• Privacy Policy
  • Terms
  • About us
  • Contact Us
Tuesday, July 5, 2022
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Special News
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Special News
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

Osinbajo wants reorientation of regulatory agencies on business

Reorientation

The Matters Press by The Matters Press
February 2, 2022
Reading Time: 2 mins read
0
Corruption caused Nigeria’s poor resource management

Vice President Osinbajo

Vice President Yemi Osinbajo says there is need for a complete reorientation on the exercise of regulatory authority for businesses and investors to thrive in the country.

RELATED POSTS

DMO lists 2 Nigeria’s savings bonds for subscription

Naira falls to dollar at Investors and Exporters window

Scraping, abandoning Ajaokuta steel coy will be a waste — DG

Osinbajo’s spokesman, Laolu Akandem in a statement on Tuesday, said the vice president received a report of an ad hoc committee of the Presidential Enabling Business Environment Council (PEBEC) on agro-export at the Presidential Villa, Abuja.

There was also the presentation of a National Action Plan (NAP) 7.0.

Osinbajo, who presided over the first PEBEC meeting of the year, said there was a problem if people who wanted to export could not do so due to what seemed like too many regulations.

ALSO READ  NG-CARES to enable states earn $20m in 2 years – World Bank

“There are too many regulatory requirements; too many regulations kill output.

“We have to take a second look at how we regulate; over-regulation is killing businesses; it kills investments; an agric exporter can’t export perishable produce after months.’’

He said that processes of product certifications took so long on the regulatory queues in Nigeria, while businesses from outside the country with swift regulatory regimes bring the same products into the country to sell.

“Because our certification processes are slow, others from outside nations-from neighbouring countries based on an ECOWAS agreement–with faster processes can bring their products and sell here, while our own businesses are still on the queues of regulatory agencies,” he said.

ALSO READ  One dies in oil vessel fire

Earlier, the PEBEC Secretariat had presented a report of the ad hoc committee of PEBEC on agro-export.

The report indicated that that exportation flow as regards payment and verification was extremely cumbersome.

“That exporters complained about the imposition of the NAFEX rate on export proceeds, which limits their access to foreign exchange and their inability to utilise their export proceeds.

“For instance, dollars domiciled in exporters’ accounts cannot be utilised for freight payment for export.

“There were multiple physical cargo examinations by Pre-shipment Inspection Agencies.

“There were also “multiple and sometimes overlapping documentation requirements from government regulatory agencies,’’ the report said.

The council, therefore, resolved to approve an Agro-Export Action Plan that will remedy the situation and also approved a 60-day National Action Plan 7.0 that continues the ease of doing business reforms of the Buhari administration.

ALSO READ  Buhari gives Nigeria N10.3trn budget for 2020

The Plan kicks off on Feb. 7.

The meeting had in attendance Industry, Trade and Investment Minister, Niyi Adebayo, Police Affairs Minister, Mohammed Maigari Dingyadi, Works and Housing Minister, Babatunde Fashola and Head of the Civil Service, Folashade Yemi-Esan.

Others were the Special Advisers to the President on Economic Matters Adeyemi Dipeolu and that Ease of Doing Business and PEBEC Secretary, Jumoke Oduwole.

Heads of agencies such as Nigeria Customs Service, Nigeria Ports Authority, National Agency for Food Drug Administration and Control, Standard Organisation of Nigeria, Nigeria Shippers Council and representatives of the Private Sector also attended the meeting.

Tags: Reorientation
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Nigeria floats $4bn Eurobonds
Economy

DMO lists 2 Nigeria’s savings bonds for subscription

July 5, 2022
“Naira-4-Dollar” getting results
Business

Naira falls to dollar at Investors and Exporters window

July 5, 2022
Firms bid for Ajaokuta steel
Business

Scraping, abandoning Ajaokuta steel coy will be a waste — DG

July 5, 2022
Trading in Nigerian stock market dips further N83bn
Business

Stock market records losses, capitalisation down by N20bn

July 5, 2022
Nigeria loses $25b to foreign ship owners
Economy

NPA expects 29 ships with products at Lagos ports

July 5, 2022
Africa-Europe Alliance presents progress report
Business

Africa needs to develop vibrant, resilient PPP framework – SGF

July 5, 2022
Next Post
PENCOM launches radio programme

Only enrolled pensioners will be paid- PenCom

Jaiz Bank expands with new branches

Micro pension contribution hits N161m

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

Southeast, Southwest worry over Atiku’s six-year policy plan

Supreme Court’s dismissal of Atiku’s petition, Buhari has SSC

November 15, 2019
NDLEA uncovers large consignment of drugs

NDLEA arrests drug kingpins, recovers 5,862kg drugs in Lagos

February 27, 2022
Singapore’s release of drug suspect, Ejike excites Nigeria

Singapore’s release of drug suspect, Ejike excites Nigeria

May 29, 2019

Popular Stories

  • 79 candidates for presidential election

    INEC wants to make you rich, bid for new jobs

    0 shares
    Share 0 Tweet 0
  • Universities approved to operate distance learning centres

    0 shares
    Share 0 Tweet 0
  • Highest score in Common entrance, NECO unveils placement policy

    0 shares
    Share 0 Tweet 0
  • IMF’s reasons for Nigeria’s economic recovery

    0 shares
    Share 0 Tweet 0
  • Missing fighter jet found dead

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • DMO lists 2 Nigeria’s savings bonds for subscription
  • Naira falls to dollar at Investors and Exporters window
  • Scraping, abandoning Ajaokuta steel coy will be a waste — DG

Categories

  • Agriculture
  • Business
  • Economy
  • Entertainment, Religion
  • Features
  • Foreign
  • Health
  • Multimedia
  • Natural Resources
  • News
  • Opinion
  • Photo
  • Politics
  • Security
  • Special News
  • Sports
  • Technology
  • Thematterspress
  • Uncategorized
  • Video

© 2022 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Special News
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2022 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?