NIGERIA'S MOVE TO EASE BUSINESS

Francis Okolie had been operating his interior decoration firm without any formal registration for two years.
He says the business was struggling until he decided to make the company official.

FRANCIS OKOLIE – CEO, CONCRETE FOREST DESIGNS
“Now I’ve registered my business, I have access to loans in banks and it helped me also to get contract from government… some banks are coming to ask for me to have their forms to get a loan, so it is a very good opportunity.”

Statistics from Nigeria’s Corporate Affairs Commission (CAC) show that over 20 million businesses are yet to register.
Many owners of such businesses say the bottlenecks and cumbersome paper work required for registration prevent them from doing it.
According to the Bank of Industry, any company not registered has no legal framework and will not be able to access credit facilities to boost their business.
The government is now making frantic efforts to remove the red tape in order to make doing business in Nigeria easier.

ABIODUN ADEWUNMI – ECONOMIC ANALYST
“They have been able to ensure that starting our business from the point of registration is seamless by embracing technology. The second thing is that government has been able to ensure that access to credit is now easier by making information transparent like the creation of bureau of credit data, and another thing is protecting minority investors through making regulations easier and attainable.”

Currently, Nigeria is the largest economy in Africa but insecurity, high cost of production and poor economic policies have led several companies to shut down.
Experts say the government will need to do more for the local business to flourish.

ABIODUN ADEWUNMI – ECONOMIC ANALYST
“it is pertinent that government should put deliberate effort to ensure that the enabling environment is guaranteed and enhanced. Enabling environment is talking about basic infrastructure, electricity, good roads, information access and many other things, which indeed will bring that cyclic effect on economic growth.”

PHIL IHAZA, ABUJA, NIGERIA
“Experts say the relevance of small scale businesses to the growth of a country’s economy cannot be over emphasised but for Nigeria to achieve its goal of ranking among top 20 economies in the world by 2020, it has to hasten its efforts which would also attract foreign investors into the country.

Phil Ihaza CGTN

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