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Nigeria not Good for Business – World Bank

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The World Bank Group’s Doing Business Report 2016, has delivered a damning report which would further scare away investors from Nigeria. It said that Nigeria is no longer a good business environment.

Comparatively, the 2015 report saw Nigeria ranking 170 point of 189 in the world, with a Distance To Frontier (DTF) or Ease of Doing Business Score of 47.33, against Singapore’s 88.27 and Eritrea’s 33.16.

However, in the 2016 version of the report, Nigeria climbed one rung of the ladder to the 169 position, but sheds almost 3 percentage points to clock at 44.69.

Highlighted in the report as Nigeria’s Achilles heel in doing business are the unusually long number of steps it takes to register a business, the difficulty of building a warehouse, poor access to electricity and the administrative burden of complying with tax payments, among other lacunas.

According to data collected by Doing Business, starting a business in Nigeria requires 8.70 procedures, takes 30.80 days, costs 31.70 percent of income per capita and requires paid-in minimum capital of 0.00 percent of income per capita.

Globally, Nigeria stands at 139 in the ranking of 189 economies on the ease of starting a business.

Underlying the indicators for Nigeria, according to the report, is a set of specific procedures—the bureaucratic and legal steps that an entrepreneur must complete to incorporate and register a new firm.

According to data collected by Doing Business, dealing with construction permits requires 16.10 procedures, takes 106.30 days and costs 24.40 percent of the warehouse value.

Obtaining a new electricity connection in Nigeria requires 9.00 procedures, takes 181.20 days and costs 437.70 percent of income per capita.

Globally, Nigeria stands at 182 in the ranking of 189 economies on the ease of getting electricity.

The length of time it takes to transfer property is another setback for the country. According to data collected by Doing Business, registering property requires 12.10 procedures, takes 69.60 days and costs 10.50% of the property value.

Globally, Nigeria stands at 181 in the ranking of 189 economies on the ease of registering property.

The economy has a score of 6.00 on the depth of credit information index and a score of 6.00 on the strength of legal rights index. Higher scores indicate more credit information and stronger legal rights for borrowers and lenders.

Globally, Nigeria stands at 59 in the ranking of 189 economies on the ease of getting credit.

The economy has a score of 6.80 on the strength of minority investor protection index, with a higher score indicating stronger protections.

Globally, Nigeria stands at 20 in the ranking of 189 economies on the strength of minority investor.

The report observes that the administrative burden in paying taxes by companies leaves much to be desired.

On average, firms make 59.00 tax payments a year, spend 907.90 hours a year filing, preparing and paying taxes and pay total taxes amounting to 33.30 percent.

Globally, Nigeria stands at 181 in the ranking of 189 economies on the ease of paying taxes. The rankings for comparator economies and the regional average ranking provide other useful information for assessing the tax compliance burden for businesses in Nigeria.

Globally, Singapore keeps her place in the easiest country to do business in, with a DTF of 87.34, while Eritrea remained at the bottom of the ladder, plunging further to 27.61 from 33.16 in 2015.

The report, which chronicled enviable progress made since 1999 and the last few years of booming economy, categorically stated that doing business in Nigeria is far difficult than in 2015.

Nigeria has seen her stock plummet with a consistent fall in oil prices at the international market. Added to this grim environment has been lack of budget for almost a month fueling anxiety on the direction of the country.

Rwanda remained the best destination for business in Africa, invigorating new drives in the country long beset by political and ethnic violence. The two countries are 32 and 62 in Africa, respectively.

Nigeria’s West African neighbour Ghana came top in ECOWAS category clocking 114 of 189 countries. Ghana has innovative economic policies augmented by strong building of civil service, judiciary and curbing corruption, factors inhibiting Nigeria’s growth.

According to the World Bank, “Where informal construction is rampant, the public can suffer. Take the case of Nigeria, which lacks an approved building code setting the standards for construction,” slaying into authority’s lack of policy direction.

“Without clear rules, enforcing even basic standards is a daunting task, and many buildings fail to comply with proper safety standards. Structural incidents have multiplied.

“According to the Nigerian Institute of Building, 84 buildings collapsed in the past 20 years, killing more than 400 people,” the report pointed out.

Core to any nation’s stability and growth, the report decried the worsening power generation in the country pointing out that the “industry is a core sector for the generation of national wealth and employment in Nigeria, but faced with an electricity sector hampered by poorly utilized generation capacity, high transmission losses and frequent outages, companies turn to self-provision of electricity.”

