Like a graceful gazelle to a hungry lion, so is a successful business to Nigerian regulatory authorities- Prey!
Entrepreneurs will quickly tell you that it seems like new fees and fines are being cooked up every day. For the well connected, this may prove less of a challenge.
However, saints who wish to play by the rules are faced with onerous and inefficient processes. In the end, the way out for those who refuse to ‘settle’ the regulatory officials is to stay small and in the shadows. It is no wonder Nigeria has one of the largest informal economies.
The above, coupled with the huge infrastructure deficit, explains why Africa’s powerhouse ranks 169 (out of 190) in the World Bank’s Ease of Doing Business Index.
The lifestyle section of the Unity Bank Digest features a piece on how regulatory actions stifle business activities & expansion.
This issue also contains other stories such as a breakdown of the GDP figures, the EIU’s global liveability report and details of which African country is jailing people for using nylon bags.
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