In recent years, Nigeria has taken substantial strides in enhancing its business environment, aiming to attract both local and foreign investment. Under the leadership of President Bola Ahmed Tinubu, the government has committed to making the country an attractive investment hub, a vision that is gradually becoming a reality. Central to these efforts is the government’s push to simplify the regulatory framework for businesses. One standout example of this commitment is the Corporate Affairs Commission (CAC), which has taken a bold leap into the digital era, setting a high benchmark for other government agencies to follow.
The establishment of the Presidential Enabling Business Environment Council (PEBEC) in 2016 was a pivotal moment in this ongoing reform. PEBEC’s mission, to facilitate a business-friendly environment, has gained renewed momentum under the current administration. The success of these reforms is most evident in the growing foreign direct investment (FDI), which surged from $47.6 million in the first quarter of 2023 to $86.03 million in the second quarter. This upward trajectory in investment is a direct reflection of the government’s efforts to streamline regulatory processes and improve the ease of doing business.
However, beyond the numbers, the real indicator of success lies in the tangible impact of these reforms. A notable example is the first-ever town hall meeting organised by PEBEC at the State House. This event, focused on evaluating the performance of 36 government agencies under the 90-day Regulatory Reform Accelerator (RRA), demonstrated the government’s willingness to assess and improve its regulatory processes continuously. It also marked a milestone in ensuring accountability among agencies that play a vital role in the business landscape.
Vice President Kashim Shettima, who chairs the PEBEC Council, aptly captured the essence of this initiative by emphasising that the government’s success should not be measured only by policy changes but by the real-world impacts that affect businesses, both large and small. As part of this assessment, the CAC emerged as a top performer in the RRA, with a perfect score alongside other agencies, underscoring its dedication to regulatory reform.
The CAC’s achievements are impressive and deserve recognition. In August 2023, the Bureau of Public Service Reforms (BPSR) awarded the CAC the Gold Level Award for Excellent Service Delivery. More recently, at the Nigeria Govtech Public Service Awards in October 2024, the CAC was recognised as the Best Federal MDA Digital Service Portal. These accolades are a testament to the agency’s consistent efforts to modernise its processes and enhance service delivery for businesses. The ISO 9001:2015 certification awarded to the CAC for its Quality Management System by the Standards Organisation of Nigeria (SON) in October 2023 further highlights its commitment to excellence.
But while the CAC’s progress is commendable, it is essential to understand that these achievements are not an endpoint. Rather, they serve as a reminder that success in public service is a continuous journey. The CAC must build on its momentum, ensuring that it maintains high standards and continues to innovate. As the saying goes, the reward for hard work is more work. The agency must now push the envelope further, setting even higher standards for service delivery and regulatory reforms.
For other government agencies, the CAC’s success offers a valuable lesson. While some agencies have shown promise, others have struggled to meet the expectations outlined in the RRA. This disparity should serve as a call to action. Underperformance should not be viewed as a setback but as an opportunity for growth and improvement. Agencies must invest in their own digital transformation, streamline processes, and embrace modern regulatory practices to contribute meaningfully to Nigeria’s development goals.
As Nigeria continues to prioritise the ease of doing business, the role of government agencies in fostering an enabling environment cannot be overstated. Agencies must work in synergy to ensure that the country remains an attractive destination for investment, both from within Africa and beyond. While significant progress has been made, the journey is far from over. Achieving a fully optimised business environment requires sustained effort from both the public and private sectors.
By following the example set by the CAC, other agencies can play a crucial role in unlocking Nigeria’s full economic potential. Such reforms will not only benefit investors but will also contribute to the broader goal of sustainable national development. The time has come for other agencies to emulate the CAC’s example and play their part in shaping a thriving and investor-friendly Nigeria.