800 companies closed in three years–Nigeria Chamber of Commerce says

The Nigeria Chamber of Commerce has said over 800 firms shuts down in Nigeria within a three year period.

The firms were shut down between 2009 and 2011. This happened as a result of difficulty in doing business in Nigeria, the body said.

It also disclosed, firms that did not shutdown are having serious challenges and are currently in ailing condition.

Mr. Herbert Ajayi, President of Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, disclosed this in Asaba,  Delta state capital on
Tuesday, at a workshop organised by the Revenue Mobilisation Allocation and Fiscal Commission, RMAFC.

He pointed out poor power supply and inadequate infrastructure as  major challenges affecting firm operations in Nigeria.

At about 70 percent of manufacturing firms in Nigeria operate using private power generator, and that makes the cost of running firms, goods and services high in Nigeria, he added.

He however, noted that high cost of petrol, diesel,  multiple taxation,  smuggling and inadequate access to finance, both local and abroad are also factors that are affecting firm operation in Nigeria.

He also attributed some of the challenges to corruption in port, he accused the port authority of not clearing cargoes in time and that frustrates business.

Mary Iyasere, NACCIMA Vice who delivered the speech on behalf of the President, described Nigerian government policies on manufacturing industry as inadequate and adviced the government to work hard in putting in place economic policies that will create a conducive environment for business in Nigeria.

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