Lagos – Nigeria’s business landscape has witnessed significant improvement within the past five years after President Muhammadu Buhari came onboard making it easier for micro, small and medium enterprises to operate in the country despite the challenging business environment.
Olayide Adelami, a governorship hopeful under the platform of the All Progressives Congress (APC) in Ondo State stated this in statement made available to DAILY INDEPENDENT on Sunday.
He lauded the ease of doing business strides of the Buhari administration in five years among many other economic reforms, stating that the 2020 World Bank Doing Business Report has clearly indicated that Nigeria climbed 39 steps from where it used to be in 2015.
He said Nigeria now has a robust services sector where businesses, companies, enterprises and organizations provide services and employment for the broad economy.
“According to the World Bank Doing Business Report, Nigeria was ranked 170 in the ease of doing business ranking in 2015, but stood at 131 among 190 countries assessed in the 2020 doing business ranking. This means that Nigeria has climbed 39 steps since President Buhari assumed office.”
The former Deputy Clerk to the National Assembly also commended Buhari’s tax reforms and other initiatives of the government, impacting positively on the country’s business environment, saying the efforts are evident in the 2020 Finance Act, which makes provisions for micro, small and medium businesses to grow by granting tax exemptions.
“Notable among these reforms is the exemption of businesses with annual turnover of not more than N25 million from value added tax registration and payment of company income tax. Usually, registered companies are expected to pay 30 percent of their profits as companies income tax to the Nigerian government.
“In addition to this, the Buhari administration introduced the automation of business name reservation, submission of registration documents, payment of registration fees, generation of Tax Identification Numbers (TIN), and filing of federal taxes.”
Adelami however expressed hope that the newly introduced visa-on-arrival system for business visitors and African Union nationals would not only be beneficial to the Nigerian economy as a whole but also to sub-nationals.
He also expressed regrets that Ondo state was ranked 37th in the World Bank fourth sub-national report of its Doing Business Series in Nigeria tagged Doing Business in Nigeria.
The 2019 Presidential Support Committee Coordinator in Ondo state said the state was too blessed with abundant human and natural resources to occupy the ladder of the table as the worst place to start a business in Nigeria.
He promised to leverage on the Presidential Enabling Business Environment Council (inaugurated by President Buhari in August 2016) to change the fortunes of the state.
Source : independent.ng