Abuja: The Federal Government is putting measures in place to enhance the ranking of Nigeria on ease of doing business from 144th position out of 189 countries in 2010 to 72nd position by 2015 and 20 position by 2020.
The ultimate goal would be to improve trade across borders, logistic performance index and global competitiveness - thereby enhancing the ranking of Nigeria on ease of doing business.
Director, Trade, Ministry of Trade and Investment Mr. David Adejuwon disclosed this during the strategic stakeholder’s consultative forum on trade facilitation in Lagos. He said Nigeria is among the fastest growing economy in the world.
He said: ”After China and India, Nigeria is the fastest growing economy in the World, with a growth rate of 7.2 per cent that is expected to increase to double digit growth typical of the Asian tiger economies.
“Nigeria was rated 146th position out of 189 countries on trade across borders 2010 and this position remained unchanged in 2011. Logistic performance index of 100 out of 155 countries in 2010 scored very low on most measures of trade facilitation and global competitiveness indices.”
He said the ministry is planning a forum to identify the following challenges such as free flow of goods and movement of people in Nigeria, discuss and agree on how to improve on Nigeria’s ranking on the 10 economic performance indicators on the ease of doing business, which remains very low, remove the encumbrances to inter and intra state commerce.
The forum, he also explained, will simplify as well as streamline the import export documentation and procedures to reduce compliance with regional decisions on the reduction of check points along the border corridors as well as adopt best practices on trade facilitation.
“It is also expected to address the issue of tariff and non- tariff barrier to trade to ensure a transparent and competitive trade regime, compliance with international and regional obligations, like the World Trade Organisation (WTO) ECOWAS, AU protocols to which Nigeria is a signatory,” he added.