Analysts at Lagos based investment firm, Afrinvest Plc, stated this stressing that attaining higher World Bank’s Ease of Doing Business ranking is insufficient to attracting foreign direct investment .
“This is because a higher EoDB ranking is not sufficient for increased investment. To attract investment, we believe PEBEC and the federal government have to look beyond gains in the ranking as business environment reforms must be complemented by pro-business regulations, accommodative monetary and fiscal policies, and the opening up of sectors to private investment,” they noted.
Afrinvest analysts however noted that the results from the three cycles of actions so far taken have been mixed. “The second 60-day National Action Plan expanded the scope of the reforms to include such areas as selling to government, trade within Nigeria and trading across borders. The reforms achieved a poor success rate of 52 percent.
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