ACCI Identifies 7-Point Policy Agenda For Businesses

By Mathew Ayoola

The President, Abuja Chamber of Commerce, ACCI, Chief Emeka Obegolu, has identified opportunities in the Federal Capital Territory for the business community in the new year.

In his New Year message, Chief Obegolu  acknowledged the unfavourable business environment faced by business community in the past year.

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 subsidy, foreign exchange volatility, multiple taxations, epileptic power, insecurity, domestic debts among others.

According to him, 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.

The President of ACCI called on the FCT Administration and State Governments to harmonize tax policies to prevent pressure on businesses that will lead to avoidable business failures.

He also called on Government to 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.

He 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.

Chief Obegolu stated that stable power supply is non-negotiable and encourages sub-national entities to participate in power generation, distribution, and transmission.

He also stressed the need to bridge infrastructural gaps, particularly in the transportation sector, including railways, to reduce logistics costs.

On security challenges, Chief Obegolu commended the efforts of Government in tackling insecurity and emphasized the need for continued attention to the mining sector, which holds considerable potential for the country’s economic growth.

The President advised the Federal Government to address the overlapping roles of various regulatory agencies.

“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.

In summary i identified the 7 point Policy Agenda to include:

Regulatory Reform, Taxation, Infrastructure Development,

Access to Funding, Policy Consistency and Predictability, Operationalize the Arbitration and Mediation Act 2023 to ensure that efficient, effective, reliable, and global best practices are deployed in providing dispute resolution services while improving business relations between disputing parties and equally ensure adequate Security”.

Edited By Grace Namiji