Elumelu hails World Bank ranking of Nigeria on ease of doing business

• Says Nigeria must avoid multiple taxation

Chairman Heirs Holdings, Tony Elumelu has hailed the World Bank’s recent ranking of Nigeria’s Ease of Doing Business, saying the giant stride was an indication that the country was ready and open for business.

The World Bank on Tuesday said that Nigeria now ranked 145th position out of 190 countries in the Ease of Doing Business index for 2018.The World Bank stated this in its just released Ease of Doing Business report titled, “Doing Business 2018: Reforming to create jobs”.

In a brief chat with State House Correspondents after a private meeting with the Chief of Staff to the President, Abba Kyari on Monday, Elumelu while assessing the development, said the ranking was an indication that the country’s was now a safe haven for global investors “who are looking for safe places to invest” and a guarantee on the sanctity of contracts and where tax reforms regime is good.

However, he said Nigeria must streamline and enter into treaties with other countries and avoid multiple taxation so that investors don’t pay multiple taxes .

”We need to have double taxation treaties with other countries so that Nigerian investors who go out to invest don’t pay double taxes and those who come here to invest don’t pay multiple taxes.

I think it’s good to make sure that our infrastructure works. I think the rule of law is extremely important, strong governance, contract accessibility, sanctity of contracts, property rights.

“These are things that drive investors go to to invest. And of course you know that the Central Bank had addressed the foreign exchange issues. It was very high but now is affordable,” he said.