A new World Bank report on doing business in sub-saharan Africa has shown that the region’s economies led by Nigeria, Malawi and Zambia adopted a record number of business reforms in the last one year.
This was reported in the 15th anniversary edition of the World Bank Group’s annual Doing Business report, which monitors the ease of doing business for small and medium enterprises around the world.
According to the report reaching Eyes Of Lagos yesterday, Nigeria “improved access to credit by guaranteeing borrowers the right to inspect their credit data from the credit bureau and also made starting a business faster by allowing electronic stamping of registration documents”.
It noted that Nigeria moved up 24 places to 145th in the World Bank’s Doing Business rating, even as the country, for the first time, is recognised as one of the top 10 most improved economies in the world.
The World Bank’s Doing Business project provides objective measures for business regulations and their enforcement across 190 economies.
The report said the region is well represented in this year’s global top 10 improvers based on reforms undertaken by Nigeria, Malawi and Zambia.
It added that Malawi, which implemented four reforms, made significant improvements in the area of Getting Credit by adopting a new law that sets clear rules related to bankruptcy procedures and by establishing a new credit bureau.
Reforms in Zambia also included the strengthening of access to credit by adopting a new Movable Property Act and by setting up a new collateral registry.
A total of 83 business reforms were carried out in the past year, surpassing the previous year’s record of 80 reforms.
This brings to a total of 798 the number of reforms carried out in the past 15 years in the 48 economies of the region monitored by Doing Business in the report released yesterday.
“Four other economies – Mauritania, Nigeria, Rwanda and Senegal – implemented five reforms each during the past year”, the report said.
It added that Mauritius, the region’s top-ranked economy, carried out four reforms, which included outsourcing the design and construction of sewerage connection works, thus, speeding up the process of obtaining a construction permit and improving processes to facilitate cross border trade.
The World Bank Group pointed to the fact that much of the reform activity in the past year focused on the areas of trading across borders and starting a business, with 15 reforms each, followed by dealing with construction permits, where 14 reforms accounted for 64 per cent of the 22 reforms recorded in this area globally.
Meanwhile, President Muhammadu Buhari has described the phenomenal improvement of Nigeria on the World Bank’s Doing Business latest rankings released yesterday as a welcome development.
Besides moving up 24 places in the rankings, Nigeria is also reported by the World Bank to be among the Top Ten Reformers globally.
In a statement by his special adviser on media and publicity, Femi Adesina, the president congratulated all Nigerians on this very significant step forward, which he said symbolises the real success achieved by the Presidential Enabling Business Environment Council (PEBEC), the National Assembly and state governments in making it easy for people to register their businesses speedily, obtain licenses and approvals from government agencies without unnecessary bureaucratic bottlenecks.
According to President Buhari, “it also reflects our efforts to make it easy for foreign business visitors to obtain visa on arrival, pass through our airports and do their businesses with ease and speed”.
Buhari commended PEDEC chaired by Vice President Yemi
Osinbajo for a job well done, stressing that he was looking forward to even greater achievements for the nation.
Reacting to the development, Vice President Osinbajo said, “I welcome Nigeria’s improved performance. We are one of the top ten reforming economies in the world in 2017. After a decade-long decline in Nigeria’s rankings, last year the Government recorded a modest increase. This year, Mr President set us an ambitious target of moving up twenty places in the rankings – I am delighted that we have exceeded his goal.”
A statement by spokesman of the vice president, Laolu Akande, noted that the World Bank highlighted five reforms making it easier to do business in Kano and Lagos, the two cities covered by the report.
AfDB Backs Nation’s Recovery Plan
The African Development Bank (AfDB) has commended the federal government’s Economic and Growth Recovery Plan (EGRP).
In a statement posted on its website yesterday, the bank also refuted media report that it has cancelled a loan of $400 million to Nigeria.
Denying the report that it had cancelled the $400 million loan to Nigeria, it stated its continuous support for the federal government’s economic recovery efforts.
Reuters news agency had reported that the bank called off negotiations for a loan to Nigeria that was meant to help government fund its budget.
The report quoted the Bank’s Vice-President for Power, Energy, Climate Change & Green Growth, Amadou Hott, as making the disclosure on Monday in an interview during a Nordic-African business conference in Oslo, Norway.
According to the statement, in November 2016, the Board of the AfDB approved a 600 million dollars loan to support Nigeria’s efforts to cope with macro-economic and fiscal shocks that arose from the massive decline in price of crude oil.
It noted: “An additional 400 million dollars in support could be considered, if requested and approved by the Board, as part of a larger coordinated effort with other development partners, including the World Bank and the International Monetary Fund.
“The African Development Bank wishes to categorically refute the statement that it has “called off loans to Nigeria”, as reported in Reuters and credited to AfDB Vice-President for Power, Energy, Climate and Green Growth Amadou
“The AfDB is highly encouraged by the economic recovery of Nigeria from recession and salutes the government’s efforts towards diversification of the economy.
“The Bank also strongly supports the Economic and Growth Recovery Plan of the government and efforts to stem corruption and strengthen fiscal consolidation and efficiency.
“The Bank assures the Nigerian Government of its full support for its continued reforms to diversify the economy and boost economic growth and development’’.
Amaechi Vows To Release Names Of Those Sabotaging Security
Minister of Transportation, Rotimi Amaechi has said that cabals are frustrating the recently approved $198m maritime security contract.
Amaechi vowed to publicly mention names of saboteurs while speaking at a Maritime Stakeholders’ Interactive Forum held in Warri, Delta State on Thursday.
He said “Reason, why vessels will not come to the Eastern ports, is because there is war insurance due to insecurity in the ports here.
