Laolu Akande, Osinbajo’s spokesman, in a statement, said the vice president expressed optimism that the reforms would bring dramatic changes to the Nigerian economy.
Osinbajo said that President Muhammadu Buhari’s administration would continue its determined pursuit of reforming Nigeria’s business environment until the full attainment of the objectives.
The report was presented by the Minister of State for Industry, Trade and Investment, Mariam Katagum, and the Special Adviser to the President on Ease of Doing Business, Dr. Jumoke Oduwole during the meeting of the Presidential Enabling Business Environment Council (PEBEC).
“We will keep updating ourselves on the progress of the ease of doing business reforms while noting some of the progress already recorded in the last three years since the commencement of the ease of doing business reforms.’’
Osinbajo commended the collaboration with the National Assembly on driving the reforms and called for the eventual attainment of all the other outstanding reform objectives.
“If we can clean up our business environment, the difference would be dramatic,” he said.
In 2017, in the World Bank Doing Business Ranking, Nigeria moved up 24 places and was also listed among the top ten reforming economies in the world.
In 2019, the World Bank also named Nigeria one of the top-20 improvers in doing business out of 190 countries.
Among the notable results of the reforms, besides the better ranking by the World Bank Doing Business Rankings, commendations include that the Federal Inland Revenue Service (FIRS), launched a centralized e-payment channel.
The e-payment channels contributed to a 20 percent reduction in time spent on documentation and payment of taxes.
The launching, by the Immigration authorities, of a fully digitized e-visa process, which guarantees visa approvals in 48 hours.
The National Agency for Food and Drug Administration and Control (NAFDAC), re-engineered registration processes and reduced processing time from 12 to less than three months.
The Federal Airports Authority of Nigeria (FAAN) improved the user experience at airports by eliminating passenger service charge stickers and manual check-in bag searches.
Some of the other results recorded include how the Corporate Affairs Commission (CAC) simplified company registration processes, resulting in a 50 percent reduction in processing time and the passage by the National Assembly of the Credit Reporting Act 2017, among others.
The meeting was attended by a representative of the Speaker of the Federal House of Representatives, Dolapo Badru, who is the House Committee Chairman on Industry, nine federal ministers.
Ministers present were those of State for Industry, Trade, and Investment, the Attorney-General of the Federation, Abubakar Malami, Works and Housing Minister, Babatunde Fashola, Interior Minister, Rauf Aregbesola, Information Minister, Alhaji Lai Mohammed.
The Federal Capital Territory Minister, Mohammed Bello also attended.
More so, Police Affairs Minister, Mohammed Dangadi, Minister of State for Transportation, Gbemisola Saraki and the Minister of State for Power, Godwin Agba were also at the event