Ease Of Doing Business: Nigeria Targets Top 100 Countries By 2019

Muhammadu Buhari on Nigeria's EconomyPresident Muhammadu Buhari says Nigeria will be one of the most attractive and easiest places of doing business in the world by 2019.

He said this on Sunday in Nairobi, Kenya at a plenary session on “Dialogue with the Private Sector” at the sixth Tokyo International Conference for African Development (TICAD VI).

President Buhari said his administration is implementing policies and measures to create right and enabling environment for business and investors in Nigeria.

Nigeria is currently ranked 169 out of 189 countries by the World Bank, according to the Bank’s 2016 Ease of Doing Business report.

President Buhari told the session attended by several African leaders, Japan Prime Minister, Shinzo Abe and international business executives that his administration’s vision and objective was to make Nigeria one of the top investment destinations in the world, within the shortest possible time.

“We believe government has a particular responsibility to create right and attractive environment for businesses and economic activities to thrive.

“In furtherance of this vision, we have launched the Presidential Enabling Environment Council (PEEC) and Inter-Ministerial Council, to oversee the efforts of government to remove various bottlenecks that stifle businesses and economic activities and thereby create economic activities and the right enabling environment and investment climate in Nigeria.

“The secretariat will include strong private sector representation that would be led by experienced business professionals from the private sector.

“We are committed to moving up the ranking of the World Bank’s Ease of Doing Business index 20 places in first year and be in the top 100 within the next 3 years,” the President said.

This plan was made public by the Senior Special Assistant to the President on Media and Publicity, Mr Garba Shehu.

Japan Pledges $30bn To Africa

japan prime ministerThe Japan Prime Minister, Shinzo Abe, has told African leaders that his country will commit $30 billion into public and private support, for infrastructure development on the continent.

He explained that the package would be spread over three years from 2016, which includes $10 billion for infrastructure projects on the continent, to be executed through cooperation with the African Development Bank (ADB).

Mr Abe made this known at the Kenyan capital Nairobi, where he is attending the sixth Tokyo International Conference on African Development (TICAD),

The $30 billion announced, is in addition to $32 billion that Japan pledged to Africa over a five-year period at the last TICAD meeting in 2013

Japan Restarts Nuclear Reactor

japanJapan has restarted its first nuclear reactor since the Fukushima disaster in March, 2011 as Prime Minister, Shinzo Abe, seeks to reassure a nervous public that the industry is now safe.

Abe and much of Japanese industry want reactors to be switched on again, in order to cut fuel bills, but opinion polls showed a majority of the public oppose the move after the nuclear crisis triggered by the earthquake and tsunami four years ago.

Kyushu Electric Power began the restart on Tuesday of the No. 1 reactor at its Sendai plant, a spokesman said. The reactor would take a few days to reach full power if all goes to plan.

The plant’s second reactor could be restarted in October, he added.

Japan’s 48 nuclear reactors were taken offline four years ago when a tsunami triggered by a massive earthquake sent a wall of water crashing into the Fukushima-Daiichi nuclear plant, causing a series of meltdowns.

Since then, the island nation has imported greater amounts of expensive natural gas and coal to meet its energy needs.

Japanese Prime Minister had pushed for a return to nuclear energy, arguing that, it is essential to the country’s economic recovery to reduce the skyrocketing utility bills associated with energy imports.

The head of Japan’s atomic watchdog said that new safety rules meant a repeat of the Fukushima disaster would not happen, but protesters outside the Sendai plant are not convinced.

Abe had said only reactors that were deemed to have cleared the “world’s most stringent regulation standards” would be allowed to restart.

The Sendai plant is the furthest away of Japan’s reactors from the capital Tokyo, where protesters regularly gather outside Abe’s official residence to oppose atomic energy.

The protesters in Sendai included Naoto Kan, who was Prime Minister during the Fukushima crisis and now fiercely opposes nuclear power.

In the worst nuclear disaster since Chernobyl 25 years earlier, the meltdowns at the Fukushima Daiichi plant caused a release of radioactive material and forced 160,000 from their homes, with many never to return.

Japan PM Promises To Spur Sustainable Growth With Incomes Boost

Japanese Prime Minister Shinzo Abe has pledged to boost incomes in the latest tranche of measures aimed at spurring growth in the world’s third-biggest economy.

The Prime Minister, who took office in December after his party’s big election win, said he would target annual gains of 3 per cent or more in gross national income per capita.

That would be an increase of 1.5 million yen ($15,000) over 10 years from around 3.84 million yen in 2012.

Abe said it now time for the people of Japan and companies in Japan to swing into action as the Japanese Government is aiming at reversing the downward spiral of per capita gross national income so as to give incomes a boost of 3 per cent or more annually.

Rising incomes are vital to the success of Abe’s ambitious goals to end years of entrenched deflation and decades of economic stagnation during which China sped past Japan in the world’s economic rankings.

The Bank of Japan’s sweeping monetary expansion, announced in April, aims to achieve 2 per cent inflation in less than 2 years. Analysts say wages will need to rise faster to put consumer prices and growth on a sustainable upward track.

The growth strategy is the “Third Arrow” in his “Abenomics” prescription to spur sustainable growth. The first two “arrows” are hyper-easy monetary policy and big government spending.

The Prime Minister said action, innovation, openness and daringness are the keywords to turn around two decades of stagnation into ten years of recovery and the Japanese economy will witness the much desired turnaround and Japan with be moved out of stagnation.

Financial market investors have not given up hope that Abe’s policies will end the country’s prolonged economic stagnation, but a note of caution has crept in since Tokyo share prices began to slide on May 23 after months of heady gains.

The stock price falls are also a worry to Abe’s government ahead of a July 21 upper house election that his party needs to win to cement his grip on power.

The benchmark Nikkei stock average soared 53 per cent from the end of 2012 to a 5-1/2-year peak, but after the Prime Minister speech, it has lost around 15 per cent since then and has continued  to slide.