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setting up
businesses in Nigeria is fraught with problems
—W/Bank
From
____________________________________________________
World
Bank Lead Private Peter Mousley, Sector Development Specialist on
Finance Development, has said that setting up of businesses in
Nigeria is fraught with problems.
Mousely made the
observation today in Lagos while presenting a report of a survey on
"Doing Business in Nigeria ", carried out in 10 states of the
federation.
He listed some of
the problems faced by private sector operators as security, multiple
taxation, epileptic power supply, bad roads and poor work
environment.
Mousley said that
the report ranked Nigeria 108 on business environment among 178 sub-saharan
economies.
He said the
project was part of a sub-national investment climate programme
which supported state governments in improving their business
environments.
The World Bank
Specialist said that the survey was aimed at creating a basis for
reform through dialogue between private and public sectors in states
and to drive investments and non-oil growth in the states.
He said that it
was also aimed at reducing poverty through sustainable economic
growth in Nigeria's non-oil sector.
Mousley said that
the informal sector generated about 59 per cent of Nigeria's Gross
Domestic Product in 2003 compared with 16 per cent in China , 26 per
cent in India and 29 per cent in South Africa.
He, however, said
that starting a business in Nigeria was relatively easy compared to
other sub-Sahara countries.
“The mind set of
Nigerians toward business registration must be changed for better.
There is a need
to take another look at the tax reform policy in Nigeria to reflect
the people's objectives toward tax compliances.
“New business entrepreneurs should be
encouraged through the small scale enterprenuers in other to empower
Nigerians in various areas of human endeavour,'' Mousley said. |