By Ikugbadi Oluwasegun
Mohammed Idris, Minister of Information and National Orientation has said the vision of President Tinubu is to create an enabling environment where businesses can thrive through streamlining regulations, investment incentives, provision of infrastructure, and robust policies aimed at fostering economic stability and prosperity.
The Minister disclosed this in Kano on Friday at a town hall meeting with the Business Community at the Bristol Hotel.
“As part of the Ease of Doing Business, the Corporate Affairs Commission (CAC) has been mandated to operate a 24-hour online registration timeline for new businesses.
“To ensure that Nigeria retains more foreign exchange from its exports, the Export Permit application process is being revised and automated. Intending exporters will now have to show genuine proof of formal repatriation of export proceeds before new export licenses and permits are granted,” he said.
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 the President will 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 currently stands at 40% – 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 said.
He said through enhanced security measures across the Niger Delta Region, the country’s NLNG cargoes have increased from an average of 16 cargoes in 2023 to 21 cargoes in the first quarter of 2024, while crude oil production has risen from 1.22 million barrels per day in the second quarter of 2023 to 1.6 million barrels per day in the first quarter of 2024.
Idris added that in a deliberate effort to boost Industrialization, the Federal Government issued import Duty Exemption Certificate (IDEC) letters of recommendation to 20 manufacturers for expansion and enhanced production capacity, as the Presidential Council on Industrial Revitalisation is currently working on the framework to implement a well-structured and functioning consumer credit system in line with global best practices.
“The Federal Government is reconstituting the National Trade Facilitation Committee, which convenes various relevant agencies and private sector representatives (under the leadership of the Federal Ministry of Industry, Trade and Investment), to resolve and remove administrative and operational bottlenecks facing domestic and external trade in the country,” he said.
The Minister also reeled out the post-subsidy interventions for the business community to include approval for the release of 200 Billion Naira for the Presidential Business Grants and Loans Schemes; 50 Billion Naira Presidential Conditional Grant Scheme (PCGS) for traders, food vendors, transport workers, ICT businesses, creatives, and artisans, as part of interventions to cushion the effect of the removal of petrol subsidies; the 75 Billion Naira FGN MSME Intervention Fund with single-digit-interest loans to MSMEs and the 75 Billion Naira FGN Manufacturing Sector Fund targeting manufacturing businesses, with selected beneficiaries eligible to access up to 1 Billion Naira each.