The International Chamber of Commerce (ICC) Nigeria, at its post AGM meeting in Lagos last week Thursday, examined the Ease of Doing Business in Nigeria and the newly approved OMNIBUS Act.

Mrs. Jumoke Oduwole, the pioneer Executive Secretary to the Presidential Enabling Business Environment Council (PEBEC), who was the speaker, noted that Nigeria, Africa’s largest economy is currently ranked 131 out of 190 economies in the World on ease of doing business.

The ratings are based on how the regulatory environment is conducive to business operation through simpler and friendly regulations, and stronger protections of property rights by governments, among other key variables.

ICC Nigeria chairman, Babatunde Savage, in his address argued that for Nigeria to become one of the world’s favorite investment destinations, there is the need to take effective and concerted efforts to tackle the issues of infrastructural deficiency, corruption, security challenges and pursue the highest standard of Corporate Governance.

In addition, Nigeria, he said, needs to ruthlessly implement an appropriate Economic Recovery and Growth Plan, to make it relevant and ready for global opportunities and competition.

“The infrastructural development of our nation is quite essential, if the sustainable organic growth envisaged for the country is to be achieved,” he declared, pledging to continue to encourage the creation of an enabling business environment.

According to him, it is estimated that about $120 billion trade finance gap exists in Africa and to address the unmet demand, ICC Trade Register is being used by financial regulators all over the world.

The Register, he stated, is the only authoritative source of default and credit risk data for trade, export and supply chain finance. He noted that the ICC Global Survey is an accurate snapshot of market trends, which helps bankers, traders and government officials to gauge global trade expectations.

Among other ICC commissions, he commended ICCN Arbitration and ADR Commission for holding their quarterly meetings which were hosted by member companies.

His words: “Networking opportunities were created and issues of common interest tabled and resolved. ICC Nigeria Arbitration Commission continued its remarkable contributions at various international training sessions and meetings during the year. ICC Nigeria hosted the 7th ICC Africa Arbitration Conference with the theme, ‘International Arbitration and ADR: The African Journey so Far and Looking Forward.’ The Conference marked the 100 years of the ICC International Court of Arbitration.

“I must commend Mrs. Dorothy Ufot (SAN) for a remarkable leadership of the Arbitration Commission and congratulate the Planning Committee, co-chaired by Mr. Adedapo Tunde-Olowu (SAN) and Mrs. Chiazor Anishere (SAN), and the entire Commission, for sustainable progress at this unique yearly arbitration conference.”

ICC Secretary General, Mrs. Olubunmi Osuntuyi, said the focus of the event was on the business facilitation Act. According to him, the ICC global mission is to make business work for everyone everyday, everywhere and to interface with the government and relevant agencies to reduce considerably, issue of limitations to trade and business relations.

“You will agree with me that it is very important for every economy to promote business. Generally, whether it is local or international business, you must ensure that you put in place the appropriate rules that will allow for easy flow of a business.

“The more we remove internal or external limitations that will not help the economy, the better it is. When there’s business, more people will be employed, the economy will be stimulated and growth will be very visible to all.

“I think this topic of discussion is so critical, especially with the advent of the new government. The new government should focus on what will bring lasting solutions into the economy and this is a step in that direction. ICC in Nigeria will be interfacing with the government and creating an enabling environment,” she declared.