Stakeholders advocate data-driven economic reforms
By Rukayat Moisemhe
Some stakeholders on Thursday called for data-driven economic reforms with measurable outcomes to enhance the country’s Ease of Doing Business (EoDB) ranking.
They made the call during the January9Collective (J9C) 13th Anniversary Lecture in Lagos.
The News Agency of Nigeria (NAN) reports that the event was themed: ‘Business and Policy Strategy: Examining the Role of Reform in Enhancing the Ease of Doing Business in Nigeria’.
Prince Adewole Adebayo, the 2023 presidential candidate of the Social Democratic Party, urged the Federal Government to implement more fiscal reforms.
Adebayo noted that such reforms should facilitate economic growth, improve efficiency, and foster economic stability.
He suggested the metering of oil wells to ensure accurate revenue generation.
He emphasised that the government must engage with businesses at regulatory intersections to enhance the ease of doing business and implement reforms to strengthen the legal system.
“The Nigerian government must look inwards, define the desired trajectory for the country, and carry out reforms based on that vision.
“The first reform should ensure that rules are not set by players but are enforced by independent entities. Businesspeople must approach the government for general regulations rather than specific ones.
“Economic reforms without political reforms are ineffective, as politics dictate the economy.
“For ease of doing business, we must also separate regulators from those they regulate and ensure economic crimes are punishable,” he said.
Adebayo further highlighted the need for transparency in land matters.
Dr Kayode Onafowokan, Chairman of Coleman Wires and Cables, described the event’s theme as reflective of efforts to promote professionalism, entrepreneurial excellence, honour, and integrity.
He called for increased investments in agriculture, food processing, industrial raw materials, building materials, and information and communication technology (ICT).
“Investment decisions are not sentimental; globally, the primary consideration is to invest where returns are guaranteed, though not taken for granted.
“Equally crucial is succession planning, which is vital for aspiring entrepreneurs.
“Founders of Nigerian businesses should encourage their children to engage with the institutions they have built to ensure sustained growth and continuity,” he said.
Mr Ugodre Obi-Chukwu, Founder of Nairametrics, underscored the importance of leveraging data for decision-making in reforms.
He noted that the difference between developing and developed economies lies in their ability to access and utilise data, adding that businesses that effectively harness data tend to outperform those that do not.
“Tax incentives are critical to encouraging both local and foreign direct investment in Nigeria.
“To increase foreign direct investment, the groundwork must include addressing the fiscal deficit, implementing foreign exchange reforms, and ensuring exchange rate stability changes that may materialise this year,” he said.
Mr Segun Ajayi-Kadir, Director-General of the Manufacturers Association of Nigeria, urged the government to view manufacturing as pivotal to driving economic growth.
He called for policies to promote industrial development, incentivise private sector participation, and facilitate intersectoral engagement.
“It is essential to pass the four pending tax bills urgently and revise electricity tariffs to reflect actual consumption.
“We also urge the Central Bank of Nigeria to redeem the outstanding 2.4 billion dollars in foreign exchange obligations,” he said.
Mrs Toki Mabogunje, a former President of the Lagos Chamber of Commerce and Industry, stressed the need to modernise reforms and ensure their proper implementation and enforcement.
She noted the role of sub-national governments in driving the ease of doing business.
“We must harness the value chain of Small and Medium Enterprises (SMEs) to compete globally, aggregate the mining sector, and unlock exports, particularly non-oil exports,” she said.
Mr Adedeji Popoola, Founder of Fina Trust Microfinance Bank, emphasised the importance of SMEs internalising business processes and maintaining proper documentation to enhance financial inclusion.
He also called on the government to address insecurity to foster inclusive economic development.
Mr Kingsley James, Captain of J9C, stated that the group, established in 2012, aims to consistently examine the Nigerian polity and offer solutions through dialogue and engagement. (NAN)(www.nannews.ng)
Edited by Ijeoma Popoola
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