Nigeria Has A Million Ways To Kill Businesses – Elumelu

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— Mar 24, 2016 5:27 am | Leave a comment

Nigerian lawmakers have been urged to pass a legislation that would make the business environment in the country more enabling for the budding entrepreneurs and stimulate growth in the economy as many laws in the country kill businesses before they are born.

According to the vice chairman of the Competitive Council, Mr Tony Elumelu, Nigerian entrepreneurs have the highest determination and best ideas but are put down by the harsh business environment.

Speaking at the National Assembly Business Environment Roundtable held in Abuja, the founder of The Tony Elumelu Foundation noted that the proper role of government, is not to provide employment for everyone, but to create, sustain and secure an enabling environment for citizens to independently create their own jobs and their success, using their own talents

Stating the need to review, amend and enhance many of the laws in the country, he said  “from long registration processes and obstacles, lack of access to finance, weak infrastructure, multiple and very complicated tax liabilities, to visa requirements, we have a million ways to extinguish businesses and partnerships before they begin.”

He noted that data from the Tony Elumelu Entrepreneurship Program show that half of the best ideas submitted are from Nigerian entrepreneurs. “I can tell you from real data that the thirst and talent for entrepreneurship is highest in Nigeria. So far, with 498 beneficiaries (selectees) Nigerian entrepreneurs represent 50 per cent of TEF entrepreneurs because they represent 50 per cent of the best ideas submitted for consideration.

“The prayer of the private sector is that we move from talking to doing. If we make these changes, we can unlock countless jobs and opportunities in the country.  I will remind you that, without spending any money, over a decade ago the federal government started issuing GSM licences.

“This revolutionised a sector that in turn unleashed countless direct and tangential jobs.  I believe we can achieve something similar by passing other pieces of legislation like land use reform, to enable people sitting on valuable land asset, to own, monetise and collateralise it to get access to capital to start or grow their business,” he stated. So, let us go about the business of doing, so that our entrepreneurs can go about their own business.