“The war insurance means if the goods cost N10,000 in Lagos, it will cost N20,000 here because there is an extra cost on it due to Insecurity issues. Even as a minister, I can’t enter a boat ride from Warri to Port Harcourt due to insecurity issues, but I can move around Lagos at any time of the day.
“I once asked a former Governor of Anambra State, Peter Obi, why people from Anambra don’t import from Port Harcourt port, and he said it cost less to import from Lagos and move to Onitsha even with the price they pay on the road. It is cheaper to import from Lagos to Aba, yet Aba to Port Harcourt is a 30-minute drive.
“For shipowners, you need to do a petition to Mr President. The President approved a contract of $195m for maritime security, but there are people in the system sabotaging the contract because it will restore security in the water. I won’t say who they are until it gets out of control. We are still battling for the contract to take place, but if it gets out of place, we will name them publicly, including the security people involved.
“There are people who make billions of Dollars from the insecurity on the water, so they don’t want security on the water because if we secure the water, all their rubbish will go.
“There are businesses which provide the vessel for oil companies in the name of providing security. The moment we secure the water, they are out of jobs?
Prison Officer Brutalizes Son, Injures Him For Playing Football (Graphic)
According to a photographer who shared photos of a teenage boy brutalized by his father, almost went into coma after he sustained a deep injury on his head, just for playing football.
The Nigerian Prisons staff beats his son from 7:00pm till 2:30 am, says report.
See what the photographer/Instagram user wrote..
This happened at Oluwatedo area of Ibadan, Mr Adepoju Biodun is married with three kids,he works with Nigerian prison service Agodi,ibadan.his eldest child is Israel, On 16th February 2018 Israel went to play football and after the football his father beat him from 7:00pm till 2:30am in the early hours of Saturday till he sustained a deep cut on his head with blood everywhere in the house.his the appropriate way to correct or chastise our child. This is beyond chastisement. Israel was beaten to coma before he was later rushed to Don Bosco specialist hospital Ogungbade. I will soon upload the surface area of the deep cut as soon as they open it.his siblings also tolu and praise served severe punishment, they were relieved as soon as Israel was rushed to the hospital. Please share until the appropriate authorities sees this especially Nigerian prisons, UNICEF. #UNICEF #law #crazyfather #ibadan #opayemioludayo
#tolanialli #bayoomoboriowo #michaelomoboriowophotography #ajimobi #florenceajimobi #lawyer #nigerianprison #nigerianprison #freshfm #splashfm #inspirationfm
Beating for your son for playing football? My God.
Someone please remind him how much Neymar is worth per week!!! Kaii
There is another angle to look at this… No father in his right mind would do this to his own son!!! This is a clear case MENTAL ILLNESS/TRUMA probably due to the nature of his work. I am not a psychologist but I know in that in Nigeria we lack the culture of looking out for the signs of mental fatigue amongst our workers in all sector. Military /Paramilitary have no proper way of been evaluated for any form of work trauma. This man could be having or experiencing trauma as the result of the nature of his job. May God help him and his family.
UYO STATE LAWMAKER RESCUES PUPILS AGAIN …DONATES DESKS TO SCHOOL
The member representing Uyo State Constituency in the Akwa Ibom State House of Assembly, Rt. Hon. Monday Eyo Okon, on Friday, donated 120 desks to the pupils of Government Primary School, Aka Offot, Uyo Local Government Area.
Hon. Monday Eyo who described Education as a bedrock of any society, and for any society to make progress, stated that when the foundation that is the primary level of education is well laid, motivated and properly activated, the child who is at the centre of learning is well prepared, informed and sharpened for the future both mentally and physically.
Headmaster of the School, Mr. Simon Edet Eyo, alongside the Village Head of Aka 1, Eteidung Francis, Hon. Kufre Mendi, while receiving the Lawmaker, commended him for his kind gesture and rapid response to the plight of the pupils within the short notice of time.
PDP RESPONSIBLE FOR FUEL HIKE- Don Etiebet …BLAMES OBJ,JONATHAN FOR OIL SPILLS IN NIGER DELTA
Former Petroleum Minister Chief Don Etiebet says the current fuel crisis in Nigeria is caused by the opposition Peoples Democratic Party.
Speaking in an interview in Uyo, Chief Etiebet the APC leader in Akwa Ibom explained that the petroleum distribution in Nigeria is controlled by PDP members who are causing the fuel hike to project President Muhammadu Buhari as a failure.
Buhari is the substantive Ministet of Petroleum in Nigeria.
“Who are still controlling the petroleum distribution in Nigeria; it is still the original PDP marketers.”
He attributed the fuel hike to the impending elections in the country, saying it is an attempt by the PDP marketers to discredit APC.
“Election time is coming and they are doing all kinds of thing for petrol not to be available, and what do they want? They want increase I petrol price so that they can use that against APC”
Etiebet, who was minister of petroleum under Gen. Sani Abacha attributed all oil spill in the South-South Zone to illegal bunkering.
He said illegal bunkering in Nigeria where sponsored by the previous Government OF Chief Olusegu Obasanjo and Dr. Goodluck Ebele Jonathan.
“Many Government in the past even up to the last Government have been supporting illegal bunkering; please quote me, I am the former minister for petroleum and I know the details”
On the proposed reintroduction of onshore/offshore oil dichotomy by the APC restructuring Committee, Dr. Etiebet said there was nothing wrong with the committee report.
“ I believe what the committee meant maybe oil discovered or produced outside that isoba boundary.”
He assured that president buhari has done well for Akwa Ibom with the development programme been seen in all part Akwa Ibom state and urged Akwa Ibom people to rally round him for the re-election of President Buhari in 2019
The NANS JCC Chairman Comrade. Ekanem Utibe seeks for partnership with wema bank
By Our Source