The Abuja Chamber of Commerce and Industry (ACCI) has called for an urgent programme for attitudinal change of the regulatory bodies in the sector, to enhance the Ease of Doing Business (EoDB) framework.
Prince Adetokunbo Kayode, ACCI President disclosed this on Tuesday in Abuja at the Ease of Doing Business conference organised by the Delegation of German Industry and Commerce in Nigeria (AHK Nigeria).
Nigeria is ranked 131 among 190 economies on the World Bank latest global Ease of Doing Business index.
Kayode said that governments should ensure that key regulators were proactive because existing regulatory framework for the EoDB had hindered and weakened economic prosperity and growth in the country.
Speaking on ‘Regulatory Framework and Ease of Doing Business in Nigeria’, Kayode said that business operators with reliable data were also coming up with scary reports.
He listed some of the scary reports to include relocation of companies, failed businesses, delay and failure by some regulatory bodies to give pre-requisite support or approval in the sector, among others.
“Government agencies should transform from regulators to business facilitators; An end to complicated paper work in aid of corruption is necessary to give for automation of business approval processes.
“There should be access to capital, consolidation of multiple charges, inspections, single digit business loans, government should allow the private sector to run businesses and only grant facilitation to grow the economy,” he said.
“It is regrettable to note however, that regulatory environment remains harsh with no sign of easing,” he said.
According to him, most regulators operate from a socialist mindset that see business as hindrance rather than pivotal plank of the society.
The ACCI president explained that most regulators did not understand how market forces operate or deliberately neglect the role of production cost, product prices and competition in the life of a business.
He advised that the Nigeria Custom Services should be reformed and its activities automated to remove grey areas for competition and efficiency.
Mrs Edirin Akemu, Senior Special Assistant to the President on Industry, Trade and Investment, while encouraging regulators to be facilitators, listed expectations of business operators on the regulatory framework of EoDB.
Akemu noted equal market access, value transparency on decision making and operations, incentives administration, removal of uncertainties, access to resolution and intervention as some measures expected by operators for business to thrive.
Katharina Felgenhauer, Delegate, AHK Nigeria, said that it was working with its commercial affiliate and Nigerian companies to foster business relations, hence the EoDB conference.
According to her, the delegation represents German business interests in Nigeria.(NAN)
