Nigerian delegation praises reforms

A visiting Nigerian team has hailed the Rwanda Development Board (RDB) on the doing business reforms which they say is one of the country’s best initiatives to promote a private sector driven economy.Speaking to The New Times yesterday after touring RDB, Brig. Gen. Abubakar Yushau Mahmood, said their visit focuses on exploring post-conflict peace building measures and national development lessons.“We are very impressed by Rwanda’s tremendous developments and I believe RDB is one of the institutions spearheading this campaign,” he said.Mahmood was leading a team of 21 students from the West African nation’s National Defence College (NDC). He said doing business reforms in the country should serve as a good example to other African nations in terms of attracting foreign investments.“This is very important because once investors come in, they create employment opportunities and the standard of living of the people improves, which promotes the country’s socio-economic development,” he said.Registering a business at RDB now takes six hours, a situation officials say promotes a business friendly environment and encourages the growth of the private sector.The registration service combines all registration requirements under one roof which include incorporation, taxes and employee social security.Registering a business costs $25 (approximately Rwf15, 000) while the online service is free.According to a World Bank report released late last year, Rwanda ranked the top business friendly destination in East Africa, the third in Africa and the second top reformer globally.The country was ranked the third easiest place to do business in Africa after Mauritius and South Africa.Vivian Kayitesi, Head of Investment Promotion and implementation at RDB, said the delegation was interested in the country’s success stories in terms of doing business reforms, infrastructural development, among others.“They were so eager to know how Rwanda usually manages to always rank among the World Bank’s top reformers.” Kayitesi said, so far, about six Nigerian companies have registered with RDB.The Nigerians’ visit came ahead of the Nigerian-Rwandan Economic summit, which kicks off today in Lagos. The meeting is expected to help advance business links between the two countries.