Date: 2017-11-25

The Presidential Enabling Business Environment Council (PEBEC) has applauded the Senator representing Kwara South Senatorial District, Dr Rafiu Adebayo Ibrahim, over his intervention on ease of doing business in Nigeria through provision of enabling environment.

It said the support given by the lawmaker as Chairman, Senate Committee on Banking, Insurance and other Financial Institutions in the eight National Assembly, has made Nigeria to be ranked 145th in the world bank doing business report on the global easing of doing business unlike the previous year the country was ranked 169th.

This was contained in a letter dated November 8, 2017 and written to the Senator by Senior Special Assistant to the President on Industry, Trade and Investment and Secretary, Presidential Enabling Business Environment Council (PEBEC), Dr Jumoke Oduwole, on behalf of the Vice President, Professor Yemi Osinbajo, who chairs the PEBEC.

The letter titled "Ease of Doing Business Reform Intervention: World Bank Doing Business Rankings 2018", according to the presidency, was an improvement of 24th places higher than President Muhammadu Buhari's projection of 20 places for this year.

With the latest ranking, the presidency said Nigeria has also been recognized as one of the 10 economies showing the most notable improvement for the year.

It noted that the country was able to attain the feat because the Kwara South Senator was instrumental to all the reforms submitted to the National Assembly for getting getting Credit Indicator including the passage of the Secured Transactions in Movable Assets Act 2017 and Credit Reporting Act 2017. The letter partly reads, "I am directed by His Excellency, the Vice President, and the Chair of the Presidential Enabling Business Environment Council (PEBEC), Professor Yemi Osinbajo, SAN to inform you of the country's performance in the recently released World Bank rankings, and to convey his gratitude to you for your collaboration in delivering these excellent results. "Nigeria now ranks 145th out of 190 countries in the World Bank Doing Business Report on the global ease of doing business rankings, compared to 169th in last year's report. This is an improvement of 24th places, which is higher than the target of 20 places given to PEBEC by Mr President for this year, Nigeria has also been recognized as one of the 10 economies showing the most notable improvement this year. "We are delighted that all the reforms submitted for the Getting Credit Indicator, which include the passage of the Secured Transactions in Movable Assets Act 2017 and Credit Reporting Act 2017, to which you were instrumental, were accepted by the World Bank. As a result, Nigeria is now placed 6th in the World on the Getting Credit Indicator. "His Excellency wishes to most heartily congratulate the 8th National Assembly on these results, and on the landmark achievement of passing the aforementioned Acts within a record period of 90 days. The impact of the Acts, particularly for micro, small and medium enterprises (MSMEs), is an improvement in their accessibility to financing, with a corresponding reduction in cost, due to the availability of credit data on which lenders may base their decisions, as well as the availability of appropriate collateral. "The Council is grateful for your support of its mandate, and looks forward to continued partnership with you on our joint reform agenda of making Nigeria an easier place to do business. Please accept the assurances of His Excellency, the Vice President's best regards".