LCCI raises concern over business environment
By Ibidunni Banjoko
The Lagos Chamber of Commerce and Industry (LCCI) has raised concerns over Nigeria’s business environment, which it noted is becoming unfriendly by the day. The Chamber, therefore, recommended that the federal government should take a holistic view/ review of the situation while taking strategic steps to make the nation’s business climate more conducive and competitive for growth.
In a statement signed by the Director General of LCCI, Dr. Chinyere Almona on Tuesday, LCCI expressed concern over the decision by GlaxoSmithKline to shut down its operations in the country after over five decades.
LCCI noted that the decision was one of the many that multinational firms have had to make in recent years with their adverse effects on the economy, adding that despite presenting international businesses with the largest market in the continent, the nation still suffers from troubled economic slow-down decisions like this. It noted that such decisions are often provoked by the rising cost of doing business, epileptic power supply, and weak infrastructural backing, amongst others.
“With justification, the Chamber is concerned that if the trend persists, the nation’s economic growth potential will not be realized.
“GlaxoSmithKline’s decision critically reflects on the nation’s poor ranking on the ease of business measures, which the Chamber has constantly spoken about. It is time the government took appropriate actions to reverse the saddening trends in the business clime in Africa’s largest market,” LCCI stated.
“As an integral element of the profit equation, factor cost is viewed with utmost seriousness by businesspeople. In the face of rising costs, businesspeople will likely search for cost-friendlier locations,” the statement concluded.
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