hurdles that most Nigerian businesses are facing. He said, “There are too many regulatory requirements. Too many regulations kill output. We have to take a second look at how we regulate.”