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‘Some regulatory agencies acting contrary to FG’s EODB mandate’

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Nigeria Stock Exchange street. Photographer: George Osodi/Bloomberg

Expressing concerns over the myriads of challenges hindering the already burdened business community, the Lagos Chamber of Commerce and Industry (LCCI) has stated that some regulatory actions are not consistent with the Federal Government’s ease of doing business (EODB) in the country.

The president, LCCI, Babatunde Ruwase, stated that businesses are generally grappling with challenges of infrastructural deficiencies and macroeconomic shocks, adding that some regulators were making the situation even more difficult for businesses to operate.

He said most investors are saddled with huge cost for the provision of electricity, access road, security and other industry-specific facilities in the midst of poor access to affordable credit, multiple taxation and high exchange rate.

Citing some of the regulatory actions frustrating the federal government’s ease of doing business mandate, the LCCI boss at a regulatory environment roundtable in Lagos, stated that the business community is still faced with high regulatory compliance costs, lack of clarity in regulatory requirements, overlapping regulatory functions among others.

He added that it is imperative for managers of the economy to seek ways to minimize the burden of regulation on investors if the private sector must play the desired role of wealth and job creation as prescribed in the Economic Recovery and Growth Plan (ERGP).

In his words: “In recent years, we have received complaints from companies bordering on regulations, monitoring and compliance at the States and Federal levels.

According to him, the real sector, particularly Small and Medium Enterprises (SMEs) are critical to national economic development, with regards to job creation and poverty reduction.

He however recommended that the private sector and small business operators should be empowered and supported since the government alone cannot generate the desired jobs needed to gainfully engage the nation’s teeming unemployed youths.

“We see ourselves as partners with regulators in creating an enabling environment for businesses to thrive. The regulatory environment is crucial to the operations, viability and profitability of businesses in Nigeria,” he averred.

Also speaking, the Director-General, Standards Organisation of Nigeria (SON), Osita Aboloma who was represented by the Head, Customer Feedback and Collaboration, Mrs. Mosunmola Samuel, said the standards body is working to improve service delivery to Nigerians through quality assurance and by creating the enabling environment for both local and foreign investments.

To complement federal government’s ease of doing business mandate, he said SON has hinged its focus on four key milestones which are transparency, simplification, harmonisation and processes.
He also stated that the agency has retooled its processes to collaborate with stakeholders to develop new standards and remained committed to improving the business environment in Nigeria.


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