Following the release of the budget details, Emeka Obegolu, President of the Abuja Chamber of Commerce (ACCI), stated that 2024 offers new economic potential, particularly for the organized private sector (OPS) in the Federal Capital Territory (FCT).
Speaking to reporters, Obegolu expressed hope about the benefits the OPS will experience if the 2024 budget is carried out in its entirety. He acknowledged that policies such as the withdrawal of fuel subsidies, foreign exchange volatility, multiple taxes, an epileptic power supply, instability, and massive domestic indebtedness will pose challenges to the business environment in 2023.
He claims that the budget details for 2024 have given the government and other stakeholders a chance to solve the pervasive issues and give top priority to the creation of business-friendly laws that facilitate trade and stimulate economic expansion.
In order to lessen the burden on companies and prevent corporate failure, the head of ACCI urged the FCT administration and other state governments to unify their tax laws.
Additionally, he urged the government to prioritise making it easier for people to conduct business. He cautioned that a secure electricity supply was non-negotiable but underlined the significance of improving access to financing with a trustworthy database of businesses.
He also emphasised the necessity of filling up infrastructural gaps, especially in the transportation industry, in order to lower logistics expenses.
“Regulatory monitoring is essential for upholding standards and guaranteeing compliance, but in the current environment, several agencies perform comparable tasks, creating bureaucratic bottlenecks and difficulties for enterprises. Such redundancies hinder the rapid expansion of businesses, particularly SMEs, which are the foundation of our economy, in addition to stifling innovation,” the speaker said.
