Group seeks business reforms to boost forex inflows

The Policy and Governance Discussion Platform has called on the Federal Government to come up and introduce reforms on ease of doing business in Nigeria to drive foreign exchange inflow.

This was contained in the group’s second-quarter report, which was released on Friday.

PGDP, which is coordinated by former Board Chairman of the Securities and Exchange Commission, Dr Suleyman Ndanusa, is a place to share ideas on issues of governance to contribute to the development of Nigeria.

Apart from the ease of doing business, other measures include, “Ensuring adherence to transparent and predictable rules and procedures. Develop long-term strategies to boost exports, attract FDI and stabilise exchange rates”.

“The citizens need to cut down on consumption of foreign goods, while the government should deliberately promote exports. The Bretton Woods Institutions should focus more on the use/accountability of the loans than on their disbursement. Promote local production and value addition while reducing reliance on imports and stabilising prices,” the group noted.

On electricity, it urged the government to collaborate with relevant stakeholders to seek ways to mitigate the impact of electricity tariffs on businesses and consumers.

“Conduct a cost-benefit analysis of the new electricity tariff regime. Conduct necessary studies to identify opportunities and mitigate risks in the power sector,” it remarked.

PGDP posited that prioritising debt reduction had become important in reducing fiscal imbalance, stabilising exchange rates, and signalling fiscal responsibility to investors to attract investment (foreign and domestic).

As economic hardship bites harder and takes basic foodstuffs out of the reach of average Nigerians, the group offered ways that the Federal Government could bring the nation’s agricultural sector to optimal performance.

It added, “Increase funding and support for agriculture, manufacturing, infrastructure development, and their linkages. Consolidate and streamline agricultural research institutes to reduce redundancy. Invest in agriculture and local industries to boost domestic production.”

The group also recommended targeted incentives and support to attract and retain local and multinational companies by emphasising the potential for long-term growth and profitability in the Nigerian market.

Besides, it mentioned that policy impact assessments should prioritise overall economic development, considering effects beyond public finance.

The ‘Ease of Doing Business’ report, conducted annually by the World Bank, assesses a country’s attractiveness for entrepreneurial ventures and investment.

Covering approximately 190 countries and selected cities at sub-national and regional levels, the report measures the costs to firms of business regulations.

https://punchng.com/group-seeks-business-reforms-to-boost-forex-inflows/