The Lagos Chamber of Commerce and Industry (LCCI) has called for robust engagement between the private sector and government to actualise the new period for business registration.
The Director-General of LCCI, Mr Muda Yusuf, told the News Agency of Nigeria (NAN) in Lagos on Wednesday that there was need to constantly monitor and ensure effective implementation of the new reform.
According to him, this will boost investors’ confidence and economic growth.
NAN reports that the Presidential Enabling Business Environment Council (PEBEC) meeting on April 24 ended with a resolution to reduce business registration period from 10 days to two days.
The decision is to save time and reduce cost of business registration, improve the business clime and the country’s Ease of Doing Business ranking.
According to Yusuf, the private sector is duty-bound to constantly assist government with feedbacks to achieve effective implementation of the reform.
“The decision is laudable and I believe it will have desired effects because the government is committed to it.
“As stakeholders in the economy, we should assist government with information and feedback to drive the implementation.
“If it is not working in line with what is promised, we will engage government on it.
“What is important is that there is sincerity of purpose, government is committed to it and the council is headed by the Vice President.
“There cannot be a better commitment and seriousness than that,” he said.
Yusuf said that the decision would boost investment, encourage more Micro Small & Medium Enterprises (MSMEs) to formalise their businesses and spur the development of the sector for improved contribution to the country’s Gross Domestic Product (GDP). (NAN)