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Home Business News

Nigerian businesses rank “unclear economic laws” as top business constraints

Chike Olisah by Chike Olisah
December 10, 2019
in Business News
Chinese debt trap, Nigerian Economy: Solution To Fixing Buharinomics

Nigerian Economy: Solution To Fixing Buharinomics

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Lates Business Expectation survey of the CBN reveals companies in Nigeria have ranked “unclear economic laws” as one of the most vicious constraints to business operations in the country. This is only next to the lack of adequate power supply and interest rates, which recorded the highest negative sentiments from respondents.

Survey Summary 

  • Respondents’ outlook on the volume of total order, business activity and financial
    conditions (working capital) were positive during the review period.
  • Firms identified insufficient power supply, high-interest rate, financial problems, unfavourable economic climate, unclear economic laws and unfavourable political climate as major factors constraining business activity.
  • Respondent firms expect the Naira to appreciate in the current month, next month and next twelve months.
  • Level of inflation is expected to increase slightly in both the next six months and the next twelve months; borrowing is expected to rise in the current month, next month and the next twelve months.

In the report cited by Nairametrics, respondents are optimistic about an economic turnaround in 2020 however they still list out the following as major constraints to business survival in Nigeria, Africa’s largest economy.

[READ ALSO: Despite Power constraints, Nigeria’s industrial sector shows growth prospect(Opens in a new browser tab)]

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Respondent firms identified insufficient power supply (66.3 points), high-interest rate (57.8 points), financial problems (55.0 points), unfavourable economic climate (53.8 points), unclear economic laws (50.4 points), unfavourable political climate (45.3 points), insufficient demand (45.0 points), competition (44.7 points) and access to credit (42.5 points) as major factors constraining business activity in the current month

What this means: While the government continues to mention the ease of doing business as central to its economic policy, Nigerian business still face major challenges with the rising cost, haphazard regulations and multiple taxations. Power, high-interest rates and an unfavourable economic climate have been the bane of businesses for decades. However, “unclear economic laws” is a feature largely symptomatic of Buharinomics.

The Business Expectation Survey can be downloaded on the website of the CBN.

 


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Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

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Comments 1

  1. on_looker says:
    December 10, 2019 at 11:07 am

    finance bill (the highlights) will fix the major part of it, then something has to be done to CAC in a similar fashion.

    Reply

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