The Centre for the Promotion of Private Enterprise (CPPE) has expressed concern over the increasing regulatory challenges faced by Nigerian manufacturers. Muda Yusuf, the director of CPPE, made this known in a statement on Sunday.
The economic think tank highlighted issues such as multiple regulatory fees, levies, duplications, overlapping responsibilities, and regulatory pressures in Nigeria.
Yusuf urged regulatory agencies to be more considerate in how they enforce their duties. He stated, “The CPPE calls on regulatory agencies to exercise greater discretion in their actions and to support the current administration’s efforts to create a favorable environment for investment. This would help boost domestic production, reduce reliance on imports, conserve foreign exchange, and increase investor confidence.”
He clarified that this does not undermine the agencies’ primary responsibilities of consumer protection, competition enforcement, and the promotion of standards, quality, and environmental protection. However, he cautioned that these objectives should not be pursued at the expense of stifling investors.
Yusuf also pointed out that public statements from some agencies have unintentionally damaged the reputation of local brands, which contradicts the country’s goals of increasing domestic production, growing investments, expanding exports, earning foreign exchange, and creating jobs.
He emphasized that regulatory bodies should understand the difficult business environment in Nigeria, where many large companies have reported significant losses, some have shut down or scaled back operations, and others have left the country.
This statement comes in the context of an ongoing dispute between Dangote Refinery and the Nigerian Upstream Petroleum Regulatory Commission over crude oil supply. It follows a controversial remark by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, which claimed that Dangote Refinery’s petroleum products are inferior to imported ones.
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