Investment in Africa is, no doubt, a risky business, but a rewarding one if one knows what the underlying risks are. The business models here tend to focus more on relations with individuals that run the bureaucracy of these nations and Nigeria is not an exception. A detailed understanding of how business is run in Nigeria is essential to making it successful.
So, it is understandable that the Director, Research and Advocacy of the Lagos Chamber of Commerce and Industry, Dr Vincent Nwani, has decried Nigeria’s hostile business environment, saying it is one of the worst in the world.
Nwani said that:
- Businesses fail in the country because of the challenges of in security, infrastructure, stability of laws and policies.
- The objective of any regulatory policy was in the public interest, adding that for products, such as tobacco, a fair balance has to be made in all areas involved in the public interest.
- Despite the noise on the need to diversify the economy, not much has been done in the area of ease of doing business in the country, adding that Nigeria has enough regulations but lacks the will for implementation.
Also, speaking on “Lawmaking and Execution in Nigeria: The roles of the private sector” ,a legal practitioner, Jiti Ogunye, stressed the need:
- For entrepreneurs to imbibe a culture of self regulation in business.
- For the Organised Private Sector should get interested in the business of lawmaking in the country.
- For the many policies in the country to work and the conduct of the people to be reformed.
- For lives and property of the average Nigerian to be secured and for these issues to be consciously and urgently tackled.
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