Unfair competition stifles real sector investors, says LCCI
by ODINAKA ANUDU
July 28, 2014 | 12:00 am| | | Start Conversation
The Lagos Chamber of Commerce and Industry (LCCI) has said unfair competition in some sectors of the Nigerian economy have the capacity to discourage would-be investors and stifle current investments.
Remi Bello, president, LCCI, said many sectors of the economy was saddled with unfair competition owing to unbridled importation of consumer products into the country, wondering how the manufacturing sector would continue to grow in this situation.
“This situation has continued to hurt the real sector of the economy, especially the manufacturing sector,’’ said Bello, during the recent second quarter economic review.
He identified areas of concern as smuggling, faking and counterfeiting, influx of substandard products, evasion of import duties, under-invoicing as well as granting of waivers that were underserved, adding that all these create uneven playing field for investors in the economy.
High energy cost remains top on the list of challenges facing manufacturers, he said, stressing that influx of imports into the country’s market poses a major risk to the survival of many manufacturing firms.
“The new cement grade policy of the Federal Government ,0which specifies high grades of cement for building, plastering and pillars, is seen by most operators to affect their turnovers. More so, there was no enough transmission time allowed for operators to adjust their plants and inputs,’’ he said.
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