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Itís hard to do business in Nigeria, FG admits

Posted by By CHIDI NNADI on 2005/05/24 | Views: 1101 |

Itís hard to do business in Nigeria, FG admits


First Bank of Nigeria Plc, recently held a farewell dinner party in honour of its retiring Executive

First Bank of Nigeria Plc, recently held a farewell dinner party in honour of its retiring Executive

The Economic Adviser to the President and Chief Executive of the National Planning Commission (NPC), Prof Ode Ojowu, has said that the Federal Government is aware of the pains business people go through doing business in the country.

Ojowu made this revelation at the World Press Conference organised by the Nigerian Economic Summit Group (NESG) at the Golden Gate Restaurant, Ikoyi, Tuesday which is preceding the Eleventh Nigerian Economic Summit scheduled to begin in Abuja on June 1.

His words: "Government is very much aware of the high cost of doing business in Nigeria occasioned by poor and inadequate infrastructure, high level of corruption and bureaucracy in the conduct of government business," adding, however, that these are being tackled through the various government policies.

Specifically, the economic adviser said the government is fixing the roads through the Federal Road Maintenance Agency (FERMA) to ensure easy movement of people, goods and services as well as to promote inter and intra-state trade.
"Other measures include the privatisation of State Owned Enterprises (SOEs) to enhance productivity and efficiency of the enterprises.
"The passing of the bill for unbundling of NEPA and its subsequent privatisation will ensure regular supply of energy for both large and small scale production, " he said.

Ojowu pointed out that while the government is making frantic efforts to correct the anomalies, the private sector is yet to take the driversí seat on the development of infrastructure.
He also said that the ongoing public sector reform and the introduction of service charter in the conduct of government business will ensure quality and timely delivery of government services.

"Similarly, the Due Process which ensures value for money on the conduct of government business and the government stance against corruption in the polity through the Economic and Financial Crime Commission (EFCC) and Independent Corrupt Practices Commission (ICPC) are all effort in placing the economy on a higher pedestal," the NPC boss said, adding that the efforts are gathering momentum and needed to be supported by all stakeholders to sustain the pace.

Ojowu lamented that the road has not been easy for the government, but added that the Federal Government in making efforts to ensure relative macroeconomic stability for an enduring macroeconomic, business and investment planning, adding that presently, the inflation rate has remained relatively stable, showing evidence of fiscal prudence and budgetary discipline.

The economic adviser, therefore, said the essence of the 11th Nigerian Economic Summit is to deepen the public and private sectors relationship as well as to be used as a platform to offer useful suggestions on the implementation of NEEDS and SEEDS for the benefit of the people.
In his closing remarks, NESGís Director General and Chief Executive Officer, Mr Mansur Ahmed, said that NES 11 as the theme: "Building Momentum for Economic Transformation and Growth", has shown would look at the gains made as they would not go into formulating new policies at the summit.

ēFirst Bank of Nigeria Plc, recently held a farewell dinner party in honour of its retiring Executive Director, Commercial Banking, Mallam Umar Yahaya at the Eko Hotels and Suites, Victoria Island, Lagos. Picture shows the Managing Director/Chief Executive of the Bank, Mr Jacobs Moyo Ajekigbe discussing with Mallam Yahaya during the dinner party.

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Fay(Katy, Texas, US)says...

Actually translates to bravehearted.