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FG sets up Committees to Improve Business Climate in the Country

By on March 13, 2012

The Federal Government has innaugurated two committees designed to improve the business climate in the country.

The Doing Business and Competitiveness Committee and the Investment-Care Committee were innaugurated in Abuja yesterday by the Secretary to the Government of the Federation, Senator Anyim Pius Anyim.

The committees are to be headed by the Minister of Trade and Investment, Mr. Segun Aganga, and are mandated to improve the way local and foreign investors perceive the Nigerian business climate.

Other members of the committee include the Executive Secretary, Nigerian Investment Promotion Council and rrepresentatives of the Ministries of Finance, labour and interior.

Speaking during the inauguration, Anyim said, “The need for the inauguration of the committees became more glaring after due consideration of the recently released 2011 Global Competitive Index of the World Economic Forum, which ranked Nigeria as the 127th country out of 139 countries.

“It was also noted that Nigeria ranked poorly in all the 12 indicators known as pillars of competitiveness, except in respect to its market and business sophistication.”

“Nigeria was also ranked 137 out of the 183 countries that were ranked in the Doing Business Report of the world. In its 2010 World Investment Report, the United Nations Commission on Trade and Development also ranked Nigeria as 93rd out of 241 countries in inward Foreign Direct Investment performance, which is evident in the downward trend in inward FDI inflow from $6.8bn in 2008 to $5.8bn in 2009.”