The Minister of Information and National Orientation, Mohammed Idris, says the vision of President Bola Tinubu is to create an enabling environment where businesses can thrive in the country.
Idris said the business would flourish through streamlining regulations, investment incentives, provision of infrastructure, and robust policies aimed at fostering economic stability and prosperity.
The minister said this at a town hall meeting with the Business Community in Kano on Friday, March 22, 2024.
He stated that the Corporate Affairs Commission (CAC), as part of the ease of doing business, has been mandated to operate a 24-hour online registration timeline for new businesses in the country.
He added: “To ensure that Nigeria retains more foreign exchange from its exports, the export permit application process is being revised and automated.
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“Intending exporters will now have to show genuine proof of formal repatriation of export proceeds before new export licenses and permits are granted.”
Idris said the reconstituted Presidential Enabling Business Environment Council (PEBEC) is working closely with state governments to eliminate the bottlenecks businesses face in Nigeria.
The minister said the new Executive Order signed by Tinubu will also unlock the huge potential of the nation’s oil and gas industry by bringing down operating costs for oil and gas operations in Nigeria, which, he said, currently stands at 40 per cent – higher than the global average and compressing oil and gas contracting cycle from 38 months to 6 months.
“It will generate a billion cubic feet per day additional gas supply, create 2.3 million jobs, and boost GDP by $17 billion. The new tax incentives being implemented have the potential to attract up to $10 billion in new oil and gas investment,” he added.
The minister said the removal of the petrol subsidy was at the core of Tinubu‘s economic reforms, noting that it has started yielding positive results with the marked reduction in petrol importation to 50 per cent monthly – about a billion litres a month – since the petrol subsidy was removed in June 2023.
Speaking at the event, the Chairman of Kano Business Community, Sabiu Bako, commended President Tinubu for implementing some of the suggestions made while he was on the campaign trail to Kano.
Bako said the Kano Business Community supported the removal of fuel subsidy “as it only benefited the upper class and did very little to alleviate the economic burden faced by the majority of Nigerians.”
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