FG Targets Lower Business Costs as Oyedele Moves to Reform Government Agencies
The Federal Government has unveiled plans to reduce the cost of doing business in Nigeria by introducing measurable performance targets for government agencies and eliminating overlapping regulatory requirements.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, announced the initiative on Thursday during a strategic engagement with heads of agencies and senior government officials in Abuja.
According to the minister, the next phase of Nigeria’s economic reforms will focus on removing the bureaucratic obstacles that make it difficult for businesses to operate, invest and expand.
He said government institutions must become more responsive to the needs of businesses and investors by simplifying procedures, reducing unnecessary charges and avoiding the duplication of regulatory responsibilities.
Oyedele explained that the government intends to adopt a “One Government” approach to improve coordination among Ministries, Departments and Agencies.
Under the proposed framework, businesses dealing with agencies whose responsibilities overlap should face a simplified arrangement based on one lead agency, one process and one fee.
The minister further urged agencies to engage stakeholders before introducing new regulations, evaluate the economic consequences of proposed policies and give businesses sufficient notice before major changes take effect.
He emphasised that government agencies must also demonstrate financial discipline by remitting all revenues due to the government, transferring operating surpluses to the Consolidated Revenue Fund and submitting audited accounts as required by law.
Oyedele said the government would assess agencies based on the quality and speed of their services, adherence to published timelines and their ability to reduce regulatory costs.
He acknowledged that government must lead by example, noting that the Ministry of Finance would also work to address delays in approvals, fund releases and outdated administrative procedures.
The ministry is expected to review submissions from participating agencies and provide feedback within four to six weeks.
Following the review, a draft framework will be circulated for further consultation, while agencies will be required to establish measurable performance commitments subject to periodic assessments.
The government hopes the reforms will reduce the time businesses spend dealing with administrative procedures and allow them to concentrate on investment, growth and employment generation.
