LCCI: Busi­nesses weighed down in 2018 by con­flict­ing rules

Daily Trust - - BUSINESS - From Kay­ode Ekun­dayo, La­gos

The Pres­i­dent of the La­gos Cham­ber of Com­merce and In­dus­try (LCCI), Mr. Ba­batunde Ruwase, yes­ter­day, lamented is­suance of con­flict­ing reg­u­la­tory rules by var­i­ous reg­u­la­tory agen­cies, thereby lead­ing to in­creased bur­den on busi­nesses, higher cost of op­er­a­tion, waste of ex­ec­u­tive time and rep­u­ta­tional con­se­quences in 2018.

Pre­sent­ing the score­card of his lead­er­ship at the 130th an­nual gen­eral meet­ing of the cham­ber in La­gos yes­ter­day, Mr. Ruwase said the reg­u­la­tory en­vi­ron­ment was a ma­jor source of dis­trac­tion for many cor­po­rate or­gan­i­sa­tions dur­ing the out­go­ing year.

“It also ad­versely im­pacted the con­fi­dence of in­vestors. These also man­i­fested in form of ar­bi­trary fines and charges, sanc­tions and fre­quent sum­mons of cor­po­rate ex­ec­u­tives by the Na­tional As­sem­bly. We be­lieve that gov­ern­ment still has the enor­mous task of fos­ter­ing an en­vi­ron­ment where en­trepreneurs, small and medium en­ter­prises, can thrive bet­ter, sound and re­sult-ori­ented busi­ness reg­u­la­tions are crit­i­cal for pri­vate sec­tor devel­op­ment,” he said.

Ruwase ex­plained that in 2018, busi­nesses ex­pe­ri­enced fre­quent in­ci­dences of reg­u­la­tory chal­lenges, lead­ing to in­creased bur­den on busi­nesses, higher cost of op­er­a­tion, waste of ex­ec­u­tive

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