By Naomi Uzor, with agency report
DIRECTOR of Research and Advocacy of the Lagos Chamber of Commerce and Industry, LCCI, Dr. Vincent Nwani, yesterday, reiterated that multiple taxation and infrastructure deficit were harming the nation’s economy.
Nwani made the observation in a paper titled, Regulations Undoing Diversification of the Economy, at the Breakfast Policy Dialogue, organised by the Initiative for Public Policy Analysis (IPPA), a public policy think-tank in Lagos.
He stated: “So many policies in Nigeria are hindering the nation’s drive for diversification. In all indicators, ease of getting credit, electricity, registering a business, resolving disputes, exporting and importing among others are challenges and we are not doing well at all. A lot of people are not doing business in Nigeria because of security and so many businesses have closed down because of insecurity.
“In terms of stability of laws and inconsistency of law, we are also ranked very low: 181 out of 191 countries. On infrastructure, whether it is power, road or rail, we are also one of the worst in the world. Our index is 177 out of 190 countries. And on economic competitiveness, we are 124 out of 140 from the World Economy Forum.”