Urging the Federal Government to implement reforms to improve the ease of doing business in Nigeria and stimulate foreign exchange inflow, the Policy and Governance Discussion Platform has released its second-quarter report. Led by Dr. Suleyman Ndanusa, the former Board Chairman of the Securities and Exchange Commission, the PGDP serves as a platform for sharing ideas on governance issues aimed at contributing to Nigeria’s development.
In addition to enhancing the ease of doing business, the report outlined other measures such as ensuring adherence to transparent and predictable rules, developing long-term strategies to enhance exports, attract foreign direct investment (FDI), and stabilize exchange rates.
The group emphasized the need for citizens to reduce the consumption of foreign goods while advocating for the promotion of exports and local production. It also highlighted the importance of accountability in utilizing loans from institutions like the Bretton Woods, promoting local production, value addition, and reducing reliance on imports.
Addressing the electricity sector, the group recommended collaboration with stakeholders to mitigate the impact of electricity tariffs on businesses and consumers. It suggested conducting a cost-benefit analysis of the new electricity tariff regime and identifying opportunities and risks in the power sector through necessary studies.
PGDP stressed the significance of prioritizing debt reduction to reduce fiscal imbalances, stabilize exchange rates, and exhibit fiscal responsibility to attract both foreign and domestic investments.
As economic challenges continue to affect access to basic food items for Nigerians, the group proposed methods for optimizing the nation’s agricultural sector. Suggestions included increasing funding and support for agriculture, manufacturing, and infrastructure development, consolidating agricultural research institutes, and investing in agriculture and local industries to boost domestic production.
The group also recommended providing targeted incentives and support to attract and retain local and multinational companies, focusing on the long-term growth and profitability prospects in the Nigerian market. It also advised that policy impact assessments should consider broader economic development implications beyond public finance.
The annual ‘Ease of Doing Business’ report conducted by the World Bank evaluates a country’s appeal for entrepreneurial activities and investments, covering approximately 190 countries and selected cities at sub-national and regional levels to measure the business regulatory costs for firms.