The Federal Government has inaugurated two technical committees for the Doing Business and Competitive Committee and Investor-Care Committee to tackle the problems militating against the ease of doing business in Nigeria; inflow of Foreign Direct Investment; and ultimately improve the country’s ranking in the Global Competitiveness Index.
The Minister of Trade and Investment, Mr. Olusegun Aganga, who performed the inauguration ceremony in Abuja said that the exercise was a follow-up to the earlier inauguration of the Doing Business and Competitiveness Committee and After-Care Committee(formerly known as Committee on Problems of Investors), by the Secretary to the Government of the Federation few months ago.
The two committees have the Minister of Trade and Investment as the chairman. But the membership of the committees were drawn from ministries, departments and agencies of the Federal Government including Finance; Power; Mining, Justice, the Central Bank of Nigeria, Nigerian National Petroleum Corporation, Nigeria Immigration Service, Federal Inland Revenue Service and Nigeria Customs Service, among others.
However, Aganga explained that the newly inaugurated technical committees were expected to address policy issues inhibiting Nigeria’s competitive business environment; instill fair and transparent business operational procedures; enhance the image of the economy and build investors’ confidence. The committees are expected to meet twice a month to review their performance.
He said that members of the two technical committees were selected by the Heads of their respective MDAs which constitute the Doing Business and Competitiveness Committee and Investor-Care Committees respectively.
Aganga said: “We have assembled very bright and seasoned officers from various ministries, departments and agencies who were selected by the Chief Executives/Heads to represent their MDAs in the Technical Committees of the Doing Business and Competitiveness, and After-Care Committees.
The respective Technical Committees are expected to address policy issues inhibiting our competitive business environment; instill fair and transparent business operational procedures and enhance the image of the economy and build investors’ confidence.
The Doing Business and Competitiveness, and After-Care Committees were already inaugurated by the Secretary to Government of the Federation few months ago after we got the approval from Mr. President. So, we thought it necessary to have the Technical Committee of the two committees.”
Aganga stated that the inauguration of the committees came in the wake of various social and economic reforms being embarked upon by the Federal Government to transform the nation’s economy. He, therefore, charged members of the committees to work assiduously to ensure that the country significantly improves its investment climate and Doing Business Ranking as soon as possible.
He said: “Suffice it to say that the downturn in the global flows of Foreign Direct Investment in recent years and the associated competition among various locations for FDI, and countries stepping up their efforts to attract FDI in-flows, Nigeria cannot afford to be left behind in this race.