Nigeria’s Minister of Industry, Trade, and Investment, Chief Adeniyi Adebayo has said that by 2023, Nigeria would be ranked among the first 100 countries of the world in the area of ease of doing business, Njenje Media News reports.
He made the declaration while delivering a keynote address at the virtual Nigeria-Britain Trade and Investment Expo with the theme: “Unlocking the Future of Anglo-Nigerian Trade” on Thursday.
The minister is of the opinion that there is a correlation between ease of doing business and the economic prosperity of the country.
In his words:
“Given the strong correlation between the ease of doing business and economic prosperity, Nigeria believes in the value of proactive investment facilitation in encouraging domestic and foreign investments into the country. The consistent efforts of the Presidential Enabling Business Environment Council (PEBEC) in collaborating with the relevant private and public sector institutions has resulted in the steady improvement in Nigeria’s position in the World Bank Ease of Doing Business ranking.
“Nigeria has recorded improvements in its business environment especially in the last 5 years, based on the World Bank’s assessment through its Doing Business Index. Nigeria’s ranking stood at 131 of 170 countries in 2020, up from 170 of 189 countries in 2016. We have also recorded improvements in the World Bank’s Sub-National Doing Business assessment.”
Speaking on efforts to attract investors to the country, he disclosed that Nigeria has revised its bilateral investment treaty (BIT) model with the provision for investment facilitation inserted to institutionalise the principle of supporting investors to actualise their investments.
“This model is a ‘new generation’ BIT which highlights the economic development objectives of the government, and balances investors’ rights with obligations in a bid to ensure that Nigeria attracts Responsible, Inclusive, Balanced and Sustainable (RIBS) investments,”he said.