Stakeholders task FG, states on sustaining ease of doing business

As trade fair begins today
Stakeholders, government agencies and the Organised Private Sector (OPS) have charged the Federal and state governments to sustain ease of doing business in the country.

This, they said, would be achieved by formulating policies that would make it easier for investors to consider Nigeria as an investment destination of choice.

President, Lagos Chamber of Commerce and Industry (LCCI), Nike Akande, said this at an investment conference while acknowledging the commitment by the Presidential Enabling Business Environment Council (PEBEC).

She said the country still needed private sector capital to bridge the huge financial gaps in many sectors of the economy.

“To address this deficit, we need to attract investments from within the domestic economy and across the globe to complement the available resources in the economy.

The government needs to provide the enabling environment to attract the needed investments from within Nigeria and abroad,” she added.

The stakeholders said it was not enough to have improved ranking but sustaining it requires consistency and involvement of the private sector in policy implementation.

Nigeria moved up 24 points in the World Bank’s Doing Business report released on Tuesday and was also recognised as one of the top 10 most improved economies in the world.

From last year’s 171 position in the Doing Business report, Nigeria now ranked 145th in a report that provided objective measures of business regulations and their enforcement across 190 economies worldwide.

Speaking earlier, Minister of Industry, Trade and Investment, Okechukwu Enelamah, said government was passionate about rapid and sustainable development of the industrial sector.

Enelamah, who was represented by the Assistant Director, Investment Promotion Department of the ministry, Olajide Bamidele, said government was committed to resuscitating ailing industries, evolving various reforms and incentives that would deepen industrialisation of the economy.

Country Manager, International Finance Corporation (IFC), Eme Essien, said that the corporation sees potential across all the sectors of the economy, if access to power was improved and regional integration facilitated.

On her part, the Group Chief Executive Officer, United Capital Plc, Oluwatoyin Sanni emphasised the need for state governments to make their cities attractive for investments by developing strategies around their areas of comparative advantage.

Meanwhile, the LCCI will today unveil this year’s edition of the trade fair, where it hopes to attract investors and further promote industrial growth.

LCCI Chairman, Trade Promotion Board, Sola Oyetayo, stated that the theme for this year’s fair: Promoting Industrialisation For Economic Recovery And Sustainable Growth, underscored the imperative of industrialisation for sustainable economic recovery.