By David Torough, Abuja

The President of the Abuja Chamber of Commerce, Emeka Obegolu, has emphasized the opportunities presented by the New Year in his message to the business community in the Federal Capital Territory (FCT).

Ebegolu also Identifies 7-point Policy Agenda for Businesses in 2024.

In his New Year message, the leader of the Organized Private Sector in the FCT acknowledged the unfavourable business environment faced by businesses in the past year.

Obegolu noted that the business environment in 2023 was challenged by policies which include the high cost of operations resulting from the removal of fuel subsidies, foreign exchange volatility, multiple taxations, epileptic power, insecurity, domestic debts and amongst others.

He maintained that 2024 has presented the Government and stakeholders an opportunity to address these issues and prioritize the development of business-friendly policies that promote ease of doing business and foster economic growth.

The ACCI President called on the FCT Administration and all state governments to harmonize tax policies to prevent pressure on businesses that will lead to avoidable business failures. 

He also called on the Government to give significant attention to improving the ease of doing business in Nigeria, as the country’s current ranking of 131 out of 190 economies according to the latest annual ratings by the World Bank was an indication that there was an urgent need for economic stimulation.

Obegolu highlighted the crucial role of Micro, Small, and Medium-scale Enterprises (MSMEs) in Nigeria’s economy and emphasized the importance of enhancing access to finance with a reliable database of enterprises.

He stated that stable power supply was non-negotiable and encouraged sub-national entities to participate in power generation, distribution, and transmission. 

He also highlights the need to bridge infrastructure gaps, particularly in the transportation sector, including railways, to reduce logistics costs.

Addressing security challenges, Obegolu commended the government’s efforts in tackling insecurity and emphasized the need for continued attention to the mining sector, which holds considerable potential for the country’s economic growth.

The President urged the Nigerian government to address the overlapping roles of various regulatory agencies. 

Obegolu said that while regulatory oversight was crucial for maintaining standards and ensuring compliance, the current landscape witnesses multiple agencies carrying out similar functions, resulting in bureaucratic bottlenecks and challenges for businesses.

He  assured the Government of the readiness of the private sector to engage positively and provide strategic support to the Government in the implementation of the 7-point agenda.