Postal commission bill: Nigeria risks loss of N300bn investments, 100,000 jobs – LCCI

Kayode Ekundayo, Lagos The Lagos Chamber of Commerce and Industry (LCCI) at the weekend rejected the Nigeria Postal Commission bill currently before the National Assembly saying its passage in its current form will put over 100,000 jobs in the courier sector at risk.

Besides, the bill will put over N300 billion investments in the courier services business in jeopardy and further worsen the country’s rating worldwide.

The country is already grappling with enormous perception problems by investors, LCCI said, adding that the bill is inimical to private sector investments in the courier business

According to Muda Yusuf, LCCI Director General, the bill is a negation of the ease of doing business agenda of the Federal Government and not in consonance with the fundamental principles of the Economic Recovery and Growth Plan (ERGP).

"Regrettably, the bill has been passed by the Senate, awaiting concurrence by the House of Representatives. We appeal that the progression of the bill be halted and the hurtful provisions expunged,’’ he said.

He noted that LCCI is worried, in particular, about the imposition of an annual levy of 2.5% of the turnover of courier companies to be paid to the proposed Postal Services Commission; powers conferred on the proposed Postal Services Commission to fix rates for courier services as well as monopoly privilege conferred on the Nigerian Postal Service for delivery of items weighing 1kg and below.

“We request that the bill be urgently reviewed by the National Assembly in the interest of economic progress and the welfare of citizens,’’ he said.

Yusuf said overregulation of any sector of the economy would not serve the best interest of the Nigerian economy but rather undermine the capacity of investors to create jobs.