Multiple Taxation, Insecurity, Others Impede Businesses – Research

BY RAPHAEL ONYEKACHUKWU, ENUGU – Research findings published by African Heritage Institution (Afri-Heritage) have blamed multiple taxation, epileptic power supply and insecurity for stunted business growth in all states of the Federation.

The Executive Director of Afri-Heritage, Professor Ufo Okeke-Uzodike, said these issues present major challenges that are hampering efforts at growing businesses on sustainable basis across the country.

Okeke-Uzodike was speaking on Tuesday in Enugu at the public presentation of Business Environment and Competitiveness across Nigerian States (BECANS) III Report.

The BECANS series provide the basis for the ground-breaking business environment ratings and assessments of Nigerian states, which has been done successfully for over 15 years now.

Okeke-Uzodike said though Nigeria’s world rating on Ease of Doing Business [EoDB] had improved from 196 to 145; but “it is not much to boast about’’.

According to him, placed at “145 out of 196 nations, Nigeria still ranks among the worst countries to do business in because we are far behind compared to some of our African neighbours.

“By now, we should start leading Africa in the EoDB level in order to give direction to the continent.

“If we want to be among the first 20 economies in the World; we need to work harder, especially at the state levels to shoot-up our EoDB level and environment,’’ he said.

He said having identified multiple taxation, insecurity and epileptic power supply as major challenges to business growth in Nigeria, the BECANS III report submitted that the state governments must take critical steps towards evolving practical solutions that would address them all.

“We know that issues of multiple taxation and insecurity can been effectively tackled at the state level with a state governments’ political-will and dogged working relationship with regulatory and enforcement agencies.

“However, power might not be easy but state governments can marshal out plans to resolve this within some reasonable period of time,’’ he said.

The Executive Director said that good business environment would solve a lot of socio-economic and political problems in the country as well as check local and international migration of people.

He also urged various state governments to get copies of the BECAN III Report as it would assist them advance their EoDB environment and prosperity of their people.