Why ease of doing business is imperative for development, by LCCI
The Lagos Chamber of Commerce and Industry (LCCI), has stressed the need for government to encourage improvements in the business environment in order for it to impact positively and significantly on the productivity, prosperity, and progress of the private sector.
According to the chamber, the ease of doing business initiative will remove the numerous obstacles and barriers, which have been a source of frustration to entrepreneurs and reposition the private sector to play a much more important role in the economic recovery process.
Applauding the Federal Government’s efforts at creating Presidential Enabling Business Environment Council (PEBEC), chaired by the Vice President, Professor Yemi Osinbajo, with the Minister of Trade and Investment, Dr Okechukwu Enelamah as Vice Chairman, LCCI President, Dr. Nike Akande said the profile of the council, as reflected in its composition, underscores the importance that the government attaches to business environment issues and by extension private sector development.
“We commend the 60-day national action plan for ease of doing business as articulated by government. The action plan which include the reduction in the time required for business registration at the Corporate Affairs Commission [CAC] with the upgrade of its online portal; reduction in the period it takes for product registration by relevant regulatory agencies of government; transparency and inclusiveness in the procurement processes among others, will impact positively on investors’ confidence and promote domestic and foreign investment.
“Ultimately, the doing business ranking of Nigeria will improve, making the country a major investment destination. The LCCI will track the deliverables of PEBEC for appropriate feedbacks to the government. We urge the State Governments to take a cue from the current steps of the Federal Government to improve investment environment in their states. This is especially necessary with regard to the business environment variables which are within the purview of the states such as construction permits, perfection of land titles and the multiplicity of taxes and levies”, she added.