Address Infrastructure Deficit, OAL Tells FG

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  • Address Infrastructure Deficit, OAL Tells FG

Infrastructural deficit needs to be addressed by the Federal Government to improve the nation’s business environment, Olisa Agbakoba Legal, a Lagos-based law firm, has said.

The OAL, in its latest newsletter released on Thursday, noted that the Apapa gridlock caused by bad roads and unruly behaviour of tanker drivers have had an adverse impact on the import and export industry.

It said, “In spite of the Executive Order on the decongestion of the ports, there is still a long way to go. Port congestion and delays have made it difficult for parties to meet their contractual obligations and foster corruption at the ports.

“Irrespective of the fact that significant strides have been made in the ease of doing business in Nigeria, a lot of work still needs to be done by various government institutions and agencies.”

According to the firm, to ensure the sustainability of the ease of doing business reforms, the National Assembly should quickly pass the Omnibus Bill that consolidates all the reforms by providing a robust legal framework.

The OAL stated, “In addition, the government should mitigate the cost of doing business. For example, in Lagos, there are issues of multiple regulations and taxation. The new Land Use Charge Law seems to be worsening the situation. Going forward, a uniform fiscal policy that is investor-friendly should be applied to all states.”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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