Regulatory agencies killing local businesses – NECA

The Nigerian Employers Consultative Association of Nigeria(NECA) says the growth of indigenous businesses in the country is threatened by government regulatory agencies whose interest is profit driven.

The association said that the recent $5.2bn fine slammed on MTN by the Nigeria Communication Commission over failure to deactivate registered subscribers and N1bn fine the National Agency for Food and Drug Administration and Control(NAFDAC) imposed on Guinness Nigeria for alleged re-validation of expired raw materials used in its production were few instances where regulatory agencies exhibited unfriendly posture to business in the country

The President of NECA, Mr Larry Ettah, who spoke in Lagos, said that the development was a grave source of concern to his association which, he added, was not averse to corrective measures by regulatory bodies.

He said that such measures must be strictly guided by provisions of the law to avoid the erosion of investors’ confidence in the economy of Nigeria.

He said: “Furthermore, our regulatory institutions should not be pecuniary/revenue generation driven.We, therefore, appeal to the federal government to call these agencies to order, given the fact that they are killing local businesses and smearing Nigeria’s public image as an unfriendly investors’ destination’’.