The Lagos Chamber of Commerce and Industry (LCCI) has charged the Federal Government to take a holistic review of the business environment to make the business climate more competitive for growth.
Director-General of LCCI, Dr Chinyere Almona, gave the charge in a statement in response to the decision by GlaxoSmithKline (GSK) to shut down its operations in the country after over five decades of existence.
Almona said the decision of GSK is one of the many multinational firms the country has lost in recent years with adverse effects on the economy.
She said Nigeria suffers from worrying economic slow-down decisions, which are often provoked by the rising cost of doing business.
She expressed the chamber’s concerns that if the trend persists, the economic growth potential would not be realised.
According to her, GSK’s decision reflects the nation’s poor ranking on the ease of business, noting that it was time the government took appropriate actions to reverse the saddening trends in the business climate.
“Factor cost, as an integral element of the profit equation, is viewed with utmost seriousness by business people. In the face of rising costs, businesspeople will likely search for cost-friendlier locations.
“The chamber is inclined to suggest the government take a holistic view/ review of the business environment and take steps to make the nation’s business climate more competitive for growth”, she stated.