SAM_3520AN intervention aimed at reviewing laws, which in­hibit business growth and development in the country, has been unveiled by Devel­opment Law Group of Olisa Agbakoba Legal (OAL) .

The latest move to save businesses, especially Small and Medium Enterprises (SMEs), was disclosed by Partner, OAL, Mr. Wilfred Ma­mah, at the OAL/Nigeria Investment Promotion Com­mission (NIPC) media par­ley, Tuesday in Lagos.

‘‘The current challenges in the economy require major reforms in nation’s invest­ment climate. It is against this background that OAL has found it necessary to contribute to current efforts to give Nigeria a new lease of economic life by promot­ing and organising an in­teractive media chat on the need to shore up Nigeria’s business climate and en­hance its competitiveness,’’ he said.

Mamah explained that laws relating to starting a business, securing credit, se­curing construction permit, property registration, enforc­ing contracts and resolving insolvency are some of the areas that OAL would be reviewing. Regrettably, he said the current economic crisis in which the country finds itself, due to growing unemployment, tumbling oil prices and the resultant sharp drop in revenues, has raised serious challenges and brought to the fore, the urgent need for a major shift in policy as well as institu­tional re-engineering.

Against this background, he noted that it has become very necessary to reform, re­align and streamline policy in the direction of economic diversification toward the non-oil sectors, capable of shoring up Nigeria’s Gross Domestic Product (GDP) on a sustainable basis.

The OAL partner said in the last 10 years, Nigeria has consistently ranked low in the World Bank index on Doing Business Report.

Quoting the 2015 report, which ranked Nigeria 170th out of 185 countries sur­veyed, Mamah noted that the nation’s potential as an investment hub is very high but legal and policy bottle­necks continue to deter in­vestors.

Also speaking, the Direc­tor, Investment Facilitation and Incentive Administra­tion of NIPC, Mr. Amos Sak­aba, said the way out of the current economic doldrums was for the country to diver­sify its economy away from oil, while exploring opportu­nities in other key sectors of the economy.

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