BY NAOMI UZOR

The Federal Government has announced plans to improve Nigeria’s ranking on ease of doing business and global competitiveness by 2015.

Speaking at the Institute of Directors’ (IoD) Roundtable Forum on Cost of Doing Business in Nigeria, Minister for Trade and Investment, Mr. Olusegun Aganga, disclosed that the government is committed to achieving a higher ranking and help reduce the cost of doing business in Nigeria, disclosing that its goal is to improve Nigeria’s Ease of Doing Business ranking by a minimum 103 points by 2015 and improve Nigeria’s global competitiveness ranking by 75 points by 2015.

He disclosed that to ensure more foreign investment in the country, growth and jobs, government is targeting increased Foreign Direct Investment, FDI, inflow to Nigeria by at least 150 per cent by 2015

Minister of Trade & Investment, Olusegun Aganga

“The first thing we did was to have a workshop with the private sector where six main items were identified as barriers to enhanced productivity: Access to and cost of finance, Lack of infrastructure (power, rail etc), Sub standard goods and smuggling, Local patronage, Lack of Industrial Skills and Lack of investment in innovation” he said

He disclosed that FDI net inflows into Nigeria in 2011 was the highest in Africa at $8.9 billion, whilst the growth of FDI flows into Nigeria in 2011 surpassed global and regional averages.

On infrastructure and power, he said, the government intends to provide uninterrupted power supply to 9 major industrial cities, Making 30 per cent of additional costs of production due to the lack of infrastructure such as power tax deductible, Privatization of power production and distribution and reviewing the margin of preference to local goods in government procurement

Speaking in the same vein, Former president of Nigeria, Chief Olusegun Obasanjo stated that the quest to reduce the cost of doing business can only be achieved if the country tackle the menace of corruption, adding that combating corruption and ensuring swift dispensation of justice is important in business formation.