BEVERLY HILLS, September 07, (THEWILL) – Vice President Yemi Osinbajo has declared that the Presidency is working on reducing the time it takes for businesses to get registered and approved in the country.
Speaking at the public presentation and first annual lecture of ‘the interview’ magazine with the theme: ‘Why Start-Ups Fail And Strategies To Save Them,’ the Vice President revealed that the government was working on introducing visa on arrival whereby investors are able to apply for and get their visa on arrival.
“One of the chief aims of the current government is in creating an enabling environment for doing business and some of us will be familiar with the fact that about a month ago, President Muhammadu Buhari inaugurated the enabling business environment committee which l chair,” he said.
“The mandate of that committee is the mandate which was given to the Honorable Minister for Industry Trade and Investment – that Nigeria must go up on the World Bank’s ease of doing business ranking. I think that the mandate is to go at least fifty spaces before the end of 2017.
“One of the critical issues especially for foreign businesses is being able to get visa to come to Nigeria. I remember speaking with the Ambassador of one these western countries and I complained that it was getting too long for Nigerians to get their visa to go abroad, business men or whoever it was but the gentleman politely reminded me that it takes possibly double the time to get a Nigerian visa to come into Nigeria for any business man coming from his own country.
“Most countries that have succeeded in attracting foreign investments perhaps take a second look at their processes before inviting people into their country. One of the important innovations that would be introduced is that of getting visa on arrival.
“Now, the visa on arrival process is one that is already in the regulations, but usually involves people applying ahead of time and then pick up the visa. But the actual business on arrival process that would free up the process, is one that once you arrive here, you are able to get your visa on arrival. You apply on arrival and get it on arrival.
“Business registration is also a process we believe must be much faster. The President is generally working on a set of regulations for ensuring that business registrations and business approvals do not exceed a certain time frame that would be prescribed by a presidential order.
“Let me say that the success formula for a start-up, whether it is in the business of starting a newspaper or landing a robot on mars 350 million miles away are essentially within two broad issues that will ultimately determine success or failure.
“One will be an enabling environment and the other will be concept which is strength of character. Strength of character is what l find very fascinating because it is an attribute that is so important, so crucial, yet so hard to find. It is the patience to do routine things properly, everyday; the focus to start and finish a project. And all of that involves some adherence to values, sound moral principles and to principles, even sometimes when those principles work to your own disadvantage.
“Anybody can start a business or any kind of enterprise, but the truth is that most people will never see it through for a variety of reasons. But in several cases just as in a daily drudgery of building a business, most of course are unprepared.
“Sometimes, it’s just being unprepared and that has applied to individuals and to business, just being unprepared. I suppose it is a failing that we have not just in an individual but also in business; just quite not being ready to do what needs to be done.
“How about integrity? That overused and abused but that relevant concept whenever we’re building a business on ethical principles. Does integrity pay in a corrupt environment?
“In my practice both as an Attorney General and later as a litigator in corporate life, l found several examples that clearly demonstrate that building a business on sound ethical principles will look stupid in the short term, but eventually does make sound business sense.
“So, there is a clear sense in which trustworthiness is still the best currency in business and all over the world entities that have been able to maintain trust, that have been able to show themselves to be trustworthy, have proved that integrity is still the best policy.”
Story by David Oputah
