The Doing Business and Competitiveness Committee, and Investor-Care Committee, will see to the inflow of Foreign Direct Investment
The Federal Government has inaugurated two technical committees to tackle problems militating against doing business in Nigeria.
The two committees, tagged `Doing Business and Competitiveness Committee? and `Investor-Care Committee? will see to the inflow of Foreign Direct Investment (FDI) and ultimately improve the country?s ranking in the Global Competitiveness Index.
The Minister of Trade and Investment, Olusegun Aganga, during the inauguration ceremony in Abuja on Thursday, said that the exercise was a follow-up to an earlier inauguration by the Secretary to the Government of the Federation.
The two committees have Aganga as Chairman, with membership drawn from Ministries, Departments and Agencies (MDAs) of the Federal Government.
Members of the committees were selected by the heads of their respective MDAs. The MDAs include Ministries of Finance, Power, Mining, Justice, Nigerian National Petroleum Corporation, Nigeria Immigration Service, Central Bank of Nigeria, Federal Inland Revenue Service and the Nigeria Customs Service.
Aganga explained that the newly-inaugurated technical committees were expected to address policy issues inhibiting Nigeria?s competitive business environment, design fair and transparent business operational procedures, and address policies to enhance the image of the country and build investors? confidence in the economy.
He stated that the inauguration of the committees came in the wake of various social and economic reforms being embarked upon by the Federal Government to transform the nation?s economy.
He charged members of the committees to work assiduously to ensure that the country significantly improved its investment climate and doing business ranking as soon as possible, adding that with the “downturn in the global flow of FDI in recent years, the associated competition among various locations for FDI, and countries stepping up their efforts to attract FDI in-flows, Nigeria cannot afford to be left behind in this race.”
“Therefore, all hands must be on deck to improve the investment climate and create opportunities for increased foreign and local investments,” Aganga said.
“I have directed that the two committees meet twice a month to enable them achieve their laudable objectives. They would also be able to address the deluge of complaints from existing businesses which have been received at the Ministry of Trade and Investment and the Nigerian Investment Promotion Commission.
“Furthermore, the Technical Committee on Doing Business and Competitiveness must put in extra efforts to gather enough data for World Bank?s next report on Doing Business in Nigeria. We are almost behind schedule in that regard.”
