Rather than facilitators of business, regulatory agencies in Nigeria are more of stumbling blocks and millions of local companies may be justified in feeling hard done by.
Not only does a harsh regulatory climate for businesses contradict efforts made by the current administration to improve the ease of doing business, it also puts a cap on economic growth and job creation in a country tipped to become the third most populous nation by 2050.
Business owners complain of regulators that are detached from their role of facilitating business and have morphed into extortionists hitching to slap heavy fines on companies for the slightest infraction.
READ ALSO: Nigeria’s diseased regulatory regime
“We need regulatory agencies that understand economics and their role as facilitators of business,” said Doyin Salami, a former member of the Nigerian Monetary Policy Committee (MPC).
“Our regulators should not be first about raising revenue because it makes little sense if it comes at the expense of jobs and even long term revenue itself,” Salami said during a panel discussion at the 24th NES in Abuja last month.
Business Day spoke to tens of business leaders in the commercial capital of Lagos who said their experience with regulatory agencies has been as painful as it has been expensive.
DANIEL OBI, AMAKA ANAGOR-EWUZIE & LOLADE AKINMURELE
