The crash in crude oil prices and fall in crude oil production
due to the sabotage of oil terminals in the Niger Delta, among
other factors led to Nigeria's fall into economic recession in
the second quarter of 2016. As a result of this, the Federal
Government deployed various interventions with the aim of reviving
the Nigerian economy and drastically shifting the country's
over-reliance on oil-generated revenue.
The Presidential Enabling Business Environment Council
("PEBEC") was inaugurated in 2016 to address bottlenecks
affecting the ease of doing business in Nigeria following
Nigeria's ranking by the World Bank at 169th out of 190
economies on the ease of doing business. Also, in 2017, the
Ministry of Budget and National Planning launched the Economic and
Growth Recovery Plan 2017 – 2020 to restore Nigeria's
economic growth especially by way of diversification of the
country's source of revenue. The ongoing success of these
interventions has resulted in the
