The Abuja Chamber of Commerce and Industry, on Wednesday, outlined the major challenges that stunted the outputs of businesses across the country in 2023 and called on President Bola Tinubu to tackle effectively them in 2024.
ACCI’s President, Chief Emeka Obegolu, SAN, disclosed this in a statement issued in Abuja by the chamber, where he identified the 7-point policy agenda for businesses in 2024.
Obegolu acknowledged the unfavourable business environment faced by businesses in the past year but stressed that the new year now presents opportunities for improvement.
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.”
According to the ACCI helmsman, “2024 has presented the government and stakeholders an opportunity to address these issues and prioritise the development of business-friendly policies that promote ease of doing business and foster economic growth.”
He called on the Federal Capital Territory Administration and all state governments to harmonise tax policies to prevent pressure on businesses that would lead to avoidable business failures.
“The government should give significant attention to improving the ease of doing business in Nigeria, as 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 stated.
He highlighted the crucial role of Micro, Small, and Medium-scale Enterprises in Nigeria’s economy and emphasised the importance of enhancing access to finance with a reliable database of enterprises.
The ACCI president stated that stable power supply was non-negotiable and encouraged sub-national entities to participate in power generation, distribution, and transmission.
He also highlighted the need to bridge infrastructure gaps, particularly in the transportation sector, including railways, to reduce logistics costs.
Addressing security challenges, Obegolu commended the government’s efforts in tackling insecurity and emphasised the need for continued attention to the mining sector, which holds considerable potential for the country’s economic growth.
The ACCI boss urged the Federal Government to address the overlapping roles of various regulatory agencies, stressing that regulatory oversight was 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 stated.
