James Emejo in Abuja
The Group Managing Director, Access Bank Plc, Mr. Herbert Wigwe on Monday tasked the federal government to urgently intervene and address the high cost of doing business in the country.
Speaking at the opening of the national insurance conference in Abuja, he noted that the hostile business atmosphere had denied the country of the benefits it ought to reap from the activities of companies in operation.
He said:”Nigeria must deal with the high cost of doing business. Our poor infrastructure, business registration hurdles, multiple taxation, bureaucratic bottlenecks, and others make it difficult to conduct business in Nigeria.
“Nigeria currently ranks 146 amongst 190 economies in the 2019 World Bank’s ease of doing business ranking.
“This makes start-ups difficult and it creates challenges for established businesses to run profitable establishments.”
He added that the acceleration of innovation and the effects of disruption are delivering a resounding swipe to virtually all value chains, yielding long-term gains in efficiency and productivity.
According to him:”Government will need to adopt new technologies and accumulate capabilities in terms of surveillance systems and the ability to control digital infrastructure.
“Government will need to embrace a world of disruptive change, subjecting its structures to higher levels of transparency and efficiency in policy formulation, implementation and oversight.”
Wigwe said at Access Bank, the management recognises the importance of innovation adding that this had led to the introduction of a new business philosophy.
He said this had gone beyond traditional boundaries to offer bespoke financial and lifestyle services to over 29 million customers across 12 countries through innovations in digital banking, artificial intelligence and analytics.