Thus, “This raises their production costs, reducing their competitiveness and thus their demand for labour. The erratic and inadequate power supply in Nigeria has often been cited as the main reason forcing multinationals to relocate production lines to other countries. Power outages also affect output levels.”

On reforms, it said, “Nigeria made transferring property in Lagos less costly by reducing fees for property transactions.

“Nigeria strengthened minority investor protections by requiring that related-party transactions be subject to external review and to approval by disinterested shareholders. This reform applies to both Kano and Lagos.”

 

 

 


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EFCC Which Handles Sensitive Data, Financial Records has No Privacy Policy on Website- FiJ

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Economic and Financial Crimes Commission (EFCC) does not currently maintain a public privacy policy on www.efcc.gov.ng, its official website.

EFCC Which Handles Sensitive Data, Financial Records has No Privacy Policy on Website- FiJ

Ola Olukoyede, EFCC chairman, EFCC

This is despite partnering with the Nigeria Data Protection Commission (NDPC) to ensure data compliance according to findings by Foundation for Investigative Journalism (FIJ)

As a law enforcement agency, the EFCC handles highly sensitive personal data and financial records, but its main web portal does not currently provide a formal, publicly available privacy policy detailing how user data is collected, stored, or processed.

According to the National Information Technology Development Agency (NITDA), all government websites are mandated to have privacy policies.

Section 10.4 (i, ii) of the NITDA Privacy Policy mandates all government websites to exercise diligence when collecting personal details or information about visitors to their websites.

It equally requires all government websites to incorporate prominently displayed privacy statements clearly stating the purpose for which information is being collected where the government institution seeks to or collects personal information from visitors through its website.

In addition, the Nigeria Data Protection Act (NDPA) 2023 requires every data controller to make a privacy notice available to citizens before or at the point of collecting their personal data.

That notice must state the specific lawful basis of processing, the purposes of the processing, the categories of recipients of the personal data, the existence of data subject rights, and the right to lodge a complaint with the Commission.

The law further states that such information must be contained in a privacy policy and expressed in a clear, concise, transparent, intelligible and easily accessible format, taking into consideration the class of data subjects targeted by the data processing.

However, on Monday, FIJ checked the anti-graft agency’s website and found that it had no privacy policy or privacy notice informing users how their personal data is collected, processed, stored or shared.

FIJ found that Nigerians can submit petitions to the EFCC on the website.

During this process, the website compulsorily collects personal data such as names, National Identification Numbers (NIN), email addresses, local government areas (LGAs), phone numbers and residential addresses.

Also, organizations and financial institutions (such as commercial banks) are legally mandated to share customer information and suspicious transactions with the EFCC to prevent financial crimes.

However, the website collects this information without specifically informing users what happens to the data they provide.

Ironically, in September 2024, the EFCC and the Nigeria Data Protection Commission (NDPC) agreed to forge a partnership and collaboration towards strengthening cyber data protection in the country.

The agreement was reached in Abuja on September 18, 2024, when Vincent Olatunji, national commissioner and chief executive officer of the NDPC, led a delegation of management staff on a courtesy visit to Ola Olukoyede, EFCC chairman, at the commission’s corporate headquarters.

Despite partnering with Nigeria’s data protection regulator, the EFCC still has no privacy policy on its website.

At press time, the EFCC met none of the privacy policy requirements stipulated by both NITDA guidelines and the NDPA 2023.

 


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Moniepoint DreamDevs Bootcamp Second Cohort Set for Demo Day

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Moniepoint is proud to announce that the second cohort of its flagship DreamDevs Bootcamp is set to culminate in a Demo Day celebration on May 26, 2026, at its Ikeja facility. The event, themed “Training Done! Demo Up!”, will showcase the capstone projects built by participants following nine weeks of intensive, industry-grade software engineering training.

The DreamDevs Bootcamp is Moniepoint’s commitment to identifying and developing the brightest engineering talent across Africa. The nine-week intensive programme is designed to immerse participants in real-world, practical software engineering through a curriculum spanning Java OOP Foundations, Data Structures & Algorithms, Testing, MySQL & JDBC, Spring Boot APIs & System Design, Docker & Messaging Queues, Frontend UI & Cloud Infrastructure, and core Practical Software Engineering Concepts. In recognition of their commitment and effort, cohort participants are paid monthly throughout the duration of the programme.

