On Wednesday night the Vice President, Yemi Osinbajo, has said the Federal Government will conduct more aggressive audits of government agencies.
Osinabjo said the audits are aimed at creating a conducive environment that would attract foreign investors and create job opportunities for Nigerians.
Speaking at the fifth-anniversary celebration event of the Presidential Enabling Business Environment Council (PEBEC), at the State House in Abuja the Vice President said the measure was to improve business operations in the country.
According to Osinbajo: “Going forward, there will be a more aggressive accountability audit of various Federal Government agencies, identifying bureaucratic bottlenecks and removing them in a renewed effort to further improve the country’s business environment and economy.
“This will, in turn, encourage more local and foreign investments, create more jobs and opportunities for Nigerians, according to Vice President Yemi Osinbajo, SAN.
“In improving the country’s business climate and making it more attractive for foreign and local investors, the Vice President noted that while creating jobs is government’s priority, the biggest job creator is the private sector, particularly small and medium enterprises.
“We must ensure that they are not hindered from doing business easily so they can produce the opportunities our nation needs.”
He noted that in some of the agencies, the heads “commit to change, but down the line, the system either resists or is simply not well designed to function properly.”
In such situations, Osinbajo served notice that what must be done in the coming months, is for the FG to “work with the agencies to implement a more aggressive accountability audit.”
“Where we identify the specific bottlenecks in systems possibly down to the particular desks where these problems arise; we may then come for agencies and officials who have failed or resisted change,” he warned.
However, despite the challenges in some areas, the Vice President detailed how PEBEC’s reforms and efforts have been instrumental in improving Nigeria’s business environment in the last few years under the Buhari administration.
For instance, Prof. Osinbajo stated that since its inception, PEBEC has achieved the delivery of over 150 reforms and completed six National Action Plan (NAP).
“As a result, Nigeria has moved an aggregate of 39 places on the World Bank Doing Business index since 2016, and was twice named as one of the top 10 most improved economies in the world in the last three cycles. Nigeria was also named one of only two African countries to make this highly prestigious list in 2019.
“Similarly, the 2018 Subnational Doing Business report on Nigeria recorded unprecedented improvement, with 100% participation of States in the Right-of-Reply exercise. The World Economic Forum (WEF), in its 2018 Global Competitive Report, also recognized Nigeria’s business environment as one of the most entrepreneurial in the world, and highlighted Nigeria’s improved competitiveness in the enabling business environment,” he said.