By Kelechukwu Iruoma & Elizabeth Nkemodi

THE Executive Director of World Trade Center in Lagos, Mr. John Adeleke, has lamented that over-regulation is killing investments in the country.

Adeleke said this while delivering a lecture on ‘Significance of the Rebirth of Nigeria Retail Trade’ at the 4th Centre for Values in Leadership, CVL Economic Growth Sector Series held in Lagos.

He said, “There are overlapping regulations between the regulatory agencies and they are asking for money, asking you to do the same thing. The seeming over-use regulations do not promote retail trade.

“An alarm needs to be sounded that the re-emergence of formal retail trade is under threat once again. There is continuous lack of coherence between the government’s various regulatory agencies compounded by continuous glimpses of lack of understanding of formal retail, that creates situations where investors find it difficult.”

He added, “The formal retail sector is playing a significant role in attracting new investments, particularly in Fast Moving Consumer Goods, FMCG, production and consumption. Shoprite has 4, 500 Nigerian workers and she is among the top 10 employers in Nigeria. Nigerian government does not appreciate the sector. They use over-regulations to discourage investors.”

He urged FG to encourage investors. He said: “FG should obstruct regulations and show her support to the emergence of the formal retail trade sector, with an appropriate better harmony and affordable policy and regulation regimen.”