Vice President Kashim Shettima has called for Nigeria to align its regulatory practices with global standards to create a more favorable business environment. This appeal was made during the inaugural Regulators’ Forum of the Presidential Enabling Business Environment Council (PEBEC), held at the Presidential Villa.
In a statement released by Dr. Jumoke Oduwole, Special Adviser to the President on PEBEC and Investment, Shettima emphasized the necessity for transparency, trust, and efficiency among regulatory agencies. PEBEC, established in July 2016, aims to eliminate bureaucratic hurdles and enhance the ease of doing business in Nigeria.
Streamlining Operations for Economic Goals
At the forum, which he chaired, Shettima urged regulatory bodies to streamline their operations, reduce overlaps, and align their activities with the broader economic goals set forth by President Bola Ahmed Tinubu. He stressed that improving Nigeria’s global competitiveness relies heavily on refining its regulatory frameworks.
“The various Heads of MDAs (Ministries, Departments, and Agencies) should embrace this pivotal moment to shape Nigeria’s regulatory future,” Shettima stated, highlighting their responsibility to foster coordination, transparency, and competitiveness essential for the nation’s economic transformation.
Collaborative Platform for Addressing Challenges
The Regulators’ Forum serves as a collaborative platform for addressing operational challenges and regulatory bottlenecks that impact business operations in Nigeria. Shettima noted that the forum is crucial for resolving issues that hinder business growth.
Dr. Oduwole added that the forum aligns with Nigeria’s economic objectives, aiming to provide a stable and transparent business environment essential for attracting investments and promoting economic growth.
Expected Outcomes of the Initiative
Oduwole outlined the anticipated benefits of this collaboration among regulatory bodies, stating that it will enhance perceptions of the ease of doing business in Nigeria.
“The expected impact of this collaboration will improve Nigeria’s business climate, foster trust and transparency, align regulatory practices with global standards, and enhance the perception of the ease of doing business in Nigeria,” she stated.
Shettima’s call for regulatory alignment reflects a broader initiative to enhance Nigeria’s economic landscape and make it more attractive to both local and foreign investors.