The curriculum was developed by the Engineering Unit at Moniepoint and delivered in partnership with Semicolon, a leading technology education institution. Admission to the DreamDevs Bootcamp is highly competitive, with only top performers advancing through multiple stages of assessment, including a HackerRank technical test and an in-person code challenge, before earning a place in the programme.

Felix Ike, Co-Founder and CTO of Moniepoint, reflected on what the programme means to the company and the country, “Engineering excellence is a curated and intentionally built process that requires the right systems, resources, and time. The DreamDevs Bootcamp is our way of taking that responsibility seriously.

“We designed a programme that does not just teach syntax or frameworks, but develops engineers who can think, solve, and build at the highest level. Seeing graduates from our first cohort already thriving within our engineering team tells us we are on the right track, and we are excited to see what this second group brings to Demo Day.”

Some of the first cohort’s successful graduates are now active members of the Moniepoint engineering team, a testament to the programme’s effectiveness and its role as a genuine pipeline for world-class engineering talent.

The DreamDevs Bootcamp reflects Moniepoint’s broader mission to invest in Nigeria’s talent and build engineering capacity that can compete and lead on a global stage. Moniepoint looks forward to welcoming the second cohort to the fold and witnessing the innovative solutions they have built.


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FG Unveils Free Tax Dispute Resolution Platforms for Nigerians

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Federal Government on Monday unveiled digital platforms under the Office of the Tax Ombud, enabling Nigerian taxpayers to resolve tax-related disputes free of charge as part of efforts to improve fairness, transparency and accountability in tax administration.

FG unveils free tax dispute resolution platforms for Nigerians

Taiwo Oyedele

Taiwo Oyedele, minister of finance and coordinating minister of the economy, disclosed this during the launch of the Tax Ombud website, toll-free call centre and case management system at Stratton Hotel, Abuja.

Oyedele described the initiative as a major milestone in Nigeria’s fiscal reform agenda, saying the platforms would make tax dispute resolution more accessible to taxpayers nationwide.

“Taxpayers, regardless of location, can now engage more easily with the dispute resolution process without unnecessary administrative bottlenecks or delays, and the good news is that it is entirely free,” he said.

According to him, the Office of the Tax Ombud was established to strengthen taxpayer protection and boost confidence in Nigeria’s tax administration system.

He said the institution would serve as an independent and impartial platform for resolving complaints, mediating disputes and addressing systemic tax issues across the country.

Oyedele added that the initiative aligns with the Federal Government’s broader tax reforms aimed at simplifying tax administration, reducing arbitrariness, protecting taxpayer rights, encouraging voluntary compliance and building a globally competitive fiscal system.

“As we unveil these platforms today, let this mark a new era in tax administration in Nigeria, where taxpayers are treated not as adversaries but as partners in national development,” he said.

Minister of Information and National Orientation, Mohammed Idris, said Nigerians needed more awareness about the role of the Tax Ombud in supporting the economic reforms of President Bola Tinubu’s administration.

Idris said the government’s economic reforms were beginning to yield positive results, citing improvements in revenue performance and investment inflows.

Also speaking, Head of the Civil Service of the Federation, Didi Walson-Jack, described the platforms as citizen-centred reforms designed to improve public access to tax complaint resolution.

She said tax administration should not only focus on revenue generation but also on strengthening trust and confidence in public institutions.

Nigeria’s first Tax Ombudsman and Chief Executive of the Office of the Tax Ombud, John Nwabueze, said the office was established under Part Six of the Joint Revenue Board of Nigeria Establishment Act 2025 to promote fairness, transparency and efficiency in tax administration.

He said the digital platforms would allow taxpayers to lodge complaints online or through the toll-free centre, track cases in real time and access mediation services without resorting to prolonged litigation.

Executive Secretary of the Joint Revenue Board, Olusegun Adesokan, said the office was created to protect taxpayer rights and mediate disputes between citizens and revenue authorities at no cost.

Special Adviser to the President on Economic Affairs in the Office of the Vice President, Tope Fasua, said the Tax Ombud forms part of the broader tax reform agenda initiated by the Presidential Fiscal Policy and Tax Reform Committee.

He noted that the reforms are aimed at widening the tax net while exempting small businesses and low-income earners from additional tax burdens.

In June 2025, President Tinubu signed four major tax reform bills into law, including the Nigeria Tax Act, in what government officials described as a comprehensive overhaul of the country’s tax system.


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