The federal government has launched the Regulatory Impact Analysis (RIA) Framework to create a more business-friendly environment and attract foreign direct investment into the country.
The initiative was unveiled during the Foreign Direct Investors Roundtable and Regulators Forum, where Princess Zahrah Mustapha Audu, Director-General of the Presidential Enabling Business Environment Council (PEBEC), emphasized the importance of a competitive and investment-friendly Nigeria.
Princess Audu highlighted that PEBEC was established to remove long-standing obstacles to doing business in Nigeria. Over the years, the Council has implemented over 200 bold reforms across various sectors, focusing on six strategic work streams to sustain progress.
“Today’s launch of the Regulatory Impact Analysis Framework is a major milestone in our regulatory reforms,” she stated. “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.”
She further emphasized that the government is working to enhance state-level business environments through the State Action Plans for Enabling Business Reforms Program, backed by $750 million in World Bank support. This funding incentivizes states to implement reforms that support SMEs, create jobs, and attract investments.
Princess Audu underscored that 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.”
She reaffirmed President Bola Ahmed Tinubu administration’s commitment to supporting both new and existing investors, ensuring that policies align with investor expectations.
Princess Audu concluded by reiterating 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. Together, let’s create an environment where businesses thrive, investments flourish, and millions of Nigerians benefit from economic growth,” she said.
“With the RIA Framework in place, Nigeria moves closer to its goal of attracting sustainable foreign investment and fostering long-term economic development.”
Also speaking, Governor Hyacinth Alia of Benue State emphasized the state’s agricultural potential, calling on investors to explore opportunities in livestock farming, soybean production, grains, and agro-processing. “Benue has fertile land, vast water resources, and a favorable climate, making it ideal for agribusiness investments,” he stated.
Governor Peter Mbah of Enugu State outlined an ambitious sevenfold economic growth projection over the next six years, targeting a 27% compounded annual growth rate. He stressed that private sector investment is central to achieving this vision. “Investment is the lifeblood of our growth, and we are putting in place the right frameworks, policies, and ease-of-doing-business measures to support investors,” he said.
Mbah, acknowledged a compounded annual growth rate of 27 percent, “but we recognized immediately that that growth would come from private sector, from investors like the people sitting in this room. So investment for us is like the lifeblood of our growth and then we have also set forth, basically as government, to be able to try to put frameworks, put policies, and also ensure that there is the ease of doing business in Enugu.”
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