MAN, LCCI review Federal Government’s business reforms, demand cost reduction.
Written by crest887fm on August 6, 2021
The Manufacturers Association of Nigeria and the Lagos Chamber of Commerce and Industry have acknowledged the efforts of the Federal Government on initiatives to improve Nigeria’s ease of doing business through the Presidential Enabling Business Environment Council.
In a communique issued recently by the Federal Ministry of Industry, Trade and Investments, the minister, Otunba Niyi Adebayo, outlined the ministry’s achievements in the past six years.
He said the Federal Government successfully raised Nigeria’s Ease of Doing Business rankings from 170 to 131 in five years, carried out restructuring activities through backward integration of sugar and also established the Nigeria Sugar Institute in Ilorin, Kwara State for research and capacity building.
The minister explained that the ministry had also provided N12bn in soft loans to 57 companies in collaboration with the Bank of Industry to enhance their production.
He also noted the implementation of a $1bn syndicated term loan through the BoI for Micro Small and Medium Enterprises, the SME Survival Fund Initiative among a host of others.
MAN’s Director-General, Mr Segun Ajayi-Kadir, said the government’s achievement of raising Nigeria’s EoDB ranking was commendable.
He said registering a new business was made easier, with reforms on ports, tax, electricity and trade that contributed to the improvement were from reforms initiated by PEBEC.