An economist, Dr Uju Ogubunka says there is need for regular energy supply for entrepreneurs, in order to improve the country’s position in the ease of doing business.
Ogubunka, a former Executive Secretary, Chartered Institute of Bankers of Nigeria (CIBN), called on government to invest in regular power supply, to ensure improved businesses.
“Inadequate power supply is one of the major challenges impeding the growth of business and development of the country.
“It is responsible for the country’s low level of industrialisation in spite of the nation’s potential,’’ he said.
He urged government to facilitate the banks to give cheaper funds to entrepreneurs to grow their businesses.
“The monitory authorities should reduce the rates for banks, to make them issue affordable credits for budding businesses.
“ The rates issued by banks to businesses should be in one digit in order for entrepreneurs to expand into new frontiers.’’
He also called on government to address multiple taxation to enable expansion of businesses in the country.
From its 146th position in the previous ranking, Nigeria has moved up 15 places to rank 131 out of 190 nations in the latest World Bank’s ease of doing business ranking.
The country scored 56.9 as against 52.9 it scored in the previous ranking released on October, 24, 2019.
Ease of doing business is an index published by the World Bank. It is an aggregate figure that includes different parameters which define the ease of doing business in a country.
Doing business ranking is also based on quantitative indicators on regulation for starting a business.