FG tasks regulatory agencies on improving ease of doing business

The Federal Government on Thursday charged regulatory agencies to align their actions with the administration’s agenda for economic growth and improved ease of doing business in Nigeria.

Vice President Kashim Shettima spoke in Abuja during the Presidential Enabling Business Environment Council (PEBEC) Regulators’ Forum to build an effective Regulatory Impact Framework (RIA) for Nigeria held at the Presidential Villa, where he also assured that the administration remains committed to streamlining the regulatory environment in Nigeria.

This, according to the Vice President, is crucial in driving the coordination, transparency, and global competitiveness required for the nation’s economic transformation.

According to him, the administration’s journey towards a “regulatory system built on trust, consistency, and collaboration is ongoing, and it is a journey that requires” all and sundry to remain committed.”

The Vice President implored the government regulators to be “willing to reinvent processes and innovate, guiding Nigeria towards a future where we are not economically disadvantaged but positioned to thrive.

“Our duty to the private sector is clear: to listen, process their concerns, and develop solutions that drive growth. In recent months, there have been pockets of complaints regarding certain directives from our regulatory agencies,” he said.

“I have personally intervened on several occasions to ensure we are not hampered by conflict, but instead move forward with unity and purpose.”

Underscoring the importance of streamlining the regulatory system, the Vice President said, “The success of this forum today does not solely depend on our ability to collaborate, share knowledge, and align our regulatory actions with the broader national agenda.

“It also depends on our capacity to recognise and address criticisms and shortcomings, while striving for a nation that does not feel like a battlefield for businesses, but a place where investors can thrive without fear of unnecessary hurdles.”

Senator Shettima charged the regulators to heed the government’s call to action, noting that the leadership envisions a country where regulatory excellence drives economic growth, attracts investment, and ultimately improves the quality of life for all citizens.

“Time and again, President Bola Ahmed Tinubu has reassured the business community of his commitment to easing any bottlenecks they may encounter, and each regulator here must adopt the same mindset in their dealings with private enterprises.

“The work of PEBEC, particularly through initiatives like the Regulatory Reform Accelerator, has been pivotal in reducing the obstacles faced by businesses.

“Today’s forum offers an unparalleled opportunity to address these issues head-on and chart a new course towards regulatory cohesion. This is not merely an event – it is a defining moment for us to reflect on the duties we owe our nation.”

On the task ahead, Senator Shettima urged participants at the meeting to recognise the gravity of their role as regulators.

He said, “Your actions do not stop at your desks; they have ripple effects that can shape or disrupt policies, influence investment decisions, and, most critically, impact the daily lives of Nigerians who rely on a stable and efficient economy.

“As such, this forum provides an invaluable opportunity to take ownership of the crucial reforms needed to eliminate regulatory overlaps, misalignments, and contradictions that often cause unnecessary delays and burdens on businesses.”

Earlier in his remarks, the Deputy Chief of Staff to the President, Senator Ibrahim Hadejia, outlined PEBEC’s 2024 outlook, highlighting Nigeria’s business and investment climate reforms through its five strategic pillars, comprising regulatory, judicial and legislative reforms, among others.