12 December 2017

Nigeria: Power Remains At the Heart of Ease of Doing Business in Nigeria - LCCI

The Lagos Chamber of Commerce and Industry, LCCI, has said that provision of power remains at the heart of ease of doing business in Nigeria.

Speaking at the 129th Annual General Meeting of the LCCI, the President of LCCI, Chief Nike Akande, called on the government to sustain the current reforms in such critical sectors as power, agriculture, solid minerals and oil and gas.

"The Executive Orders signed in May this year should be fully enforced to improve the way the government does business and thereby improve the business environment. While we encourage more concessions, we expect that international best practices are duly adhered to in the concessioning process," she said.

According to her, beyond the GDP numbers and the exit from recession, what is paramount is the impact on the cost of doing business, productivity of the investors, competitiveness of firms and the sustainability of investments.

"And to the average Nigerian, what matters is the effect on welfare, especially food prices, cost of healthcare, transportation cost, power supply and the purchasing power. These are the considerations that would determine the extent and value of recovery. Remarkably, President Muhammadu Buhari lent credence to this fact when he stated that: "Until coming out of recession translates into meaningful improvement in peoples' lives, our work cannot be said to be done," she said.

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