The Organised Private Sector of Nigeria (OPSN) has recently put forth a compelling appeal to President Bola Tinubu, urging him to take proactive measures to enhance the overall business environment in the country. The focal point of their plea is to create a more favorable setting that not only retains local businesses but also acts as a magnet for foreign direct investments (FDIs). This appeal comes in the wake of Tinubu’s recent business trip to the United Arab Emirates (UAE), which has sparked discussions about the priorities of seeking external investments versus tapping into the potential that exists within Nigeria.
The OPSN has emphasized the significance of cultivating a conducive atmosphere for businesses, highlighting the critical need for a balance that ensures the retention of existing enterprises while attracting foreign investors. Their concern stems from the perceived disparity between seeking external investments, as observed during Tinubu’s overseas engagements, and the untapped potential within Nigeria. The organization contends that a thriving local business environment is a crucial foundation upon which both local and foreign investors can confidently invest, thereby boosting the nation’s economic growth.
The lamentation voiced by the OPSN resonates with the prevailing sentiment about the toxicity of Nigeria’s current operating environment, which has, regrettably, led to a substantial number of local businesses relocating to more hospitable business climates in neighboring countries. The OPSN argues persuasively that by rectifying the deficiencies in the country’s business environment, Nigeria could effectively reverse this trend, encouraging both local and foreign investors to contribute significantly to the nation’s economic prosperity.
This call for an improved business climate was notably made during the annual Employers’ Excellence Awards, an event organized by the Nigeria Employers’ Consultative Association (NECA). The occasion, designed to celebrate the resilience and tenacity of businesses in the past year, provided a platform for the OPSN to articulate its concerns and proposals. Samuel Ohuabunwa, a former president of NECA and the Chief Executive Officer of Neimeth Pharmaceutical, underscored the pivotal role of the private sector in driving economic growth. He urged investors and businesses operating in Nigeria to look beyond the current harsh operating environment and recognize the transformative power of investments in creating jobs, fostering wealth creation, and eradicating poverty.
Furthermore, industry leaders such as Segun Ajayi-Kadir, the Director-General of the Manufacturers Association of Nigeria (MAN), echoed the sentiment that Nigeria stands to benefit immensely when its leaders take bold steps to positively impact citizens. Ajayi-Kadir emphasized the resilience of investors who, despite the challenging economic environment, continue to believe in Nigeria’s potential. He stressed the importance of ensuring that Nigeria, despite operating below its full potential, assumes its rightful place as a leading economy in Africa.
Adewale-Smatt Oyerinde, the Director-General of NECA, shed light on the persistent challenges faced by businesses, including regulatory barriers, a multiplicity of taxes, and the looming threats of strikes and protests. Despite these hurdles, organized businesses remain steadfast in their commitment to navigating these challenges and contributing to the growth of the Nigerian economy.
Conclusion: OPSN
The OPSN’s plea to President Bola Tinubu serves as a compelling call to action for policymakers and leaders to prioritize the creation of a business-friendly environment. The dialogue surrounding the need for a conducive atmosphere for both local and foreign investments underscores the potential for Nigeria to become a magnet for economic growth, provided that the necessary reforms are implemented to address the current challenges faced by businesses. The Employers’ Excellence Awards provided a platform for these concerns to be articulated, reinforcing the importance of collaboration between the private sector and government authorities in steering Nigeria towards a path of sustainable economic development.
