The Lagos Chamber of Commerce and Industry (LCCI) has tasked government to take a holistic review of the business environment and take steps to make the nation’s business clime conducive and competitive for growth.
The Director-General of the chamber, Dr Chinyere Almona, said this on Tuesday in Lagos in reaction to the news of the exit of GlaxoSmithKline (GSK) from Nigeria.
Almona said LCCI is gravely concerned about the decision by the pharmaceutical company to shut operations in the country after over five decades.
She added that many multinational firms took such decision in recent years, with its attendant adverse effects on the economy.
According to the LCCI boss, such decision is often provoked by rising cost of doing business, epileptic power supply, and weak infrastructure, among others.
She said if the trend of business shut down persisted, the nation’s economic growth potential would not be realised.
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“GlaxoSmithKline’s decision critically reflects the nation’s poor ranking on ease of business measures, which the chamber constantly talked about.
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“It is time government takes appropriate actions to reverse the saddening trend in the business clime in Africa’s largest market.
“Factor cost, as an integral element of the profit equation, is viewed with utmost seriousness by business people. In the face of rising costs, business people will likely search for cost-friendlier locations.
“The chamber is inclined to suggest that government should take a holistic view of the business environment and evolve measures to make the nation’s business clime competitive for growth.”
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