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Only 7% of Nigeria's big Businesses have crossed $1bn mark in Africa, says FG

Only 7% of Nigeria's big Businesses have crossed $1bn mark in Africa, says FG

The Federal Government has reiterated its commitment to create an enabling Environment for Investment and Businesses to thrive in the Country.

The Minister of Information and National Orientation, Mohammed Idris, stated this while briefing Journalists after the Inaugural Meeting of the Third Cohort of the Presidential Enabling Business Environment Council (PEBEC).

He said Government was also poised to improve the Nation’s Gross Domestic Product (GDP) .

The Meeting, which was chaired by the Chairman of the National Economic Council (NEC) and Vice President Kashim Shettima, held at the Presidential Villa, Abuja.

The Minister said that President Bola Tinubu Administration was determined to ensure that Businesses returned to their rightful position in the Country.

“You recall that President Bola Tinubu has been talking about improving the Business Environment in this Country.

”This is one of the modest efforts that has been put in place. Today the Vice President, Kashim Shettima launched this. You recall that it started actually with the last Administration.

”Nigeria is gradually witnessing a decline in our Gross Domestic Products (GDP),  over $140 billion. So this is an attempt to bring back a robust GDP.

”Of all the big Businesses in Africa over those Businesses that have crossed the $1bn mark, only a few of them, less than 30 are in Nigeria, they represent only seven per cent.

”So this attempt is to improve Nigeria’s position, so that the Business Environment will become very friendly for Investors to come and that will lead to Economic prosperity for our dear Country.”

He said that President Bola Tinubu had so far demonstrated the Political Will to enhance the fortune of the Country.

”What we are going to do different is firstly bigger Political Will, President Tinubu is determined to ensure that Businesses returned to their rightful places in this Country.

”Recalled what I told you about $140bn have been lost in the last 10 years. Our positioning is still very low. We are seven per cent of those Businesses that are doing over a billion Dollars and above.

”So this is an attempt to bring that back to our Country and in turn create Employment for our teeming Young Population and then at the end of it we have Economic prosperity for our Country.”

The PEBEC was set up in July 2016 by President Muhammadu Buhari, to remove bureaucratic constraints to doing business and make the Country a progressively easier place to start and grow a Business.

The Council is an inter-Governmental and inter-Ministerial one, which is chaired by the Vice President, and comprises 10 Ministers, the Head of Civil Service of the Federation and other Government Officials.

The Enabling Business Environment Secretariat (EBES) is the Operational Arm of PEBEC, assisting the MDAs to implement the Reform Agenda of the PEBEC.


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