The Director General, Abuja Chamber of Commerce and Industry (ACCI), Chijioke Ekechukwu, has said the recently signed Executive Orders by acting President Yemi Osinbajo would foster positive business environment and promote entrepreneurship.
He said the orders will improve ease of doing business, eliminate bureaucratic bottlenecks in the processing of visas for genuine businessmen as well as encourage patronage of made in Nigeria goods and services.
Ekechukwu, who made the remarks in a n a chat with THISDAY, stressed that the promotion of made – in- Nigeria products will encourage local production, ultimately giving the country a balance of trade that is positive as against trade deficit it has currently.
The ACCI DG said the exportation of locally made goods will translate into a balance of payment surplus. He charged Nigeria to take a cue from countries like China, India and the US, which boast of positive trade balance and positive trade situations.
“From the perspective of the ACCI, the orders will allow entrepreneurship to thrive and encourage the growth of the economy. It will reduce the pressure on foreign currency, especially in the importation of goods and services. Once we are able to handle issue of petroleum products importation, the pressure on exchange rates will be reduced. These are things that will drive our economy and also make a growth pattern plan work,” Ekechukwu added.
He said the order on ease of doing business will remove multiple taxes presently imposed on investors, which also makes micro, small and mediums sized enterprises (MSMEs) to close their businesses, while the period required for visa processing will be reduced to two days.
The director general suggested that tax leaves plus other incentives should be given to Nigerian businesses to allow Nigeria to come out of recession, while also calling on government to be consistent in its policy making.