The deteriorating ease of doing business in Nigeria has accentuated the urgency of the need for the federal government’s intervention in the private sector as operators make case for policies to bolster investor confidence, writesThe Ease of Doing Business in Nigeria is deteriorating. This is also worsening the productivity of the private sector, which has been declining progressively since the second quarter of 2021.
These whittle away growth potentials, crush underlying business profitability, and diminish investor confidence in the economy. Indeed, the environment can either impact positively or negatively on businesses depending on whether it is conducive or not. For instance, power supply has remained a major challenge for manufacturers in Nigeria, constraining them to rely on diesel for most of their power requirements. But the situation currently is becoming scary to business people because of the incessant scarcity and price increase for diesel.
He said: “It will spur upward review of existing lending rates dependent obligations of manufacturing concerns, which will drive costs northward.” Industrial sources believed that local manufacturers are charged import tariffs/duties that did not align with stipulated regulatory arrangements. They viewed the Nigeria Customs Service as a threat to the sustainability of local businesses, employment generation, and food security. They also alleged that the NCS no longer relies on the prices stipulated by the receipts of imported inputs to determine the duties.
And some presidential candidates deprived manufacturers the dollars they need to import inputs just by contesting the primaries. In an open display of corruption. If this is not an economic crime,EFCC needs to tell us what is
ProfOsinbajo the economic team leader