Prof. John Alabi Urges Reforms to Boost Nigeria's Business Environment

Professor John Alabi calls for streamlined bureaucratic processes and reduced regulatory hurdles to improve Nigeria's business environment. He emphasizes the need for efficient infrastructure, transparent governance, and investor-friendly policies to attract investments and drive economic growth.

author-image
Trim Correspondents
New Update
Prof. John Alabi Urges Reforms to Boost Nigeria's Business Environment

Prof. John Alabi Urges Reforms to Boost Nigeria's Business Environment

Professor John Alabi, a lecturer atPrince Abubakar Audu UniversityAnyigba, has called for streamlined bureaucratic processes and reduced regulatory hurdles to improve the ease of doing business in Nigeria. In a recent broadcast on the Nigeria Television Authority (NTA), Prof. Alabi emphasized the importance of efficient infrastructure, transparent governance, and investor-friendly policies in attracting both domestic and foreign investments and driving economic growth in the country.

Why this matters: A conducive business environment is crucial for Nigeria's economic growth and development, as it can lead to increased foreign investments, job creation, and improved living standards. By addressing bureaucratic bottlenecks and implementing investor-friendly policies, Nigeria can unlock its economic potential and become a more attractive destination for businesses and investments in Africa.

Among his key recommendations, Prof. Alabi stressed the need forcollaborative effortsbetween the public and private sectors to address systemic challenges and implement sustainable reforms. He also highlighted the role of continuous monitoring and evaluation of business policies to ensure their effectiveness and relevance in a rapidly evolving global economy. Data-driven decision-making and evidence-based policy formulation, according to Prof. Alabi, are crucial in driving progress and achieving tangible results.

Prof. Alabi's call for reforms aligns with the Nigerian Government's Strategic Blueprint, which identifies digitalization as a key enabler to stabilize and strengthen the macroeconomic environment. The digital sector is expected to play a significant role in steering Nigeria towards a more resilient and dynamic economic future. A recent GSMA report estimates the telecom sector's contribution to Nigeria's GDP at 13.5% in 2023, with a total economic impact of 33 trillion NGN and 2.4 trillion NGN in tax revenue contributions.

However, the report also highlights challenges to infrastructure deployment, including the need for a legal framework for Critical National Infrastructure, simplified and improved processes for issuing Right of Way (RoW), and reduced tax burdens. Angela Wamola, Head of Sub-Saharan Africa at the GSMA, underscores the importance of connectivity, stating,"High-speed connectivity is the bedrock of any digital nation, and the Nigerian government recognizes the mobile industry's role in laying key foundations on which digital transformation is built."

As Nigeria seeks to attract investments, spur economic growth, and create employment opportunities, Prof. Alabi's recommendations underscore the urgency of prioritizing reforms that promote business development and foster a conducive environment for enterprise. By addressing bureaucratic bottlenecks, improving infrastructure, and implementing investor-friendly policies, Nigeria can unlock its economic potential and position itself as a leading destination for business and investment in Africa.