In Nigeria today, there has been a consistent improvement in the country’s ratings over the last six years in the Ease of Doing business ranking across the globe. Nigeria was ranked 170 and 169 in the years 2014 and 2015 respectively.
Today, Nigeria has been gaining on the world index of Ease of Doing Business. From the 145th position in 2019, Nigeria rose through the ranks to clinge the 131st position in 2020.
A better EDB ranking can deliver the much needed sustained economic growth, if it is premised on very sound business-friendly policies, which the present Government is vigorously pursuing. With this result, Nigeria’s abysmal economic performance indices can be improved upon.
The Buhari administration’s business reforms, through the Presidential Enabling Business Environment Council (PEBEC), is an opportunity to significantly boost local and foreign investments in the country, according to Vice President Yemi Osinbajo.
This silent achievement would not have been attainable if not for the noble contribution of men like a former Governor of Ekiti State and APC Chieftain, Otunba Niyi Adebayo. Currently serving as the Nation’s Minister for Industry, Trade and Investment, Otunba Niyi Adebayo, who has consciously sustained the successes recorded in the day-to-day running of the industrial sector of the Nation, is an enigma worthy to be celebrated.Born February 4, 1958, Chief Niyi Adebayo is a politician and traditional aristocrat. He served as the first Executive Governor of Ekiti State from May 29, 1999 to May 29, 2003 under the Alliance for Democracy (AD). Adebayo has been associated with APC, and he is currently a top chieftain of the All Progressives Congress, APC. Records have it that he has extensive experience in a wide range of disputes & legal and advisory work. His more notable achievements have been in the areas of project finance, oil and gas, contract procurement and business facilitation. He is a member of the Nigerian Bar Association (NBA) and the International Bar Association (IBA).Under his leadership at the Ministry of Industry, the Federal Government has continued to latch onto opportunities and ensure that more results are recorded in the area of EDB. The World Bank has praised the economic direction of the Buhari administration and ranked the country higher in its annual Ease of Doing Business Rankings, under Otunba Niyi Adebayo’s leadership at the Ministry of Industry.Adebayo probably runs with the consciousness that Nigeria is a country with so much promise, and resources.
Therefore, he has put his all into ensuring the present administration utilizes every opportunity to do something profound about investments in Nigeria. His major focus has been on how to get the Nation’s business environment working. A reliable pillar in the Buhari-led administration, Chief Niyi Adebayo, has always been optimistic that the Muhammadu Buhari administration will leave behind “something substantial” for Nigerians. His Ministry has been working on attracting international investors to the country, while some of the foreign companies have declared interest in manufacturing batteries and plastic components for motor vehicles in Nigeria.Surprisingly, Afreximbank has approved funding for the automotive industry in the country.He once said, “We are not sleeping. I want Nigerians to have that confidence that we are working and by the time this administration is handed over, it will hand over with something substantial to show,” he said.“Recently, I was in Ghana for the African Continental Free Trade and Afreximbank came to have a talk with us and have committed $1billion for the auto industry in Africa and right now they have approved the funding”, he added.Through his Ministry, the Federal Government is in the process of putting together a new automotive industry, which is being funded by Afreximbank. The Ministry already has a foot in the door that will give it the opportunity to be able to tap and pull off the money.Under Adebayo’s leadership, FG is in the process of updating the automotive policy of the government with the view of looking at what more can be done. That is not all, Adebayo has been attending various meetings of the world automotive association, which had membership of various original equipment manufacturers of motor vehicles.These, among others, are the indices leading to the Nation’s EDB indices in Nigeria. Hopefully, these investors will come and invest in the complete knock down (CKD) manufacturers in Nigeria.Otunba Adebayo, has been across the globe facilitating new business ventures for the country. A recent trip to Dubai had him meeting with a couple of companies who are interested in setting up businesses in Nigeria.One of the companies would manufacture batteries in Nigeria, another one wants to manufacture plastic components for motor vehicles. There is a lot of interest in this direction, that is why FG is working very fast to put all these into policies because it is this policy that will give the Nation a direction.
Adebayo hinted that, “When this administration came in, it met a major deficit of infrastructure facilities and a lot has been going on to improve on the infrastructure of this country.”True, time is running out; but then those directing the economy are changing the direction. Otunba Adebayo being a very good example. Government is apparently addressing the core structural and socio-cultural challenges of the economy, for the Nigerian citizenry while investors both foreign and local gradually repose fresh trust in the Nation’s economy.
Olamide Adeniyi is a member of the Editorial team of TheScript Newspaper
