MAN, LCCI, American Council rate government’s ERGP implementation high

Manufacturers and other stakeholders in the Organised Private Sector (OPS), have commended the Federal Government on the implementation of the Economic Recovery and Growth Plan (ERGP) agenda, appraising its performance as high and deepening the diversification and backward integration of the economy.

The Manufacturers Association of Nigeria (MAN), Lagos Chamber of Commerce and Industry (LCCI), and the American Business Council (ABC), in their separate assessments commended the Plan and the establishment of the Presidential Enabling Business Environment Council (PEBEC), aimed at improving the Ease of Doing Business.

They noted that the 60-Day National Action Plan revealed that 70 per cent of its seven point objectives, set in line with the World Bank Indices of Ease of Doing Business have been achieved within the set timeline.

According to MAN President, Dr. Frank Jacobs, the Council scored above 60 per cent performance on six objectives, and only one recorded a low score of 33 per cent, adding that the performance of the Council is an indicator of other developments that would come from it.

He however expressed optimism that the processes and procedures required to fully actualise these objectives would be effectively implemented so as to permanently remove constraints to the ease of doing business and improve the global ranking of Nigeria by the World Bank.

“MAN therefore urges the Federal Government to sustain and consolidate all the achievements recorded within this short period by removing all trade facilitation constraints and attract foreign capital inflow to the country. Government should also ensure that other aspects of the objectives that are currently Work-In-Progress are properly implemented with a view to improving Nigeria’s competitiveness. On our part, we will continue to encourage our members and other investors to take advantage of these initiatives to increase their investments.

“To enable the private sector to effectively key-in and benefit from an over-all lower cost business environment, there is the need for Government to expand the scope of this programme and take cognisance of other constraints to businesses”, he added.
The Director-General of LCCI, Muda Yusuf, also applauded the recent introduction of investors and exporters forex windows by the Central Bank of Nigeria (CBN).

He said: “It is a significant step towards the liberalisation of the forex market. The move would boost investors’ confidence, impact positively on forex inflows into the economy and stabilise the forex market. The pressure on the CBN as sole supplier of forex to the market will diminish. I look forward to bolder steps to fully liberalise the market and exit the current regime of multiple windows in the forex market.”

President of the ABC, Dr. Lazarus Angbazo, commented that the economic blueprint is also focused on investing in people through enhanced social inclusion, improved human capital and job creation; and building a globally competitive economy through increased investment in infrastructure, improved business climate and the promotion of digital-led growth.

Angbazo added that the ABC believes that faithful implementation of the well-articulated ERGP will turn Nigeria into a veritable competitive global economy.
Noting that the ERGP is laudable, he said more details about how to attain its objectives/outlook with action timelines need to be provided as soon as possible.

He said: “The member-companies of ABC support the Federal Government’s vision for focused implementation of EGRP and are committed to active partnership with the FGN for success of the EGRP. It should also be realised that a plan is as good as its implementation.”