Presidency Appreciates Senate on Nigeria’s Rise on Ease of Doing Business

The Nigerian Vice President, Prof Yemi Osinbajo has acknowledged and appreciated the effort of the Chairman Senate Committee on Banking, Insurance and other Financial Institutions, Senator Dr Rafiu Ibrahim, on his Committee’s roles on Ease of Doing Business Reform Intervention: World Bank Doing Business Rankings 2018 which has led to the Nigeria’s rise on the World Rank on Ease of Doing Business.

The Vice President, Prof Yemi Osinbajo SAN, convey the gratitude of the presidency for the collaboration of the Nigerian Senate Committee on Banking, Insurance and other Financial Institutions in delivering an excellent result on the country’s performance in the recently released world bank ranking.

Nigeria now rank 145th out of 190 counties in the World Bank Doing Business Report and the Global Ease of Doing Business Rankings, compare to 169th in the last year’s report. This is an improvement of 6 places, which is higher than the target places given to PEBEC by Mr President for this year.

Nigeria has also been recognized as one of the ten economics showing the most notable improvement this year true the effort of the National Assembly under the leadership of Dr. Abubakar Bukola Saraki CON.

The presidency was delighted that all the reforms submitted for the getting credit indicator which include the passage of the Secured Transactions in Movable Assets Act 2017 and Credit Reporting Act 2017, as sponsored by the Kwara South Senator, Dr Rafiu Adebayo Ibrahim, to which the other Senate members were highly instrumental were accepted by the World Bank. As a result, Nigeria is now placed 6th in World on the getting credit indicator.

His Excellency most heartily congratulated the Chairman Senate Committee on Banking, Insurance and other Financial Institutions, Dr. Rafiu Adebayo Ibrahim and the entire 8th National Assembly under Dr. Abubakar Bukola Saraki CON, on this result, and on the land mark achievement of passing the aforementioned Acts within a record period of 90 days.

The impact of the Acts, particularly for micro small and medium enterprises (NSMEs), is an improvement in their accessibility to financing, with a corresponding reduction in cost, due to the availability of credit data on which lenders may base their decision and as well as availability collateral.

The Vice President was grateful on behalf of the National Executive Council for the support of the Senate of its mandate and looks forward to continued partnership with the joint reform agenda of making Nigeria an easier place of doing business.