{"id":8974,"date":"2024-08-11T21:36:31","date_gmt":"2024-08-11T21:36:31","guid":{"rendered":"https:\/\/thenewsnow.org\/?p=8974"},"modified":"2024-08-11T21:36:31","modified_gmt":"2024-08-11T21:36:31","slug":"need-to-ease-regulatory-burden-on-investors","status":"publish","type":"post","link":"https:\/\/thenewsnow.org\/index.php\/2024\/08\/11\/need-to-ease-regulatory-burden-on-investors\/","title":{"rendered":"NEED TO EASE REGULATORY BURDEN ON INVESTORS"},"content":{"rendered":"

The <\/span><\/span>Centre for the Promotion of Private Enterprise [<\/span><\/span>CPPE<\/span><\/span>]<\/span><\/span> is worried about the growing incident<\/span><\/span>s<\/span><\/span> of regulatory irritations, <\/span><\/span>distractions, <\/span><\/span>and frustrations inflicted on <\/span><\/span>the <\/span><\/span>Nigerian manufacturing sector and <\/span><\/span>other <\/span><\/span>investors in the Nigerian economy. There are disturbing tendencies of overbearing regulatory dispositions, disproportionate<\/span><\/span> sanctions, <\/span><\/span>obstruction<\/span><\/span>ist actions<\/span><\/span>, <\/span><\/span>outrageous<\/span><\/span> fines<\/span><\/span> and penalties<\/span><\/span>, intimidation<\/span><\/span> and <\/span><\/span>h<\/span><\/span>igh<\/span><\/span> handedness<\/span><\/span>.<\/span><\/span>There are also worries about <\/span><\/span>multiple regulatory fees and levies, <\/span><\/span>duplications and overlapping responsibilities<\/span><\/span>, regulatory repression<\/span><\/span> and weak stakeholder engagement<\/span><\/span>. \u00a0<\/span><\/span><\/p>\n

The CPPE appeals to the regulatory agencies to exercise more discretion in exercise of their powers and support the aspiration of the present administration to create and enabling environment for investment<\/span><\/span> to<\/span><\/span> boost domestic production, reduce import dependence, conserve <\/span><\/span>foreign<\/span><\/span> exchange and <\/span><\/span>elevate<\/span><\/span> investors\u2019 <\/span><\/span>confidence.<\/span><\/span> \u00a0This <\/span><\/span>does not detract from their <\/span><\/span>primary responsibilities of the agencies to protect consumers, ensure <\/span><\/span>competition, promote standards and quality and protect the <\/span><\/span>environment<\/span><\/span>. \u00a0But they do<\/span><\/span> not<\/span><\/span> have to suffocate investors <\/span><\/span>in order<\/span><\/span> to <\/span><\/span>achieve<\/span><\/span> this objective. <\/span><\/span>Public pronouncements by some of the agencies had the unintended consequences of <\/span><\/span>demarketing local brands<\/span><\/span>, an action <\/span><\/span>which is detrimental to <\/span><\/span>the country\u2019s aspiration <\/span><\/span>to boost <\/span><\/span>domestic production, grow <\/span><\/span>investment<\/span><\/span>, <\/span><\/span>expand<\/span><\/span>export<\/span><\/span>s, earn foreign exchange<\/span><\/span> and create jobs.<\/span><\/span><\/p>\n

The regulatory agencies should appreciate the context in which business<\/span><\/span>es<\/span><\/span> \u00a0in Nigeria are operating. \u00a0The headwinds are profound and <\/span><\/span>multifaceted<\/span><\/span>,<\/span><\/span> which is why many large companies declared huge losses in <\/span><\/span>the<\/span><\/span>ir latest financial results. M<\/span><\/span>any have shut <\/span><\/span>do<\/span><\/span>wn<\/span><\/span>;<\/span><\/span> some have scaled down their operations while <\/span><\/span>several others have left the country. \u00a0<\/span><\/span>Businesses <\/span><\/span>are<\/span><\/span>grappling with the<\/span><\/span> challenges of exchange rate depreciation, <\/span><\/span>currency<\/span><\/span> volatility<\/span><\/span>, high energy cost, <\/span><\/span>high electricity tariff, <\/span><\/span>high cost of logistics, <\/span><\/span>weak<\/span><\/span> purchasing power, soaring inflation, high cost of funds, <\/span><\/span>high cost of cargo clearing, <\/span><\/span>insecurity in parts of the country and many more. \u00a0<\/span><\/span>Th<\/span><\/span>e<\/span><\/span>s<\/span><\/span>e are<\/span><\/span> enough troubles for manufacturers and other investors in the economy. <\/span><\/span>The regulatory agencies should not be <\/span><\/span>perceived<\/span><\/span> as adding to this multitude of problems.<\/span><\/span><\/p>\n

It is important that the regulatory agencies <\/span><\/span>bear<\/span><\/span>this in mind. \u00a0Running a business in the country at this time is <\/span><\/span>a <\/span><\/span>herculean task<\/span><\/span>.<\/span><\/span><\/p>\n

The CPPE believes that the regulatory agencies can discharge their functions effectively without jeopardizing investment <\/span><\/span>sustainability and <\/span><\/span>growth. \u00a0Regulatory<\/span><\/span> agencies<\/span><\/span> should see investors as partners<\/span><\/span> in the Nigerian project<\/span><\/span> for the growth of the economy<\/span><\/span> and not as<\/span><\/span> objects from which to extract financial value of all types<\/span><\/span>.<\/span><\/span> \u00a0<\/span><\/span><\/p>\n

\n

DR MUDA YUSUF<\/span><\/span><\/p>\n

DIRECTOR\/<\/span><\/span>CEO<\/span><\/span><\/p>\n

CENTRE FOR THE PROMOTION OF PRIVATE ENTERPRISES [CPPE]<\/span><\/span><\/p>\n

2<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Centre for the Promotion of Private Enterprise [CPPE] is worried about the growing incidents of regulatory irritations, distractions, and<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[11],"tags":[],"class_list":["post-8974","post","type-post","status-publish","format-standard","hentry","category-from-the-grassroots"],"_links":{"self":[{"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/posts\/8974","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/comments?post=8974"}],"version-history":[{"count":1,"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/posts\/8974\/revisions"}],"predecessor-version":[{"id":8975,"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/posts\/8974\/revisions\/8975"}],"wp:attachment":[{"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/media?parent=8974"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/categories?post=8974"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/tags?post=8974"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}