By Bolaji Peters(SIWES Student, Polytechnic Institute)
Under the Tinubu administration, enhancing Nigeria’s business environment takes precedence.
The Minister of Industry, Trade, and Investment highlights the government’s commitment to dismantling impediments hindering economic growth for a robust economy.
Overcoming challenges like multiple taxation, customs duties, and infrastructure decay requires steadfast determination.
The Minister, echoing Tinubu’s vision, emphasizes support for manufacturing, asserting that Nigeria is open for business.
Identified barriers, including security concerns, an unfavorable ease of doing business, and an outdated transportation system, must be addressed urgently.
Acknowledging the time needed to resolve issues like infrastructure and power, the government faces a complex tax landscape at federal, state, and local levels, along with informal taxes imposed by transport unions.
State governments must curb such informal taxes, especially as Nigeria lags in tax revenue compared to countries like South Africa.
Poor infrastructure poses a significant hurdle, demanding a massive $3 trillion investment over the next 30 years. Nigeria’s road network and railway system fall behind, requiring decisive government action to foster economic growth.
The energy deficit, with a meager 5,000MW daily supply against a projected demand of 45,000MW by 2030, compounds challenges.
Urgent attention to alternative energy generation is crucial to enhance competitiveness in the global market.
To revamp the business environment, Tinubu must address security, customs, and tax reforms.
Quick wins, like decentralizing policing and adopting technology for customs clearance, coupled with infrastructure and private investment in the rail sector, are essential.
A comprehensive, long-term strategy is imperative to surmount the multifaceted challenges facing Nigeria’s business landscape.
