Business Hilights

Tracking Nigeria's Headline Business News Online


Ease of doing business looking good as PEBEC cuts Customs clearing rules, CAC hassles

Ad 2
Ad 3

More bites are now given to the ongoing crusade by the federal government to reduce the challenges in doing business in Nigeria following the reforms announced by the Presidential Enabling Business Environment Council (PEBEC) in Abuja.

Lead in the reforms includes the reduction in the number of documents and receipts needed in the clearing of imported goods and goods for exports.

The PEBEC also announced the drop in the number of days required for the registration of new businesses in Nigeria from ten to two at the Corporate Affairs Commission (CAC).

The Council approved palletisation of imports, advanced cargo manifests, reduction in documentation requirements and the scheduling of joint physical examination at the port by the Nigeria Customs Service (NCS).

Details contained in a report made available to Business Hilights Correspondent in Abuja at the Presidential Villa after the marking of the end of the 60-day Action Plan on Ease of Doing Business Reforms showed that government has truly become serious in the deal of exiting the worst rating in ease of doing business at all cost.

Explaining more in a statement, spokesman of the vice president, Laolu Akande, said “there is also now a 24-hour timeline for company registration from when application form is completed and all required documents made available.”

“Also, prospective business owners can now search on Corporate Affairs Commission (CAC) portal ( to avoid duplication of names and prevent selection of prohibited names, while company registration no longer requires lawyers as it is now optional for SMEs to hire lawyers to prepare registration documents.

“According to the report, CAC has introduced single incorporation form (CAC1.1) to save time and reduce costs while the agency has introduced document upload interface on its website to enable e-submission of registration documents.

“Other aspects of the reforms now actualised in the last 60 days include the Integrated FIRS e-payment solution into CAC portal to enable e-stamping while the reform empowers CAC internal lawyers to certify company incorporation forms and conduct statutory declaration of compliance for a fixed fee of N500.

Akande added further that “the PEBEC listed dealing with construction permits, getting electricity, registering property, getting credit and paying taxes, as some of the areas where the council has recorded progress in the past 60 days”.

“The report also highlighted the completed reforms on the entry and exit of people, indicator which includes simplified visa-on-arrival process, Infrastructural improvements at the Abuja airport, and the new immigration regulation 2017.

“On trading across borders, some of the completed reforms include palletisation of imports, advanced cargo manifests, reduction in documentation requirements and scheduling of joint physical examination by the Customs Service.


Business Hilights is an online news channel conceptualized and structured to report and track on a daily basis; latest developments in critical business sectors to serve as a one stop news gateway for governments, foreign and indigenous investors.