Shettima seeks regulatory alignment for improved business environment

Vice President Kashim Shettima has called for the alignment of Nigeria’s regulatory practices with global standards to enhance the country’s business environment.

This is according to a statement issued by Special Adviser to the President on Presidential Enabling Business Environment Council and Investment, Dr. Jumoke Oduwole on Friday.

PEBEC was established in July 2016 to oversee interventions in Nigeria’s business environment by removing bureaucratic obstacles and improving the ease of doing business.

Speaking at the inaugural Regulators’ Forum of the PEBEC at the Presidential Villa on Thursday, Shettima emphasised the importance of transparency, trust, and efficiency among regulatory bodies.

At the forum, Shettima, who also chairs the PEBEC, urged regulatory agencies to streamline their operations, eliminate overlaps, and align with President Bola Ahmed Tinubu’s broader economic goals.

He highlighted the need for Nigeria to boost its global competitiveness through improved regulatory frameworks.

The statement partly read, “His Excellency, Vice President Kashim Shettima charged the various Heads of MDAs to embrace this pivotal moment to shape Nigeria’s regulatory future with a clear responsibility to drive the coordination, transparency, and global competitiveness necessary for Nigeria’s economic transformation.”

The forum provided a collaborative platform for regulators to address operational challenges and streamline processes that affect business operations in Nigeria.

“The Regulators’ Forum is a collaborative platform for regulators in Nigeria, to address and resolve operational bottlenecks and regulatory challenges in doing business,” the statement read.

Oduwole further emphasised that the forum was aligned with Nigeria’s economic objectives.

“The Special Adviser to the President on PEBEC and Investment, Dr. Jumoke Oduwole shared key insights on the PEBEC Regulators’ Forum alignment with national economic goals by providing a stable and transparent business environment, which is crucial for attracting investment and promoting economic growth,” the statement added.

She also highlighted the expected outcomes of this collaboration, stating that it would enhance perceptions of the ease of doing business in Nigeria.

“The expected impact of this collaboration between regulatory bodies will improve Nigeria’s business climate, foster trust and transparency, align regulatory practices with global standards, and enhance the perception of the ease of doing business in Nigeria,” it added.