Mr. Dele Oye, National President of Nigerian Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA) has said that “GlaxoSmithKline and other multinational’s exit from Nigeria has dealt a major blow to the country’s manufacturing sector, which is already experiencing significant collapse among its local businesses. Oye made this assertion in a recent interview with media men. Speaking on the present administration’s policies believed to set Nigeria on a long-term path to economic progression, Oye noted that some of the immediate positive economic policies have had an adverse effect on virtually all sectors of the country, with Nigerians almost on the verge of economic strangulation.
He said the sudden rise in the price of petrol and abolition of the official naira rate has caused a significant backlash, eroding the already earned income and trading capital of several multinational companies that had established their previous earnings based on the official naira rate at the time. Acording to him, “NACCIMA recommends the government to focus on creating a conducive environment for businesses to thrive and provide access to single-digit short and long-term financing to reduce the cost of doing business. “The government should prioritise investments in infrastructure and power supply, provide tax incentives to encourage businesses to invest in Nigeria, and improve the ease of doing business by reducing bureaucratic bottlenecks. “
Furthermore, we urge the government to work collaboratively with the private sector to develop policies that will stimulate economic growth and create job opportunities in the country,” As the President Bola Ahmed Tinubu struggles to rejig the delibitated economy Nigerians watch with drowning optimism.’ Also speaking, Chinyere Almona, Director-general of Lagos Commerce and Industry, LCCI, said with justification, the chamber is concerned that if the trend persists, the nation’s economic growth potential will not be realized. According to her, GlaxoSmithKline’s decision critically reflects on the nation’s poor ranking on the ease of business measures, which the chamber has constantly spoken about.
She lamented the poor economic policies of the government , adding that it is time the government took appropriate actions to reverse the saddening trends in the business climate in Africa’s largest market. “The chamber is inclined to suggest the government take a holistic view/ review of the business environment and take steps to make the nation’s business climate more competitive for growth,” she added.
