EASE OF DOING BUSINESS IN LAGOS: LASG validates reforms with the WORLD BANK
Posted on April 21st, 2016
The Lagos State Government, through the Office of Overseas Affairs and Investment (Lagos Global), has taken the bold step of validating reforms in critical sectors of the State economy with a World Bank group, “Doing Business”, with a view to sensitising investors about these reforms.
Speaking at a workshop organised by the Lagos State Government for this purpose in Ikeja on Thursday April 21, the Special Adviser on Overseas Affairs and Investment, Prof. Ademola Abass noted that since the advent of the Ambode Administration in Lagos State, the state had witnessed tremendous reforms in many areas to warrant remarkable improvement in the State’s performance on the Ease of Doing Business ranking.
He said that countries were rated by the World Bank Group, “Doing Business” based on the relative ease of doing business within their shores, using certain parameters including the ease of starting a business, dealing with construction permits, registering property, paying taxes, trading across borders, getting credit and enforcing contracts.
His words: “on this basis, Nigeria was rated 169 out of 189 countries with Lagos State alone contributing 73percent of Nigeria’s rating. This implies that as we continue to enhance the ease of doing business in Lagos, the ranking of the entire country will go up.
“ The very essence of this workshop is to sensitise investors and the business community on the reforms that have taken place in the state so that they can be aware of these reforms and take advantage of them to improve the business environment in Lagos ”, he said.
Prof. Ademola Abass, assured investors of concrete steps taken to enhance the ease of doing business in the State which included the creation of the Office of Overseas Affairs and Investment (Lagos Global) as a one-stop shop for investment, the adoption of Proposal Template and streamlining of the internal working process of the new agency, among others.
He assured investors that no proposal would stayed beyond four weeks with the Lagos Global so that investors could have good working experience in Lagos State.
Earlier, the Country Manager, International Finance Corporation, World Bank Group Nigeria, Ms. Eme Essien remarked that the ease of doing business ranking was relative, depending on the performance of other countries, adding that of 47 economies in Africa, Nigeria ranked 36.
She emphasized that while reforms were going on all over the African region, Nigeria introduced only two reforms.
Head, Public Affairs
Office of Overseas Affairs and Investment (Lagos Global)