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LCCI Urges Government to Address Business Environment

The Lagos Chamber of Commerce and Industry (LCCI) has called upon the government to undertake a comprehensive assessment of the business environment and develop strategies to enhance the nation’s business landscape, fostering an environment conducive to growth and competitiveness.

Dr. Chinyere Almona, Director-General of LCCI, made this call in response to the recent news of GlaxoSmithKline (GSK) deciding to exit Nigeria after a 51-year presence in the country. The British multinational pharmaceutical and biotechnology company, which was incorporated in Nigeria on June 23, 1971, and began operations on July 1, 1972, has expressed its intent to terminate its agreement and appoint a third-party distributor for its consumer healthcare products in the coming months.

Almona expressed deep concern over GSK’s departure, highlighting that this move aligns with the decisions made by several multinational corporations in recent years, adversely impacting the economy. She noted that such decisions are often prompted by factors like escalating operational costs, inconsistent power supply, and inadequate infrastructure.

Almona emphasized that if the trend of business closures persists, it will hinder the realization of the nation’s economic growth potential. She attributed GSK’s decision to the country’s poor ranking in ease of doing business, a matter that the chamber has consistently addressed.

The Director-General urged the government to take decisive actions to reverse this troubling trend within Africa’s largest market. She stressed the significance of factoring in costs, a crucial element in the profit equation, which holds great weight for business entities. In the face of rising costs, businesses are likely to seek more cost-effective locations.

Almona proposed a comprehensive review of the business environment, accompanied by the implementation of measures that would bolster the nation’s business climate, making it more competitive and conducive to sustainable growth.

This proactive approach, she believes, will contribute to maintaining a thriving business landscape and attracting both local and international investors.



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