Director-general, Lagos Chamber of Commerce and Industry, Dr Muda Yusuf
Government should undertake urgent reforms of the oil and gas sector to unlock the huge potential in job creation, investment, revenue and forex earnings. Reform will also reduce the corruption and leakages in the sector. The Petroleum Industry Bill promised by the President should be expeditiously presented for consideration by the National Assembly. This reform should be given utmost priority. Also, the Nigerian ports are a nightmare for most investors and the cost of cargo clearing is prohibitive, while the processes are too vulnerable to corruption. Government should fix the problems, including infrastructure, equipment and inefficient cargo processing. In addition, the government obviously does not have the financial capacity to fix the nation’s infrastructure, we need to see urgent measures to attract private capital into infrastructure financing to address the huge deficit. The regulatory environment needs to be more investment friendly and the drive for revenue needs to be more strategic so as not to hurt investment. They also need to demonstrate greater commitment to the promotion of true federalism in order to unlock the huge economic potentials at the sub-national levels. There is need to also promote an urgent review and restructuring of the power sector. Current structure has not served the interest of economic development. The Central Bank of Nigeria needs to undertake periodic impact assessment of its policies on the economy, the investment environment and the welfare of the people. Such measures would enrich the quality of its policies. There is also need to ensure effective implementation of Presidential Executive orders.