By Benjamin Umuteme
Abuja
Reforms are needed in the country’s business environment in order to open up the economy, Nigeria Economic Summit Group (NESG) has said.
The National Assembly Business Environment Roundtable (NASSBER) unit of the group in its “Economic Impact has shown that billions of naira is lost by Nigeria as the country’s legislative arm continues to foot drag in passing the bills before it.
According to NASSBER, “the reforms will create a better business enabling environment leading to increased and sustained private sector investment in the country.”
Busines related Bills awaiting legislation are: federal competition and consumer protection bill; independence warehouse and regulatory agency bill; Nigeria Ports and Harbour authority bill; Nigerian railway authority bill; Nigerian inland waterways authority bill; National roads fund bill; federal roads authority bill; and National transport commission bill.
The report noted, for instance that the delay by the NASS to pass the Federal Competition and Consumer Protection Bill is estimated to cost the country N741.52 billion over the next five years which is an average N148.30 billion annually.
Based on global research evidence, it is conservatively assumed that the proposed enactment of a competition law in Nigeria may result in 10 percent reduction in prices in uncompetitive sectors…it is estimated that it will spur 318,021 additional employment over the next five years, the report noted.
Accordingly, reduction in poverty, greater employment, and lower prices may precipitate an 11.8 per cent reduction in relative poverty over a five years period.
The reforms the report projects will result to a 7 per cent income growth leading to 2.5 per cent reduction in poverty rate and a significant positive impact on sectoral GDP.
“The review, repeal and enactment of these legislations will not only improve Nigeria’s business environment. It is expected to open more opportunities for Nigeria’s entrepreneurs, improve productivity and create more jobs,” the report said.
