The Policy and Governance Discussion Platform (PGDP) has urged the Federal Government to implement business reforms to enhance ease of doing business in Nigeria, thereby driving foreign exchange inflows. This recommendation was made in the group’s second-quarter report, released on Friday.
The PGDP, led by Dr. Suleyman Ndanusa, former Chairman of the Securities and Exchange Commission, aims to contribute to Nigeria’s development through idea-sharing on governance issues.
To boost foreign exchange earnings, the group suggested:
– Ensuring transparent and predictable rules and procedures
– Developing long-term strategies to increase exports, attract foreign direct investment, and stabilize exchange rates
– Reducing consumption of foreign goods and promoting exports
– Promoting local production and value addition while reducing reliance on imports
Regarding electricity, the PGDP recommended a cost-benefit analysis of the new tariff regime and studies to identify opportunities and mitigate risks in the power sector.
To address fiscal imbalance and attract investment, the group emphasized the importance of prioritizing debt reduction. They also offered solutions to optimize the agricultural sector’s performance, including increased funding, support for agriculture and local industries, and targeted incentives to attract and retain companies.
The PGDP’s recommendations align with the World Bank’s ‘Ease of Doing Business’ report, which assesses a country’s attractiveness for entrepreneurial ventures and investment.
