Over regulation killing ease of doing business, LCCI cries out to FG
Several months into the Federal Government’s campaign on ease of doing business and powering the drive with relevant Executive Orders, the Lagos Chamber of Commerce and Industry (LCCI), has expressed worry about available results.
President of the group, Mr Babatunde Ruwase, said not much has been seen in terms of expected progress in regulatory environment, stressing that sound and result-oriented business regulations were critical for private sector development.
Speaking during the Chamber’s yearly general meeting in Lagos last week, he described year 2018 as challenging for many businesses, as operators experienced frequent incidence of regulatory challenges leading to increased burden on businesses, higher cost of operation, waste of executive time and reputational consequences.
LCCI averred that the observed regulatory encumbrances manifested in form of arbitrary fines and charges, sanctions and frequent summons of corporate executives by the National Assembly, noting that the regulatory environment was a major source of distraction for many corporate entities during the outgoing year.
Ruwase noted that “The regulatory environment was a major source of distraction for many corporations during the outgoing year and it also adversely impacted the confidence of investors,’’ the LCCI boss said.
He acknowledged the efforts of the present administration through the Presidential Enabling Business Environment Council (PEBEC) and series of Presidential Executive Orders targeted at improving the business environment.
According to him, the outgoing year was characterised by numerous opportunities, achievements and challenges, saying that “in all, it has been a very eventful year for our chamber’’.