The President, Abuja Chamber of Commerce and Industry (ACCI), Dr. Al-Mujtaba Abubakar has urged the Federal Government to intensify efforts towards addressing the persistent insecurity which had significantly affected the country’s ease of doing business evaluation.
Abubakar, said the government should fulfill its promises to among other things re-energise and re-organise the security apparatus to bring the situation under control.
In his maiden New Year remarks, the ACCI president, further called on the government to address the issue of high taxation which remained counterproductive to the economy, killing many businesses and deepening the unemployment crisis. He said: “We suggest broadening the tax base and reducing the tax rates. The increasing level of inflation, high taxes, and high-interest rates contribute to increasing the cost of production. This has resulted in many businesses not breaking even and many are closing shops. The situation is further complicated by insecurity challenges and the exchange rate instability.”
The chamber, therefore, recommended easing the harsh business environment by transforming regulatory agencies into facilitating bodies.
Abubakar, pointed out that though there had been several interventions of the government to enhance and boost economic opportunities. “We also note the constraints confronting the government in the area of low revenue and mounting expenditure.”
But he stated that the government, in a drive to generate funds at all cost, has subjected businesses to more than five levels of taxation in Abuja.
He said: “This needs to change so that SMEs can thrive and employ more workers to ease the increasing level of unemployment. The chamber believes that the economy grows and GDP multiplies when government’s policies, agencies, and programmes facilitate rather than impede businesses.”
He added that with carefully formulated tools and well-advanced preparation, the toughest challenges could be turned into opportunities.
The chamber also urged the government to intensify its efforts in providing the technology and digital infrastructure needed for new business techniques in line with current realities.
The ACCI further urged the government support, stressing the need for closer synergy between the public and private sector adding that it is prepared to fully support government at all levels in the drive to grow the economy, create wealth and resolve national economic challenges.
Abubakar also commended the Federal Government’s efforts and achievements last year, despite the disruptions caused by the COVID- 19 pandemic.