By Abdullahi M. Gulloma
Vice President, Yemi Osinbajo, has said the present administration was making eff orts to make the private sector thrive, by undertaking the ‘ease of doing business’ reforms and the ongoing investment in infrastructure.
Osinbajo disclosed this yesterday at the Financial Times Africa Summit held at the Claridge’s Mayfair Hotel in London, United Kingdom.
He said the present administration has been working assiduously to improve macroeconomic conditions in the past months, adding: “After a continuous slide in growth since 2014, the trend of growth in GDP has turned around with a modest growth of 0.55 per cent in the second quarter of this year while infl ation, though still somewhat high, has declined from its peak of 18.7 per cent in January 2017 to about 16 per cent today.
“Th e outlook going forward is quite positive based on improvements in oil prices and production and the trend of leading indicators, such as positive purchasing managers’ indices, a revived stock exchange and increasing foreign exchange reserves,” he said.
“Practical examples of success include leveraging the use of technology to fast track business registration and payment of taxes, a functioning, tried and tested 48-hour electronic visa procedure, and an Executive Order mandating greater transparency and effi ciency across all government agencies.
“Th e reforms have led to reduction in cost and time, as well as greater transparency for small and medium sized enterprises in particular.
Following the 70 per cent success rate achieved in the fi rst phase of the ease of doing business reforms, we recently embarked on a second national action plan which will have 11 areas of focus and will run for 60 days from October 2017.