OPS seeks overhaul of power sector reforms, regulatory framework
Members of the Organised Private Sector (OPS) yesterday called for overhaul of power sector reforms, describing the reforms as failing to meet the expectations of the business community, thereby affecting sustainability.
After four years of reforms, the stakeholders stated that the power situation is worse today before the modification, as operators have to contend with higher energy costs.
Members of the OPS, which include manufacturers and operators in the services sector, said the business environment remains difficult despite government’s efforts. They added that challenges bordering on logistics and transportation, harmonisation of taxes and regulations as well as inconsistency in policies continue to overshadow government’s efforts
However, the Federal Government while acknowledging these concerns, assured operators of a better second half of the year, adding that it remains committed to removing barriers to ease doing business in the country.
Speaking at the Presidential Policy Dialogue session organised by the Lagos Chamber of Commerce and Industry (LCCI), the President of the chamber, Dr. Nike Akande stated that some issues of concern to the business community are lingering and need to be addressed for the non-oil sector to contribute meaningfully to the economy.
Akande appealed for redress in addressing the power sector challenges as well as the liberalisation of the oil sector in order to lessen the financial burden on government and unlock investment potential in the sector.
“We are convinced that the Nigerian economy has strong fundamentals. The resources are enormous, the domestic market is large and the people are resourceful and enterprising. What is critical are the enablers. We are confident that the recent government initiatives on the ease of doing business would impact positively on the economy,” she added.
The Minister of Industry, Trade and Investment, Okechuckwu Enelamah said: “We have a $30 billion export initiative by the Nigerian Export Promotion Council (NEPC), but it is not enough and unless we create the environment for export to make us more competitive at the global market, we will not be able to achieve this.”