As part of its deliverables in the 60-day national action plan on Ease of Doing Business in Nigeria, the Corporate Affairs Commission (CAC) has consolidated the forms required to register a business in Nigeria, reducing the number from seven to one.
The special adviser to the commission’s registrar-general of the commission, Garba Abubakar, revealed this at the Lagos stakeholders forum of the Enabling Business Environment Secretariat (EBES).
“We now have just one form which has been deployed this week. It contains all the information you need to register and is available for download on the CAC website. This reduces the cost and time needed to register a business,” Abubakar said.
The Lagos stakeholders forum was the second in two days by EBES, following Thursday’s forum in Kano.
According to Jumoke Oduwole, the coordinator of EBES, the forums are designed to inform private stakeholders about government’s efforts to ease the business environment; share details on the action plan, and receive feedback to report back to the Presidential Enabling Business Environment Council (PEBEC).
She pointed out that an example of the feedback process at work was the unscheduled visit on Thursday by Acting President Yemi Osinbajo to the Murtala Mohammed International Airport, Lagos, based on EBES feedback.
“Our vision is a dramatic improvement in Nigeria’s business environment over the next three years to a top 100 ranking in the World Bank Doing Business Report, with increased cross-border trading, increased productivity across key economic sectors and an improved business environment that is attractive to both domestic and foreign investors,” she said.
Acting President Yemi Osinbajo last week approved a national action plan to improve the business environment in the country. The plan is to be implemented across three priority areas: Entry and Exit of goods; Entry and Exit of people and Government Transparency and Procurement, over the next 60 days.
AP Osinbajo said that it hopes this will deliver tangible changes for SMEs in Nigeria and help improve Nigeria’s rankings in the World Bank Doing Business Index 2018.
The Senate President Bukola Saraki and the Speaker of the House of Representatives, Yakubu Dogara, have agreed for the National Assembly to, within the next 60 days, pass some specific bills that are critical to improving the business environment in the country.
Buzz Nigeria recalls that the CAC had last November revealed that Nigerians no longer need a lawyer to register their businesses with the commission.
“We have reduced the cost of registering a business by 50 percent. You don’t need a lawyer to register your business for you anymore. You can now do it yourself. The process is easy now. ”You can now register your business anywhere at our offices in Lagos, Kano, and Enugu.”
This came after World Bank ranked Nigeria as one of the most difficult countries to do business. Nigeria was recently ranked 169th out of 190 countries by World Bank in on its Ease of Doing Business index for 2017.
According to World Bank’s Ease of Doing Business index report for 2017, Nigeria moved up by one point from 170th position in 2016 to 169th position in 2017.
The report also showed that the most improvement for Nigeria came in the area of access to credit where the country moved up to the 16th position.