‘Infrastructural Devt, Funding Catalysts for Business Growth in Nigeria’

The Chief Executive Officer of RSM International Limited, an international audit and tax consulting firm, Mrs. Jean Stephens, has identified ease of doing business, ease of capital funding, safety and security as vital tools for business growth in Nigeria.

She noted that RSM as an international business organisation is pleased with the improvement from the ease of doing business in Nigeria.

According to her, “Having strong regulations, and enforced regulations, a safe and informed ways of doing business is critical to investment coming into Nigeria. This implies that we are on a good road for that and we are looking to see more of that.”

Speaking during a visit to S.I.A.O, an audit firm in Lagos recently, Stephens, who expressed delight on the improvement in the Nigerian business development, said: “Nigeria presently has a record of steady growth and improved political stability. Recent rebasing of Nigeria’s GDP made it the largest economy and market in Africa and the 26th largest in the world. Nigeria’s annual growth rate averaged 7 percent over the past decade which was a plus, she stressed.

Stephens added: “We had a roundtable discussion with some of our clients, and all the issues concerning security, transparency of the ways of doing business in Nigeria, the ease of doing and the ease of capital. I think those factors are challenges in doing businesses.

“Also, I think the global community is seeing that Nigeria is addressing those challenges under the present administration and it is very well received by the global community, and that needs to continue. From discussions last night, it seems that there is willingness and a desire. They understand the value this will bring to your economy.”

Furthermore, she said that since almost 40million Nigerians live in the consuming class household, the country should be regarded as one of the fastest growing economies in the world with the GDP in 2015 at US$510 billion.

To sustain this annual growth rate, she said the Nigeria’s economy should be liberalised, while government should promote public-private partnership (PPP) and encourage strategic alliances with foreign firms, especially for infrastructure development and technology acquisition in critical sectors such as security, power generation, transportation and healthcare.

“The considerable strides that Nigeria made in the recent decade has not been fully recognised outside the country, because Nigeria’s security challenges have gain more coverage in the media than its economic success.

“Therefore, having strong regulations, and enforced them aid safe and informed ways of doing business which is critical to investment coming into Nigeria. But with what Nigeria has achieved over the years in its economy, it implies that we are on a good road, and we are looking to see more of that,” she added.

Speaking further, she: “African countries need to invest in infrastructure, both human and physical. Without these investments, their growth will not be sustainable.

On RSM partnership with S.I.A.O, she stated that the partnership has been wonderful, adding that: “We had meaningful discussions; I have met them over the years and I have met their leaders at international conference over the years. Today, I have the opportunity to come here and observe that they have a very strong capability in terms of serving clients. Our members have been working with them for three years with great success in terms of doing business in Nigeria, their responses has been highly valuable.

“They have very bright set of individuals who are passionate about building the business and serving people. We are here because we want to continue to provide support and development in Nigeria, so we have stronger partnership as we go forward.”