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FG killing EoDB drive with regulatory compliance costs, ambiguity, roles overlap—LCCI
The leadership of Lagos Chamber of Commerce and Industry (LCCI) has made it clear that contrary to executive pronouncements on the beauty of Federal Government’s drive to ease of doing business (EoDB) mandate, observed regulatory compliance costs, lack of clarity in regulatory requirements, and overlapping regulatory functions, among others are key impediments after all.
President of LCCI, Babatunde Ruwase, who made the observation at a regulatory environment roundtable in Lagos, revealed that already, “Nigerian businesses were generally grappling with challenges of infrastructural deficiencies and macroeconomic shocks, 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.
He argued that no serious business enterprise can succeed in clutching the challenges of federal and states’ regulatory excesses on one hand and issues of failed infrastructure on the other.
Ruwase averred that “It has become very imperative for managers of the economy to seek ways to minimise 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.
“In recent years, we have received complaints from companies bordering on regulations, monitoring and compliance at the state and federal levels.”
Continuing, he argued that “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.”