Vice President Yemi Osinbajo, SAN, on Tuesday said that
over-regulation is killing businesses and investments in Nigeria.
Osinbajo also said that there has to be a complete
reorientation on the exercise of regulatory authority in the country in order
for businesses and investors to thrive in Nigeria.
He said this after receiving a report of an Ad-Hoc Committee
of the Presidential Enabling Business Environment Council, PEBEC, on
Agro-Export and the presentation of a National Action Plan 7.0 today at the
Presidential Villa.
Osinbajo, who presided over the first PEBEC meeting this year, noted that there is a problem “if people who want to export cannot export due to what seems like too many regulations.
“There are too many regulatory requirements. Too many
regulations kill output. We have to take a second look at how we regulate.
Over-regulation is killing businesses. It kills investments. An agric exporter
can’t export perishable produce after months,” he wondered.
The Vice President lamented that there are also processes of
product certifications that take so long on the regulatory queues in Nigeria,
while businesses from outside the country with swift regulatory regimes will
then bring the same products into the country to sell.
“Because our certification processes are slow, others from
outside nations (from neighbouring countries based on an ECOWAS agreement) with
faster processes can bring their products and sell here, while our own
businesses are still on the queues of regulatory agencies,” the VP observed.
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