The Centre for the Promotion of Private Enterprise (CPPE) yesterday expressed concern over what it called “growing incidents of regulatory irritations, distractions and frustrations inflicted on the Nigerian manufacturing sector and other investors in the Nigerian economy.”
The CPPE, in a statement by its Director/CEO, Dr Muda Yusuf, lamented the presence of overbearing regulatory dispositions, disproportionate sanctions and outrageous fines and penalties in every sector of the economy.
He also said there are worries “about multiple regulatory fees and levies, duplications and overlapping responsibilities, regulatory repression and weak stakeholder engagement.”
Yusuf pointed out that the “regulatory burden” persists in the face of many woes confronting manufacturers and investors in Nigeria.
He identified some exchange rate depreciation, currency volatility, high energy cost, high electricity tariff, high cost of logistics, weak purchasing power, soaring inflation, high cost of funds, high cost of cargo clearing, insecurity, as some of the challenges.
“Many have shut down; some have scaled down their operations while several others have left the country,” the CPPE director said.
According to him, there are enough troubles for manufacturers and other investors in the economy, and the regulatory agencies should not be perceived as adding to this multitude of problems.
He called on the regulatory agencies to exercise discretion in the exercise of their powers and support the aspiration of the present administration to create an enabling environment for investment to boost domestic production.
Yusuf added that “It is important that the regulatory agencies bear this in mind; running a business in the country at this time is a herculean task. The CPPE believes that the regulatory agencies can discharge their functions effectively without jeopardizing investment sustainability and growth.
“Regulatory agencies should see investors as partners in the Nigerian project for the growth of the economy and not as objects from which to extract financial value of all types.”
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