As competition for FDI intensifies amongst countries, incentives are typically dangled at investors. But perhaps, the ease of doing business index stands out as the ultimate differentiator.
For many years, the Nigerian business environment had been considered as hostile by most. But concerted efforts at reform are beginning to yield positive results. Nigeria has climbed 24 spots in the Ease of Doing business rank and is among the ten most improved countries in the world for year 2018. Most notable were the significant improvements in the ease of access to credit, enforcing contracts and obtaining construction permits.
The CBN is under pressure to cut interest rates as a pro-cyclical complement of the stimulus package of the fiscal authorities. The MPC has resisted moving towards an accommodative stance, preferring to maintain the status quo. The political pressure is now building again just as the MPC prepares for a valedictory meeting for its old members on November 21.
In this edition of the FDC Bi-monthly publication, the FDC Think-Tank analyzes these issues and their implications on businesses and the economy at large.
Enjoy your read.