Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) have decried the abysmal Global Competitiveness rate of the nation as it ranked 130 out of 180 countries in overall infrastructural development.
NACCIMA President, Chief Bassey E. O. Edem, said it is disheartening that countries such as Mali, Ghana, and South Africa are far ahead of Nigeria in the provision of basic infrastructure.
“It is a common knowledge that Nigeria is facing acute shortage of infrastructural facilities, and this constitutes a negative impact on development and empowerment of the country and her people. All over the world, infrastructural development is the engine that drives the economic and technological growth in all ramifications.”
He said the report indicated that infrastructural development in the country requires radical shift in political behaviour, good governance and public protection from exploitation by private companies as well as those whose main preoccupation is exploitation.
He spoke on “Overview of the Operating Economic and Business Environment and the Challenges of Communication” at a strategic public relations conference held in Lagos.
According to him the nation needs to work assiduously to have competitive infrastructure that benchmark good business environment such as power, roads, public transportation system, water, sanitation and social welfare.
Others he mentioned are regulatory services such as property registration, tax administration, designation of industrial and enterprise zone, contract enforcement, justice sector delivery, business registration, entrepreneurship promotion, support for industrial parks and security.
He observed the acute shortage of infrastructural facilities that constitutes negative impact on development and empowerment of the country and her people. Noting that all over the world, infrastructural development is the engine that drives the economic and technological growth in all ramifications.
Any nation that wishes to accomplish any significant economic development must necessarily invest more on the provision and maintenance of basic infrastructural facilities, he added.
Edem also called for strategic planning combined with a strong political will that will encourage Public Private Partnerships that will free up fiscal funds for use in other pressing areas.
The NACCIMA boss also called for effective regulation that will seek to make improvement by changing individuals or organisational behavior in ways that generate positive impacts in terms of solving societal and economic problems including the macroeconomic challenges posed by unemployment. He maintained that effective regulation should be geared towards achieving positive results, improved conditions and a more robust operating capacity for optimal productivity, increased revenues and higher performance. This he said will be achieved through cost minimisation, expansion, improved technology as well as quality human capital.
He however rapped certain government regulations which he argued are sometimes inconsistent and have been the bane of business growth in Nigeria as a result of factors that has to do with multiple taxation with several enforcers.
He further called for effective business support by government especially for Micro Small and Medium Enterprises (MSMEs) especially in the form of intervention fund which he regretted has not been correctly applied.
“The support system put up by Government is yet to translate into economic growth as a lot of players are still yearning for more support system that would help them mitigate the harsh challenge posed by the dearth of Infrastructure. Where the support system is available, like the intervention funds, it is normally applied to the wrong beneficiaries,” he added.
He called for more concerted effort to tackle insecurity in the country as it discourages business investment and makes investment unattractive to investors as it accelerates the cost of doing business either through direct loss of goods and properties or in business owners taking precautionary measures against business risks and uncertainty