Nigerian govt worried as survey reveals corruption, inefficiency, other rots in regulatory agencies
Mr Osinbajo directed that CEOs and heads of such government regulatory agencies involved should be presented with the outcomes and interaction should take place regarding some of the worrying disclosures in the report of the survey.
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A survey reviewed by senior officials of the Nigerian government has revealed persistent corruption, duplicity of functions, poor service orientation, and several anti-business disposition in some of Nigeria’s regulatory agencies, an official has said.
The Cost of Compliance Report by the global auditing firm, PwC, was presented by Vice President Yemi Osinbajo to the Presidential Enabling Business Environment Council (PEBEC) on Wednesday, according to a statement by Laolu Akande, Mr Osinbajo’s spokesperson.
In a renewed attempt at further deepening the reforms of the nation’s business environment, the Presidential Enabling Business Environment Council, PEBEC, has resolved that CEOs and Heads of some Federal Government regulatory agencies be presented with the outcome of a recent survey that exposes major pitfalls in the operations of the agencies.
Conducive business environment vital for economic growth ― Osinbajo vanguardngr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from vanguardngr.com Daily Mail and Mail on Sunday newspapers.
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Published 19 January 2021
As many may know, the Nigerian economy received much attention and was recognised as one of the fastest-growing economies in the world between 2010 and 2014. Yet, when oil prices fell in 2014, the economy contracted and eventually slipped into a recession by 2016. The economy recovered from the recession and we witnessed 11 quarters of consecutive GDP growth since exiting the recession. The GDP grew from 0.8% in 2017 to 2.6% in 2019 but declined in the first quarter of 2020 to 1.9% and we entered another recession in the third quarter of 2020 as a result of the downward trend in global economic activities caused by the impact of the COVID-19 pandemic. The second quarter of 2020 resulted in a contraction in GDP growth to -6.1% and by the third quarter of 2020, a further contraction for the second time in 2020 at -3.6% indicated we were in a recession. Though we were in a recession, our experience was better when compared to some a
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AfCFTA: Commodity Exchange positions Nigeria for effective operations
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The Nigeria Commodity Exchange (NCX), has been positioned to facilitate efficient export of commodities as the African Continental Free Trade Agreement (AfCFTA) takes off.
Its Managing Director, Mrs Zaheera Baba-Ari, made the declaration on Sunday in Abuja when she spoke with newsmen
She said noted that the AfCFTA was an important and strategic platform that would serve to enhance the economies of African countries.
“The establishment of the continental trade bloc will be beneficial to African countries if properly managed,’’’ she said.
Baba-Ari said that in view of the expected adverse effects of COVID-19 on the world, AfCFTA would boost intra-African trade and mitigate the rapid decline in the GDP of African countries.