- Vice President Kashim Shettima assures investors of a stable business environment, emphasizing the launch of Nigeria’s Regulatory Impact Analysis Framework
- The federal government highlights a $750 million reform program aimed at enhancing business activities and improving Nigeria’s investment landscape
The Federal Government has reassured investors of a stable business environment that fosters predictability, ensuring seamless and profitable operations.
Vice President Kashim Shettima committed this at the 2nd Presidential Enabling Business Environment Council (PEBEC) roundtable.
He described the event as a vital platform for stakeholder engagement and collaboration.
The event, held in Abuja on Wednesday, also featured the launch of Nigeria’s Regulatory Impact (NRI) Analysis Framework.
Shettima stated that the NRI would enhance productivity and competitiveness across key sectors, supporting the government’s economic initiatives to improve the business landscape.
He praised the first-of-its-kind $750 million Performance for Result State Action Enabling Reform program, co-designed by the federal government and the World Bank, to enhance business activities at the sub-national level.
Represented by his Deputy Chief of Staff, Senator Ibrahim Hadeija, Shettima highlighted that the roundtable would enable local and international investors to engage in discussions that make Nigeria a more attractive destination for business and investment.
He emphasized that robust stakeholder participation would help transform Nigeria’s regulatory framework and boost its global competitiveness.
The Vice President also acknowledged the 180 verifiable projects initiated through PEBEC, showcasing the administration’s commitment to economic reform.
Speaking at the launch of the NRI, newly appointed PEBEC Director General Princess Zahrah Audi shared insights from a survey conducted by the council. The survey identified three major concerns investors want addressed immediately.
According to her, stakeholders emphasized the need for a predictable business environment and expressed interest in expanding operations, with Taraba and the FCT emerging as top investment destinations.
The NRI Analysis Framework report highlighted a total investment of $15 billion (N22.6 trillion) from 51 companies operating in Nigeria.
The Governor of the Central Bank, who also attended the event, assured businesses that ongoing reforms in the financial sector would encourage banks to increase funding for productive economic activities.
He noted: “With a more transparent and buoyant foreign exchange market, illicit financial flows are being curtailed. As a result, banks are now more focused on core banking activities, and we anticipate increased interest in funding productive sectors moving forward.”
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