IoD Decries High Cost Of Doing Business In Nigeria

The Institute of Directors (IoD), Nigeria, has condemned the high cost of doing business in Nigeria, saying it is the bane of economic growth and development in the country. The institute identified the following problematic factors affecting cost of doing business: access to and high cost of finance, lack of infrastructure and good operating environment, smuggling and substandard goods, lack of local patronage, dearth of industrial skills, and absence of investment in innovation.

In the meantime, the IoD considered the following as necessary to boost Nigeria’s business environment: a strong political will and single minded determination by the Government and people of Nigeria to pursue existing blue-prints and initiatives; development of basic economic infrastructure that will aid productivity, intensify the rehabilitation work on the existing transportation network and fast track the building of new rail lines; enforcement of corporate governance and best practices in all facets of the economy in order to combat corruption in the system; easy access to credit without discrimination.