President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture , Ide John Udeagbala, said the situation has become worrisome and called on governments at all levels to, as a matter of urgency, work in synergy with relevant stakeholders in fashioning appropriate strategies to improve and stabilise the economy.
Udeagbala, said despite the unresponsiveness from government, they would continue to address them until a conducive business environment is achieved for economic growth and inclusive development. On his part, Director, Centre for the Promotion of Private Enterprise , Dr. Muda Yusuf, said some tax and import duty provisions in the 2023 fiscal policy measures would significantly hurt the economy and worsen de-industrialisation worries in the economy. He said some of the measures could exacerbate inflationary pressures, which are detrimental to economic growth and manufacturing, construction and transportation sectors.
While excise duty seeks to raise tax on beverage, drinks, wines, fruit juice, energy drinks and spirits, Yusuf said the implications of this would be a drop in sales for investors in the sector, affect tax revenue, a loss of direct and indirect jobs, millions of farmers supplying local inputs like grains may lose their livelihoods, risk of decline in profitability and shareholder value and increased risks of smuggling.
Regretting that Ease of Doing Business remains a mirage despite several promises from this present administration, Udeagbala said multiple taxation and exchange rates, government policies somersaults, poor infrastructure, high cost of power among other factors, continue to impede business opportunities and scare away investors.