In its effort to spotlight the regulatory bodies driving Nigeria’s business reforms, Leadership Newspaper has commended the Corporate Affairs Commission (CAC) for its stellar performance and reforms aimed at fostering a business-friendly environment.
The editorial highlights the federal government’s commitment to enhancing ease of doing business, an agenda championed by President Ahmed Bola Tinubu. The newspaper notes that the President’s efforts to attract investments, as seen during his numerous foreign investment drives, resonate through the work of local agencies like the CAC.
Recent data underscores the progress: foreign direct investment (FDI) inflows between April and June 2023 reached $86.03 million, up from $47.6 million in Q1. This growth is attributed, in part, to the effective interventions of the Presidential Enabling Business Environment Council (PEBEC), established in 2016 to oversee reforms.
The CAC has stood out among the agencies under PEBEC’s Regulatory Reform Accelerator (RRA) program. During a landmark town hall meeting hosted by PEBEC, Vice President Kashim Shettima, the council chairman, lauded the CAC for its exemplary performance, awarding it a 100% score in regulatory reforms over a 120-day period.
Notably, the CAC has earned several accolades this year:
The Gold Level Award for Excellent Service Delivery from the Bureau of Public Service Reforms (BPSR) in August 2024.
Recognition as the Best Federal MDA Digital Service Portal at the Nigeria Govtech Public Service Awards in October 2024.
The Govtech Trailblazers Award for the Registrar-General, Hussaini Ishaq Magaji, SAN, for spearheading impactful reforms.
An upgraded ISO 9001:2015 Quality Management System Certificate from the Standards Organisation of Nigeria (SON) in October 2023.
These achievements, according to Leadership Newspaper, underscore the CAC’s dedication to streamlining business registration processes and improving service delivery to international standards.
However, the editorial cautions that these recognitions bring heightened expectations. It challenges the CAC to maintain and build on its momentum, serving as a benchmark for other regulatory agencies. The paper also calls on underperforming agencies to view this as a wake-up call, urging them to align their operations with the government’s development objectives.
With reforms like these, Nigeria edges closer to becoming a premier investment destination, ensuring every sector contributes to the nation’s economic growth and stability.
