Business
By Gbenga Akinfenwa and Adaku Onyenucheya
12 August 2024 |
4:14 am
Center for the Promotion of Private Enterprise (CPPE) has raised concerns over overbearing regulatory practices, including disproportionate sanctions, obstructive actions, and excessive fines and penalties, which have resulted in significant frustration and frustration for businesses and investments. The Director and Chief Executive Officer, CPPE, Dr Muda Yusuf, gave the warning, yesterday.These actions, CPPE contended, had…
![](https://guardian.ng/wp-content/uploads/2020/06/MUDA-YUSUF-1062x598.jpg)
Center for the Promotion of Private Enterprise (CPPE) has raised concerns over overbearing regulatory practices, including disproportionate sanctions, obstructive actions, and excessive fines and penalties, which have resulted in significant frustration and frustration for businesses and investments.
The Director and Chief Executive Officer, CPPE, Dr Muda Yusuf, gave the warning, yesterday.These actions, CPPE contended, had repressed investment and weakened stakeholder engagement, saying it ran counter to the current administration’s efforts to create an enabling environment for investment in the country.
Yusuf noted that public pronouncements by some of the agencies had inadvertently damaged the reputation of local brands, undermining efforts to boost domestic production, grow investment, expand exports, earn foreign exchange and create jobs.
He called on regulatory bodies to recognise the challenging environment in which local businesses were currently operating, marked by exchange rate volatility and depreciation, high energy costs, high electricity tariff and cost of logistics, weak purchasing power, soaring inflation, high cost of funds, high cost of cargo clearing, insecurity in parts of the country, among other issues.
The CPPE boss said many businesses were grappling with profound and multifaceted economic headwinds, with several large companies reporting significant losses, scaling down operations, shutting down or exiting the country entirely.
5 mins ago
•Senate faults alleged ‘immoral’ allowances, Reps insist monthly pay is N600,000 • ‘Lawmaker who displayed N936,979 alert on TV misled Nigerians’ • Obi: Leaders must reflect on people’s cries, address legitimate demands • Reduce waste, prioritise Nigerians’ welfare, HEDA tells Tinubu • Don’t let citizens suffer continually, reduce emoluments, Akinfenwa tells politicians Besides the strenuous…
22 mins ago
• Seizes U.S., UK-bound consignments in auto parts, clothes, arrests four Operatives of the National Drug Law Enforcement Agency (NDLEA), in a nationwide intelligence, have recovered multi-billion-naira worth of cocaine. The operatives recovered 2.32kg of cocaine concealed in Ghanaian traditional kente materials going to the United Kingdom at a courier firm in Lagos on Monday,…
27 mins ago
Center for the Promotion of Private Enterprise (CPPE) has raised concerns over overbearing regulatory practices, including disproportionate sanctions, obstructive actions, and excessive fines and penalties, which have resulted in significant frustration and frustration for businesses and investments. The Director and Chief Executive Officer, CPPE, Dr Muda Yusuf, gave the warning, yesterday.These actions, CPPE contended, had…
28 mins ago
Build good team to fix Nigeria, Onokpasa advises President A Chieftain of the All Progressives Congress (APC) in Osun State, Olatunbosun Oyintiloye, yesterday, urged the 36 state governors to show more commitment to President Bola Tinubu’s resolve to end economic hardship in the country. He said that sincere commitment of the governors to the Renewed…
33 mins ago
Group cautions FG against worse #EndSARS protests The Ondo State Police Command has stated that the governorship candidate of the African Action Congress (AAC), Kunle Wizeman Ajayi, who was arrested while protesting against bad governance along with nine other activists, were cultists and cyber criminals. The AAC governorship candidate and other protesters identified as Patrick…
37 mins ago
Goods and electronics worth millions of naira were destroyed yesterday during a fire incident at the LG office in Lagos State. The Guardian learnt that the fire, which spread throughout the entire warehouse, which consisted of six assembly lines, affected equipment, forklifts, and household gadgets, including televisions, refrigerators, and air conditioners. Confirming the incident, the…
52 mins ago
With the aftermath of the #EndBadGovernance protest still hanging in the air, the Secretary-General, Urhobo Council of Traditional Rulers, and Ovie of Agbarha-Otor Kingdom, His Royal Majesty, Oghenevwogaga Richard Ebelle, at the weekend, urged President Bola Tinubu to quickly address the acute poverty in the country through policies reversal. The royal father gave the advice during…
56 mins ago
State PDP elects new excos, national delegates The Akwa Ibom State Head of Civil Service, Effiong Essien, has denied putting out any state government circular that the Supreme Court has approved partisan politics for civil servants. Essien refuted this claim at the weekend during the training of permanent secretaries in the state by the Administrative Staff…
56 mins ago
Nigeria will play a huge role in advancing Africa’s Artificial Intelligence (AI) drive for social economic progress and climate development. According to the Global System for Mobile Communications Association (GSMA) in a new report, titled: “AI for Africa: Use Cases Delivering Impact – Nigeria Deep Dive,” noted that the country had the potential to drive…
56 mins ago
A civil society organisation (CSO), Campaign for Ethics and Good Governance, has asked the Economic and Financial Crimes Commission (EFCC) and Nigeria Financial Intelligence Unit (NFIU) to look into the multi-billion naira contracts being awarded by Governor Godwin Obaseki of Edo State. The group expressed shock that within less than three months in office,…
“My smart brother says this plugin is magnificent!”
“Center for the Promotion of Private Enterprise (CPPE) has raised concerns over overbearing regulatory practices, including disproportionate sanctions, obstructive actions, and excessive fines and penalties, which have resulted in significant…”
Source Link: https://guardian.ng/news/nigeria/many-regulations-will-hamper-businesses-cppe-warns/
#Business – BLOGGER – Business