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The President of the Abuja Chamber of Commerce, Chief Emeka Obegolu, has outlined a 7-point policy agenda that would help promote the country’s business environment in 2024.
Obegolu in his New Year message, acknowledged the unfavourable business environment faced by businesses in the past year, noting that 2024 has presented the Government and stakeholders an opportunity to address these issues and prioritize the development of business-friendly policies that promote ease of doing business and foster economic growth.
He noted that the business environment in 2023 was challenged by policies which include the high cost of operations resulting from the removal of fuel subsidies, foreign exchange volatility, multiple taxations, epileptic power, insecurity, domestic debts, etc.
The ACCI President called on the FCT Administration and all state governments to harmonize tax policies to prevent pressure on businesses that will lead to avoidable business failures.
He also urged the Government to give significant attention to improving the ease of doing business in Nigeria, adding: “that the country’s current ranking of 131 out of 190 economies according to the latest annual ratings by the World Bank is an indication that there is an urgent need for economic stimulation.”
Obegolu highlighted the crucial role of Micro, Small, and Medium-scale Enterprises (MSMEs) in Nigeria’s economy and emphasized the importance of enhancing access to finance with a reliable database of enterprises.
The ACCI boss further stated that stable power supply was non-negotiable and encouraged sub-national entities to participate in power generation, distribution, and transmission.
He also highlights the need to bridge infrastructure gaps, particularly in the transportation sector, including railways, to reduce logistics costs.
Obegolu commended the government’s efforts in tackling insecurity and emphasizes the need for continued attention to the mining sector, which holds considerable potential for the country’s economic growth.
He urged the Nigerian government to address the overlapping roles of various regulatory agencies.
According to him, “While regulatory oversight is crucial for maintaining standards and ensuring compliance, the current landscape witnesses multiple agencies carrying out similar functions, resulting in bureaucratic bottlenecks and challenges for businesses. Such redundancies not only stifle innovation but also impede the swift growth of enterprises, especially SMEs that are the backbone of our economy.”
Obegolu assured the Government of the readiness of the private sector to engage positively and provide strategic support to it in the implementation of the 7-point agenda, while expressing hope that these efforts will contribute to the growth and development of Nigeria’s economy.
