Mr Femi Fapohunda, Chief Operating Officer, Mouka Foam Ltd, has urged Federal Government to introduce more market-friendly policies to further improve the “Ease of Doing Business” in Nigeria.
Fapohunda said this at the 60th Anniversary Gala Dinner of Mouka Foam held on Saturday in Lagos.
“Nigeria currently ranks 146 amongst 190 economies in the 2019 World Bank’s Ease of Doing Business ranking.
“I believe that with market-friendly policies, regulation and control, the overall ease of doing business in Nigeria will improve,” he said.
Also speaking, the company’s Chief Commercial Officer, Mr Oladimeji Osingunwa, urged the three tiers of government to create innovative policies that would encourage entrepreneurship and manufacturing.
He said over 70 per cent of business ventures in Nigeria collapsed within five years of inception due to poor infrastructure, registration hurdles, multiple taxation, bureaucratic bottlenecks, among others.
“This makes start-ups difficult and it creates challenges for established businesses to run profitable establishments,” Osingunwa said.
He said that Nigerians were creative and had the potential to bring the emergence of Africa technology to reality through positive innovation and entrepreneurship.
Osingunwa noted that manufacturers only needed support and encouragement from the government, individuals and organisations to bring their creative minds to the fore.
“All the government needs do is to make the country business conducive for manufacturers and investors to operate.
“Nigeria can do better if the government can prioritise entrepreneurship and encourage activities of the manufacturers,” Osingunwa said.
Earlier, Mouka Foam Chief Executive Officer, Mr Raymond Murphy, said the event was aimed at appreciating and rewarding the company’s partners, distributors and customers.
“At Mouka, management recognises the importance of innovation and capacity development, which it has determined to keep building and developing for the next decades to come,” he said.