The ease of doing business in Nigeria climbed a bit higher. Today, Nigeria is ranked higher, what many don’t know is that; in the area of access to credit, Nigeria ranked sixth in the whole world amongst over hundred and fifty countries . This Revelation was made known by Jumoke Oduwole, a Senior Special Assistant to the government on Trade and Investment.





In the words of Jumoke Oduwole , ” it is about hard work and collaboration between state and central government”.

One of the factors that has increased the ease of doing of doing business in Nigeria is actualisation and innovation. Take Corporate Affairs Commission ( CAC) for instance, there is a sharp reduction of time frame that business names can be searched , today this is just about 24 hours for a name search and business registration is also done online and one don’t need the services of a lawyer to get business done . What the government did was to leverage on technology and reduce all the bottleneck that is associated with Business registration, such as tax number which is given during the time of business registration.



In the area of collaboration, Jumoke added that ” each state has their own laws and we have encouraged them to improve on transparency , we have worked closely with Lagos and Kano on the issue of documentation of land and map out their reforms . Other states have taken suit. Nigeria would be ranked every year and we must work on it “.

On what Nigeria needs to do to get to the next level. The government is on the second national action plan, which is to drive momentum such as executive order on transparency and efficiency in businesses in Nigeria ,especially in the area of Airport and sea ports.



Access to credit is a huge one, Nigeria is ranked sixth out of over hundred countries by the World Bank. The impact of this is important and SMEs must understand that due to lack of their structure, it brings up the credit risk and impact their credit history. Now, Nigeria has introduced the credit rating and history.



Today, we have a national collateral registry in Nigeria. This would make people seeking access to credit to use other collateral instead of land collateral, she remarked.

In the area of competitiveness, the government recognised that infrastructure is key and power is on top of this list. The government has encouraged states to look at their areas of competitiveness and comparative advantage.

The government is poised to ensure that access to credit is easier ,with a solid legislative framework that would encourage banks to take chances with the SMEs. These are new laws in place today , these laws would ensure an enabling business environment.



https://etimes.com.ng/ease-of-business/

Seriously?

The maximum amount micro finance bank will give u is 150k.

What kinda business will a serious entrepreneurer do with the amount?

Na lie jare, except dey mean phone airtime credit. I actually thought dis was a joke becos dats what her name looks like.. She couldn't even mention where, how and why it's now easy to get access to credit. In dis same country dat we know exactly how accessible bank loans are ans their discouraging conditions and we've only been hearing Bank of Industry in d media. It is obvious dis govt now pays for SORTING..

Hurray

I understand now what Trump called Fake News.

Well done to Jumoke Oduwole, she has forever publicly identified herself as one of the ineffectual buffons in this lying, scam called APC government. Instead of sitting quietly.
Congrats.

Check my signature for affordable and durable window blind

Access to credit wey bank go wan come kill person with interest rate..... mtchew.

, That's how they were ranked 16th in Africa in terms of GDP per capita....

even

Haters and enemies of the state won't like this news

Which credit?

Access to credit? Where do they get these unfounded statistics? Getting credit in Nigeria is a herculean task. Have they been to the financial institutions to make enquiries? Have they gone to the streets to sample the opinions of Nigerian entreprenuers? Everything should not be about propaganda.

Good news

Good news, if true. I wonder from where they got the statistics for Nigeria.

Lol! I laugh in tahiti! Access to which credit?

Banks are so risk adverse that they require all sorts of collateral. Some banks have cancelled short-term loans like no wahala loans etc, banks now depend more on atm charges MONTHLY and all sorts of transfer charges and not interest because the rates are just too high to make it worth lending to productive areas of the economy like agriculture and industry.

Abeg access to which credit biko?

I wonder why I book this space sef...

rawpadgin:
Seriously?

The maximum amount micro finance bank will give u is 150k.

What kinda business will a serious entrepreneurer do with the amount?

I gave a stupid Nairalander 50k loan to be returned in a month... It's over one month now and I'm yet to see my money.... That's to tell you that those sme are generally untrustworthy and won't hesitate to default on loans they've collected.... Only a foolish bank will lend a high amount to sme with these tendencies existing.

Slow and steady we will get there.

The question is .....who be the people wey dey access the credit. Oyinbo go siddon for one corner of im glass office dey form all knowing for Naija matter.

Shioor.

All these data they churning out

Lol..access to recharge card credits you mean

I doubt that ranking reflects the reality on ground. Yes, large enterprises can access credit on the back of their asset base and connections but SMEs who are the main drivers of employment-creating growth find it difficult to access credit. Besides, the cost of borrowing remains too high and is stifling enterprises. I don't know who the World Bank DB team surveyed.

thanks to paylater

Access to credit by politicians and the rich.

Another BS story don come to make starving Nigerians momentarily feel good.

Make una try go collect the credit nah.

Ease of doing business nonsense with no free movements of goods and services. Not with Police, Customs etc blocks all over the country.

I have hardly known a harder place to live than Nigeria.

Deeldorado:
I doubt that ranking reflects the reality on ground. Yes, large enterprises can easily access credit on the back of their asset base but SMEs who are the main drivers of employment-creating growth find it difficult to access credit. Besides, the cost of borrowing remains too high and is stifling Enterprises.

Which large enterprises?

rawpadgin:
Seriously?

The maximum amount micro finance bank will give u is 150k.

What kinda business will a serious entrepreneurer do with the amount?

I can do a lot of SERIOUS business with even 10% of that i.e. 15K.

Sometimes, it's not just about the money.

Coldfeets:


I can do a lot of SERIOUS business with even 10% of that i.e. 15K.

Sometimes, it's not just about the money.

tell some of the businesses u can do that amount

The way the BMC crew are dishing out stats in the last 6days, you would think Buhari has been doing anything other than receiving guests.
Why all these stats at the time a lot of memos are flying around carrying on its tails a lot of unanswered questions?

Yes, it's true. I buy my own credits easily from the kiosk guy across the street.

That's nice

Wehdone Buhari