According to some stakeholders, making it easier to do business in Nigeria will boost sustainable development, attract foreign investment, and encourage entrepreneurship—all of which will help to realize the nation’s economic potential.
The stakeholders said this on Thursday in Lagos at the Nigerian-British Chamber of Commerce (NBCC) Inward Trade Mission featuring United Kingdom companies in the Fashion/Beauty Industry.
The event was coordinated in collaboration with the British Deputy High Commission, according to the News Agency of Nigeria (NAN).
Ms Anne Rinu, the Chairperson, Advocacy Committee, NBCC, noted that the country with its rich history and as Africa’s largest economy was striving to diversify its economy.
Rinu said that in spite of its economic potential, Nigeria was confronting obstacles such as inadequate infrastructure, corruption and security issues.
She said that, though, in recent years the country had made tremendous progress in strengthening its business environment to attract investment and stimulate economic growth, hurdles remained.
She pointed out that as a result, the nation’s economic potential was not fully realized.
The NBCC committee chairperson noted that improving the ease of doing business in Nigeria was critical for maximising the country’s economic potential and boosting long-term growth.
“According to the World Bank’s Doing Business Report, Nigeria ranked 131st out of 190 economies in 2019 from its previous 146th position in 2018, reflecting the challenges faced by businesses in the country.
“Nigeria has made strides toward simplifying the process of starting a business. The creation of online registration platforms revolutionised company registration procedures, decreasing time and cost.
“Bureaucratic red tape and delays in acquiring permits and licenses continue to be obstacles for businesses, while insufficient infrastructure presents challenges for businesses in Nigeria.
“Addressing these infrastructure gaps needs significant investments in energy, transportation and telecommunications infrastructure to support business operations and promote trade.
“Nigeria can encourage sustainable development by streamlining regulations, enhancing infrastructure, eliminating corruption and fostering innovation,” she said.
The founder of renowned retail pharmacy chain Medplus Health and Beauty Ltd., Pharm. Joke Bakare, acknowledged that navigating the business world had not been simple.
Bakare said challenges such as funding, policies, technology disruption, bureaucratic hurdles, infrastructural limitations, among others had impacted the business.
“I have come to appreciate the importance of innovative thinking, collaboration, persistence and perseverance.
“In Nigeria, considering the current business challenges which cuts across all sector, I will say success on a sustainable level is not just about competence alone, but about resilience in the face of adversity and the ability to seize opportunities where others see obstacles.
“As I reflect on my journey this past 30 years through the Nigerian business terrain, I’m reminded of the words of a wise entrepreneur: ‘In Nigeria, our best opportunities are masked in our challenges.’
“So, let’s embrace it, celebrate the victories and continue to chart new paths in this ever-evolving landscape,” she said. (NAN)
