Victor EzejaLagos Chamber of Commerce (LCCI) has called on the Nigerian government to undertake a comprehensive review of the business environment in the country with a view to addressing core issues stifling competitive growth.
Director-General of the chamber, Dr Chinyere Almona, made the call on Tuesday, in Lagos while reacting to the news of the exit of GlaxoSmithKline (GSK), a major British Pharmaceutical company, from Nigeria.
GSK last week announced its intention to shut down operations in Nigeria due to factors that have made it unconducive for it to continue operating.
The company has operated in Nigeria for over five decades.
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The LCCI DG said many multinational firms took such decision in recent years, adding that it has grave implications for the economy.
According to her, such a decision is often caused by rising costs of doing business, epileptic power supply, and weak infrastructure, among others.
She said: “GlaxoSmithKline’s decision critically reflects the nation’s poor ranking on ease of business measures, which the chamber constantly talked about.
“It is time the government takes appropriate actions to reverse the saddening trend in the business clime in Africa’s largest market.
“Factor cost, as an integral element of the profit equation, is viewed with utmost seriousness by business people. In the face of rising costs, business people will likely search for cost-friendlier locations.
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“The chamber is inclined to suggest that government should take a holistic view of the business environment and evolve measures to make the nation’s business clime competitive for growth.”
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
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