18 April 2012

Nigeria: IOD Laments High Cost of Doing Business in the Country

The Institute of Directors, IoD, has lamented the high cost of do-ing business in Nigeria, saying it has brought to the fore the need to reposition Nigeria to make it competitive in the global economic landscape.

Speaking at a forum in Lagos, announcing its forthcoming Maiden Convention, scheduled to hold at the International Conference Centre in Abuja, on May 10, 2012, Mr. Thomas Awagu, President/Chairman of Council, IoD, noted that there are enormous challenges confronting the country and that it is necessary that these challenges be harnessed to grow investments and help create jobs in the country.

He said, "There are enormous challenges confronting us today as a nation. These challenges include insecurity, corruption, poor infrastructure and unemployment, amongst others.

"Nonetheless, we at the IoD Nigeria believe that a lot of hope exists for the nation to realize its potentials and be transformed to its desired status, given the nation's inherent potentials and resources.

"It is our conviction that the afore-mentioned challenges present a need for us as citizens and friends of Nigeria to explore ways of making our country more competitive on the global scene and attract necessary investments and create jobs."

Awagu emphasized the need for the creation of an enabling environment and significant investment in economic infrastructure, saying these would help in addressing the current challenges confronting the country, help promote competitiveness and fast-track sustainable economic growth and development.

He further predicted a growth in the Nigerian economy and in the country's ranking on the ease of doing business if the on-going transformation programme and infrastructure building projects are pursued vigorously and maintained.

Key among the projects that would drive the growth of the Nigerian economy, he said, include the Independent Power Projects, IPP and ongoing roads construction among others.

"In line with the mission of the IoD, and as part of our efforts toward working with the government and relevant stakeholders to address the above-mentioned challenges, with a view to enhancing the reform efforts on the different sectors of the economy and facilitating the implementation of the National Transformation Agenda, vis-a-vis the realisation of the country's vision 2020 objectives, the IoDNigeria has scheduled to hold its maiden Convention, with the theme, 'Good Governance for Business Sustainability," he added.

He said the event is structured to bring together key players from corporate Nigeria, global delegations, the organised private sector, entrepreneurs, public sector officials and other relevant stakeholders to review achievements; identify and discuss constraints to progress; agree on issues that need immediate response; and decide on how all stakeholders can effectively contribute towards addressing identified gaps.

On the forthcoming convention/exhibition, Awagu said, "The event is designed to have the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, Dr. Goodluck Ebele Jonathan, as the Special Guest of Honour - to deliver the keynote address.

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