Abuja(SundiataPost) -Stakeholders in business, on Monday, said fixing unstable power supply, bridging infrastructure gaps and creating the enabling environment were fundamentals to businesses and economic development in 2019.
The experts expressed their views in an interview with the News Agency of Nigeria (NAN) in Lagos.
Mr Muda Yusuf, Director-General, Lagos Chamber of Commerce and Industry (LCCI), said that provision of stable power remains at the heart of ease of doing business in the country, as the power challenge impacts adversely on productivity.
“Reports from various companies reveal that they spend as much as 20-25 per cent of their total operating cost on provision of alternative power supply and payment to Discos.
“This is not sustainable for most businesses and constitutes a threat to growth and development of not just businesses but the economy also,” he said.
The LCCI boss acknowledged the efforts of government in addressing the perennial power supply shortage and deeper commitment to alternative sources of power, including off-grid initiatives.
He however said that government should improve its efforts in power sector and also intensify efforts to improve infrastructure in order to attract more investments and reduce risks associated with investing in Nigeria.
Also, Chef Tiyan Alile, President, Culinary Arts Practitioners Association, said that tax payer’s money and generated revenue should be used to drive the power agenda toward boosting competitiveness of businesses.
“We spend a lot on diesel. If you put us side by side with another entrepreneur from another country doing same thing, our margins are narrower because we are paying premium for our produce and we cannot sell it at premium,” she said.
Alile, who is the Founder, Culinary Academy, said that there was need to empower more people and increase the capacity of citizens to boost the country’s human development rate.
Mr Solomon Aderoju, Chairman, Lagos State Chapter, Nigerian Association of Small and Medium Enterprises (NASME), said that supporting SMEs to flourish was crucial to growing a middle class with disposable income and employment creation.
“The unemployment rate has reached a crisis level that is capable of stagnating development and government in collaboration with the private sector should be pragmatic in solving this issue,” he said.
Also, Hamma Kwajafa, Director-General, Nigerian Textile Manufacturers Association (NTMA), said there was need to sustain liquidity and stability in the foreign exchange market towards averting shocks in the business environment.
He urged the government to evolve mechanism that would make funds available and accessible at an affordable rate to boost productivity, employment, competitiveness and contribution to Gross Domestic Product.
(NAN)