Multiple Taxation, Naira Devaluation Stagnating Businesses, Expert Laments

A Financial expert and chairman of Amaecom Conglomerate, Marcel Ofomata, has raised concern over multiple taxation, naira devaluation and low quality products, saying they impede businesses in the country.

He also lamented that ports have become a place where corrupt government officials milk imposters dry, with many businesses packing up because of the trend. Ofomata disclosed this in Abuja, during the company’s 20th anniversary celebration, at the weekend.

While advising regulatory agencies to double up in tracking substandard goods entering the country, he said the situation has diminished the image of citizens outside Nigeria.

He said: “Part of the limitations is the environment where we do business and the competition we are also having. When we say competition, it’s not as if we are competing with anyone. We are on our own. But when you look at the market size, it is actually great, and you find products coming into this company.

“If you look at them well, you will realise that at the end of the day, we have so much substandard products. The government needs to look into that because they are not supposed to come into this country. Whatever comes into this country is competing with you. If you look at the products, they are not even worth competing with you. It is a big challenge.”

According to him, another problem is naira value, which is depreciating. “It is making life miserable for us. Most of our friends who are in the same business have closed shop because they could not continue with such exchange,” he said.

Ofomata added: “But we have been able to stand tall. If I meet President Bola Tinubu, I will tell him that times are hard. The exchange rate is too high. He should look into it. He should look into the ports.

“The ports hold a very significant position in every economy of every country. And they play a key role. They determine quality. So, authorities that regulate quality of goods should step up their game because they are not getting it right. Something is wrong at the ports.”

(Guardian)