FG launches framework to assess impact of regulations, create business-friendly climate

The federal government has introduced the regulatory impact analysis (RIA) framework to create a favourable and business-friendly environment.

The framework was unveiled on Wednesday at the state house conference centre during the second existing foreign direct investors’ roundtable and regulators’ forum.

It is understood that the framework will be enhanced at state-level business environments through the ‘state action plans for enabling business reforms program’, backed by $750 million in World Bank support.

Speaking at the event, Zahrah Audu, director-general of the presidential enabling business environment council (PEBEC), stressed the need for Nigeria to be competitive and investment-friendly. 

Audu also assured that the government is striving to finance incentives that would carry out reforms to help SMEs, generate employment, and attract investments. 

“Today’s launch of the Regulatory Impact Analysis Framework is a major milestone in our regulatory reforms,” she said. 

“This framework ensures that all new regulations undergo thorough assessments to evaluate their economic, social, and environmental impact, reducing unnecessary business hurdles while safeguarding public interests.”

Audu also said foreign direct investment (FDI) is crucial for Nigeria’s economic diversification, job creation, and technological advancement.

“To attract and retain FDI, we must streamline our regulatory processes,” she said.

“The RIA Framework will foster a predictable, transparent, and business-friendly regulatory environment. 

“By collaborating with local and international institutions, we can bridge infrastructure gaps, boost productivity, and lower the cost of doing business.”

The director-general reiterated the need for continued public-private dialogue to ensure effective implementation of reforms.

“We are committed to making Nigeria the preferred investment destination in Africa,” Audu said.

“Together, let’s create an environment where businesses thrive, investments flourish, and millions of Nigerians benefit from economic growth.

“With the RIA Framework in place, Nigeria moves closer to its goal of attracting sustainable foreign investment and fostering long-term economic development.”

On her part, Jumoke Oduwole, minister of industry, trade, and investment, said over 70 percent of American businesses view the government’s recent reforms positively — indicating growing investor confidence.

Oduwole also emphasised the importance of trade facilitation and collaboration with various chambers of commerce to optimize the African Continental Free Trade Area (AfCFTA) agreement.

She acknowledged the challenges posed by inflation and infrastructure deficits but expressed optimism about Nigeria’s economic trajectory, citing a trade surplus of $8 billion in 2024.

ENUGU PROJECTS ‘SEVENFOLD’ ECONOMIC GROWTH

Also speaking, Peter Mbah, Ebugu governor, said the state is targeting a sevenfold economic growth over the next six years, at a 27 percent compounded annual growth rate.

He stressed that private sector investment is central to achieving the vision.

Outlining his administration’s ambitious vision to transform the state’s economy Mbah said his government intends to grow Enugu’s gross domestic product (GDP) from $4.4 billion to $30 billion within eight years, “representing a seven-fold increase”.

“Our vision is to create a thriving economic environment that attracts private sector investment, which we view as the lifeblood of our growth,” he said.

The governor highlighted the importance of such forums in facilitating discussions that could lead to actionable investments.

He praised the collaborative efforts of the Enugu State Investment Development Authority and federal regulatory agencies, saying “we are committed to creating an enabling environment that de-risks investment flows”.

Mbah assured investors that his government has curated numerous bankable projects across various sectors, significantly reducing the time and resources needed for feasibility studies.

“We are on a journey to restore Enugu’s status as a premier destination for business and tourism,” the governor said.

He said strategic investments in infrastructure and regulatory frameworks are essential for achieving the vision.