President of the Abuja Chamber of Commerce (ACCI), Emeka Obegolu, said 2024 presents fresh business opportunities, especially for the organised private sector (OPS) in the Federal Capital Territory (FCT) following the budget details.
Obegolu gave optimism while speaking to journalists on what the OPS stands to gain if the 2024 budget is fully implemented. He admitted that the business environment in 2023 was challenged by policies, which included the high cost of operations resulting from the removal of fuel subsidies, foreign exchange volatility, multiple taxation, epileptic power supply, insecurity and high domestic debts.
According to him, 2024 budget details have presented the government and other stakeholders an opportunity to address the endemic challenges and prioritise the development of business-friendly policies that promote ease of doing business and foster economic growth.
The ACCI boss called on the FCT administration and all state governments to harmonise tax policies to reduce the pressure on businesses and mitigate corporate failure.
He also called on the government to give significant attention to improving the ease of doing business. He emphasized the importance of enhancing access to finance with a reliable database of enterprises while warning that a stable power supply was non-negotiable.
He also highlighted the need to bridge infrastructure gaps, particularly in the transportation sector to reduce logistics costs.
“While regulatory oversight is crucial for maintaining standards and ensuring compliance, the current landscape witnesses multiple agencies carrying out similar functions, resulting in bureaucratic bottlenecks and challenges for businesses. Such redundancies do not only stifle innovation but also impede the swift growth of enterprises, especially SMEs, which are the backbone of our economy,” he stated.
