The Federal Government has been urged by the Policy and Governance Discussion Platform (PGDP) to implement reforms that will improve the business environment in Nigeria and attract more foreign exchange. The group’s second-quarter report, which revealed this information, was recently made public. Dr Suleyman Ndanusa, former Chairman of the Securities and Exchange Commission, leads the PGDP initiative, which promotes discussions on governance issues to benefit the nation’s progress. In addition to streamlining business processes, it is important to prioritise transparency and consistency in regulations.
Establishing sustainable plans for increasing exports, attracting foreign direct investment, and maintaining stable exchange rates is crucial. The group emphasised the importance of reducing citizens’ consumption of foreign goods and increasing government promotion of exports. The Bretton Woods Institutions were urged to prioritise accountability and use loans rather than distribute them. It was recommended to boost local production, add value to products, decrease reliance on imports, and stabilise prices. It advised the government to collaborate with key players to find solutions to lessen the effects of Electricity prices on businesses and consumers.
PGDP urged to reduce debt for fiscal stability and steady currency rates.
Also, to evaluate the economic impact of the updated electricity pricing structure. Thorough research is crucial to uncovering potential advantages and addressing potential challenges within the energy industry. PGDP claimed that lowering debt was crucial for addressing fiscal disparities, maintaining stable currency rates, and demonstrating financial accountability to entice foreign and local investments. With increasing economic difficulties affecting the ability of less privileged people in the country to access essential food items, the organisation proposed solutions to enhance the agricultural sector’s efficiency at a national level.
Increased funding and support are being allocated to agriculture, manufacturing, and Infrastructure development and their interconnectedness. Agricultural research institutions are being streamlined to minimise duplication. A focus is placed on investing in Agriculture and local industries to enhance domestic output in the country. The group suggested providing specific incentives and assistance to encourage local and multinational companies to establish a presence nationwide, highlighting the opportunities for sustained growth and success in the country’s business market.
World Bank report evaluates how businesses can be profitable.
Additionally, it was suggested that when conducting policy impact assessments, the focus should be on promoting broader Economic Growth and considering repercussions beyond just public funding. Every year, the World Bank releases the Ease of Doing Business report, which evaluates how appealing a country is to start a business and make investments. The report elaborates on business regulations in about 190 countries and cities on different geographical levels. It evaluates how these regulations impact companies’ expenses.
In contrast, Technology is vital in improving the business environment, and its importance cannot be emphasised enough. Implementing digital solutions for business registration, Tax filing, and regulatory compliance enhances the nation’s business environment and leads to a notable boost in overall efficiency. Enhancing digital processes makes operations more efficient and draws international investments by establishing a transparent and streamlined system. Utilising advanced technology in critical industries like finance, agriculture, and Manufacturing can boost Economic Development and establish the nation as a formidable contender in the international marketplace.
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Lastly, ensuring that individuals have access to quality Education and opportunities to develop their skills is essential for building a workforce that can thrive in an ever-changing economy. It is crucial to provide specialised training programs for different sectors, such as technology, agriculture, and manufacturing, to ensure employees have the skills to succeed in their respective fields. By linking educational programs with the demands of the industry, the country can drive economic growth and increase global competitiveness.