Forex Basics For Beginners | Business Post Nigeria

By Aduragbemi Omiyale

More than 150 ease of doing business reforms have been implemented by the federal government, Information and Culture Minister Lai Mohammed said.

He said one of the reforms included the signing of the Companies and Related Matters Act 2020 (CAMA 2020) by President Muhammadu Buhari which introduced at least 15 new provisions that promote the ease of doing business. and reduce regulatory barriers in Nigeria.

Mr. Mohammed, during a visit to the IshK Tolaram Foundation in Lagos on Monday, said the reforms were the brainchild of the Presidential Business Environment Council (PEBEC).

According to him, government initiatives have helped lift the country up 39 places on the World Bank’s Doing Business Index since 2016.

“To understand the importance of Nigeria’s progress in the World Bank’s Doing Business Index, we must recall that between 2007 and 2015, Nigeria fell 64 places in the Ease of Doing Business ranking of the World Bank. World Bank,” he said.

The minister further said that as a result of the reforms, Nigeria’s 2018 Doing Business report recorded an unprecedented improvement, and the World Economic Forum (WEF), in its 2018 Global Competitiveness Report, recognized the business environment as one of the most entrepreneurial. in the world, and highlighted Nigeria’s improved competitiveness in a conducive business environment.

Mr. Mohammed said that PEBEC has also worked with the National Assembly on the Secure Transactions in Movable Assets (STMA) Act 2017 and the Credit Reporting Act 2017, which provides a legal framework for security of moveable assets with the establishment of the National Collateral Registry, while CRA 2017 improves credit reporting in Nigeria.

“The establishment of a National Collateral Registry (NCR) of Movable Assets by the Central Bank of Nigeria, with the support of the International Finance Corporation (IFC), in May 2016 ensures that functional equivalents of collateral can be registered. to date, more than 1 trillion naira of assets have been uploaded to the ledger,” he said.

Other reforms listed by the minister include visa on arrival for business people, reduction of the time required to register a business with the Business Affairs Commission (CAC) – through the business registration portal companies (CRP) – from about two weeks to just a few weeks. days – and the introduction of electronic federal tax filing and payment.

Mr. Mohammed commended the IshK Tolaram Foundation for its programs in Nigeria, particularly in the areas of health as well as entrepreneurial and vocational training, saying that the artificial limbs provided free of charge have inspired hope in beneficiaries.

“I am reliably informed that the Foundation, through its IshK Limb centers in Lagos and Port Harcourt, and mobile camps, has provided over 19,000 free prosthetic limbs. I also know that 242 students have graduated from the foundation’s vocational training program while 157 have started earning a living through jobs and start-ups. It is quite impressive and I congratulate the IshK Foundation for this achievement,” he said.

ISHK Foundation Program Director, Ms. Neha Mehra, who drove the minister around the center of Lagos, said the foundation, which is funded at 25% of Tolaram Group’s profits, was set up as the next step in a 100-year history of philanthropy in Tolaram.

She said the foundation partners with churches, mosques, hospitals and NGOs to identify and support people in need of artificial limbs free of charge.

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