In recent years, Nigeria's economic outlook has been shaken
by a number of events most particularly, the fall in crude oil
prices which led the country to fall into recession in the second
quarter of 2016. That same year, Nigeria ranked 169th out of 190
economies on the World Bank's Ease of Doing Business Index. The
Federal Government responded to these events by inaugurating the
Presidential Enabling Business Environment Council (PEBEC) and
launching the Economic Growth and Recovery Plan ("EGRP")
2017-2020 among other initiatives.
These interventions signal the government's awareness that
policy and effective administration is key to the growth of the
economy and they have facilitated Nigeria's exit from recession
and improved rankings on the World Bank's Ease of Doing
Business Index. Amongst highlights of these interventions,
businesses can now be registered with the Corporate Affairs
Commission (CAC) within 24 hours; procedures for obtaining products
and services
