The Federal Government of Nigeria has launched the Regulatory Impact Analysis (RIA) Framework to enhance the business environment and attract Foreign Direct Investment (FDI). The World Bank has pledged $750 million in support of the State Action Plans for Enabling Business Reforms Programme, which aims to improve business conditions at the state level. The initiative was unveiled at the Second Existing Foreign Direct Investors Roundtable and Regulators’ Forum at the State House Conference Centre in Abuja.
Zahrah Audu, Director-General of the Presidential Enabling Business Environment Council (PEBEC), emphasized Nigeria’s commitment to creating a competitive and investment-friendly economy. She noted that over 200 business reforms had been implemented across key sectors to remove long-standing barriers to doing business. The newly launched RIA Framework will ensure thorough assessments of regulations, minimizing unnecessary hurdles while safeguarding public interests. Audu reiterated the government’s dedication to supporting SMEs, generating employment, and attracting investments.
Governors Hyacinth Alia of Benue State and Peter Mbah of Enugu State highlighted the investment potential in their respective states. Alia positioned Benue as a prime location for agricultural, manufacturing, and tourism investments, citing its rich natural resources and strategic location. He assured investors of government support, incentives, and infrastructure improvements. Mbah outlined an ambitious plan to grow Enugu’s GDP from $4.4 billion to $30 billion within eight years, emphasizing the role of private sector investment and regulatory improvements in achieving this goal.
Mbah stressed the importance of enhancing Enugu’s business environment through streamlined investment processes and increased transparency. He highlighted efforts to de-risk investment flows, reduce bureaucracy, and develop critical infrastructure. Additionally, he announced plans to equip 40,000 youths annually with digital and practical skills to align education with industry needs. His administration aims to position Enugu as a top investment destination in Nigeria.
Minister of Industry, Trade, and Investment, Jumoke Oduwole, noted that over 70% of American businesses have responded positively to Nigeria’s economic reforms, reflecting growing investor confidence. She emphasized the importance of trade facilitation, collaboration with global commerce chambers, and leveraging the African Continental Free Trade Area (AfCFTA) agreement. Despite challenges such as inflation and infrastructure deficits, Oduwole expressed optimism about Nigeria’s economic trajectory, citing a trade surplus of $8 billion in 2024 as an indicator of resilience and growth potential.
Source: THE SUN