Nigeria’s business environment over-regulated, NESG laments

Nigeria Economic Summit Group has lamented the slow economic growth rate, attributing this to over-regulated business space in the country.

NESG also said in its report of the 26th Nigeria Economic Summit that all tiers of government must work in harmony towards economic recovery.

NESG Chairman, Mr Asue Ighodalo, while submitting the report to the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said attaining economic recovery could be achieved by expanding economic opportunities for all Nigerians through sound policies, strong institutions, and responsible public investments, especially pro-poor investments.

He urged governments at all levels to unlock more private sector participation by removing sectoral rigidity inhibiting the potential of businesses to drive economic growth.

Other areas listed by NESG for urgent action are its challenge to the civil society groups to mobilise Nigerians to take civic responsibility and holding leaders accountable.

“The summit discussions were dimensioned around five sub-themes: mapping the future; new trends, new opportunities, new horizons; embracing technology and innovation; building resilience; and charting the path to recovery,” NESG chairman said

He urged the government to implement policies that would lead to macroeconomic stability, economic growth that would outpace population growth, create jobs, stabilise inflation and reduce poverty.

He also advised the FG to unify forex rates into a single and market-driven window.

The NESG called for an improvement in coordination of fiscal, monetary and structural policies, aggressively attract foreign direct investment (FDI), deregulation of the oil and gas sector by passing the Petroleum Industry Bill (PIB); tightening fiscal coordination and intensify public investments in social sectors amongst others.

Responding, the minister promised to deliver the recommendations to President Muhammadu Buhari.

She said, “We have noted your detailed recommendations. We will transmit your recommendations to Mr President who will, in turn, present them to the Federal Executive Council.

“Appropriate agencies of the government would be tasked with the implementation of your recommendations.”