To improve ease of doing business in Nigeria and drive investments, the country has to improve ease of doing business by streamlining the regulatory framework, so they do not become obstacles to economic progress.
Gernot Hebestreit, Grant Thornton’s Global leader- clients and markets stated this in a press briefing before the firm’s 2016 Africa Regional Meeting, hosted by the Nigerian arm of the global firm at Intercontinental Hotels, Victoria Island, Lagos yesterday.
He said attention should be paid in the areas of business registrations, tax rules and enforcement and foreign capital transfer rules and the general business environment, ease of doing business.
“A less regulated business environment is the future of sustainable growth. We need to have a business environment where the foreign investor has trust in the local market and confidence in the system.”
“As an investor, you are looking for stability, integrity, and a system that makes investing really easy for infrastructure, transport and access to energy.”
The World Bank of ease of doing business measurement ranks Nigeria 169 due to obstacles involved in starting a business, construction permits, connecting to national electricity supply, getting credit, and registering property, among others.
Hebestreit stated Nigeria has a market that has a lot of opportunities irrespective of the current challenges Africa and it would be a mistake for an investor to neglect Africa. He said foreign exchange challenges; infrastructure gaps and funding challenges provide opportunities for smart investors.
“Our role therefore is to help restore confidence in capital markets and advise businesses on areas of strategic focus. One of our key focuses is to restore integrity, confidence and trust in the market, which is why they are standing up to address the issues that need to be addressed in a constructive way.
“There is a great opportunity now in Africa for investments and we see it as the next growth engine of the world and we are optimistic that irrespective of the challenges, Nigeria is still one of the best places to invest in Africa,” said Hebestreit.
According to Peter Orizu, executive chairman of Grant Thornton Nigeria, hosting the firm’s 2016 Africa Regional Meeting in Nigeria will enable their clients in Nigeria to meet and interact with some of the global leaders of GTIL coming from Europe and America, as well as the managing partners of all the member firms in Africa during the dinner event in Lagos.
Jay Ramesh, managing partner of Grant Thornton Botswana, urged members to contribute to implementing the 2020 global strategy of the firm in their respective member firms.
Grant Thornton is one of the world’s leading organisations of independent assurance, tax and advisory firm. With staff strength of over 40,000 across more than 130 countries, it is the fifth largest organisation of accounting firms in Africa with representatives in 24 African countries.
ISAAC ANYAOGU and JOY USHIE
