The predominant perception of the current business climate in Nigeria from within the country is that it could do with less red tape. Investors largely appear to share this sentiment, and their misgivings about Nigeria’s shortcomings in this respect seems to be backed up by the World Bank’s Ease of Doing Business Index, which ranks it a lowly 169th out of 189 economies worldwide. The foreign exchange crisis has only made things more difficult for bodies and government agencies trying to lure foreign businesses to Nigeria.
In response to these challenges, the Federal Government now says it could be issuing visas to investors upon arrival in the not too distant future. Unlike the present procedure which requires them to apply before making the trip to Nigeria, the system being proposed will make it possible to apply for, and receive a visa after arriving the country.
Nigeria’s Vice President, Yemi Osinbajo, while speaking at an event in Abuja recently, described the new policy as part of a drive to eliminate bureaucratic bottlenecks which have stifled the growth of foreign investor participation in Nigeria. He admitted that approval processes in the country were “needlessly difficult”, but promised that the government of the day was determined to positively alter that reality.
“The kind of visa on arrival that we think will free up the process is one in which you are able to arrive here and get your visa on arrival as you make your application here” the vice president explained.
Mr. Osinbanjo also spoke of plans to review business registration processes in order to make things easier for start-ups to set up shop in Nigeria.