Cost and Time of Setting Up a Company in Nigeria set to Reduce

The Federal Government in a bid to increase the competitiveness of Nigeria as a business destination is taking steps to reduce the cost and time involved in starting a business in Nigeria.

According to a recent World Bank report, entitled “Global Doing Business”, Nigeria ranks 133 out of 183 countries in the world in terms of doing business.

Speaking at the premier session of Doing Business in Nigeria workshop, the Minister of Trade and Investment, Segun Aganga has said the Federal Government will make it easier for businesses to register in the country and improve competiveness by removing bottlenecks associated with business registration and other challenges faced by businesses in the country.

His words: “We are working to improve the ease of doing business in the country. Our strategy to achieving this is by setting up implementation teams comprising the stakeholders and ensuring that these teams work on the sub indicators. We have started recording some success already.

“The Corporate Affairs Commission, an agency under my ministry, has started working on reducing the procedures, time and cost to start a business from an average of 36 days to less than five days , 77 per cent of income per capita to less than 10 per cent of income per capita and from nine processes to less than five processes in the medium term.

“Our long-term goal is to ensure that businesses can be started in this country within 48 hours. A number of state governments are also harmonising taxes and levies among themselves and the Local Governments in their domain to avoid saddling companies.”

Also speaking at the session Head of Office and Country Representative of the Department of International Develop (DFID), Richard Montgomery has called on governments to emulate reforms ongoing in Kano and Lagos State in order to improve their business climates.

2 Comments

1. 

   Anonymous

   February 1, 2012 at 12:21 pm

   AS THEY COMPLAIN OF DIFICULTIES IN DOING BUSINESS ,

   EVERY NIGERIAN KNOW THAT FRAUD OR KICKBACKS,  IS THE MOST TROUBLESOME ISSUES FOR FOREIGNERS APART FROM POOR INFRASTRUCTURES.

   FIRST NIGERIANS NEED A CHANGE IN ATTITUDE .
   THEN CHANGE IN STEALING  AND KICKBACKS , THEN THERE WILL BE NO MORE HUGE DEBATES IN THE HOUSE AS EVERYBODY WILL BE TRYING HARD TO WORK WITHOUT EXPECTING ANYTHING KICKBACK .

   FOREIGNERS SHOULD ALSO BE WARN ON THE TREATMENTS ONE NIGERIAN YOUTHS IN THE VARIOUS COMPANIES.

   OTHER SMALLER AFRICAN COUNTRIES LIKE TANZANIA ARE BOLD TO TELL CHINESE ENTERPRENUERS TO TREAT THEY PEOPLE RIGHT .

   US,UK WARNS THERE CITIZENS AGAINT NIGERIA IN EVERYTHING

   AGANGA AS YOU BRING BUSINESS ,ALSO BE PROFESSIONAL ENOUGH TO TELL THEM THE BAD TREATMENTS MOST FOREIGNERS  DO TO NIGERIANS
2. 

   Anonymous

   February 2, 2012 at 11:18 am

   FROM INTELLIGENCE SOURCE .
   THERE IS SHAKE UP IN NNPC , 38 NEW PROMOTED WHILE 28 RELOCATED .
   28 RELOCATED — THIEVES. THEY OUGHT TO BE JAILED .
   GMD — OUGHT TO RESIGN. NOT ENOUGH FOR NIGERIANS .
   THEY HAVE DO ALOT OF MESS WHICH HAVE AFFECTED THE LIFES OF NIGERIAN BADLY .
   THEY NEED TO BE SACKED WITHOUT COMPENSATIONS