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Magnus Eze, Abuja
Despite the Federal Government’s recent Executive Orders on ‘Ease of Doing Business’, a Professor of Business Administration has decried the over regulation of businesses in the country, especially the Small and Medium Enterprises (SMEs).
This came as the National Association of Small Scale Industrialists (NASSI) appealed to government to address the challenge of multiple taxations.
Delivering the 10th inaugural lecture of Ibrahim Badamasi Babangida University, Lapai, Niger State, with the topic, “That Evil Called Poverty: Entrepreneurial Escape to a Comfort Zone,” Prof. May Nwoye, called for the dismantling of obstacles to business formation by decreasing business regulation and letting free enterprises lead the way.
She said this will liberate the wealth creation abilities of more “opportunity entrepreneurs,” asserting that “the country is extremely over-regulated (both official and under the table regulation), dramatically reducing the rate of business formation.”
The don advocated that the lifting of licensing requirements that hurt poor entrepreneurs the most should be treated as an anti-poverty policy deserving accelerated attention.
Aware that the nation’s population was getting dangerously high, Nwoye posited that industrial cooperative societies possessed the capacity to gather people in clusters. She called for emphasis on establishing industrial cooperatives, which greatly assist many of the activities relating to small-scale production, adding that such cooperatives should be encouraged by government, which also should prioritise development of cottage, village and small-scale industries.
Nwoye recommended the promotion of “foundations, trusts, high net worth individuals and companies, through their social responsibility budgets, to invest in social venture capital projects or in building cooperatives rather than by simply making charitable donations.”
