LCCI calls for better interface between regulatory agencies, SMEs

THE Lagos Chamber of Commerce and Industry (LCCI) has called for direct and effective engagements between Small and Medium Enterprises (SMEs) and regulatory agencies for enhanced transactions, communication and responsive feedback mechanism. 

LCCI’s Director-General, Dr Muda Yusuf, made this call in a statement made available to Nigerian Tribune, on Monday, following a study by the Chamber and the Center for International Private Enterprise (CIPE). The study was titled: Transactional Accountability, Process Consistency and Operational Transparency. 

According to Yusuf, the study was administered to business owners, senior managers and personnel, responsible for interfacing with the regulatory agencies in three cities — Aba, Kano and Lagos, due to their high concentration of SMEs. 

He noted that the study focused on the Federal Inland Revenue Service (FIRS) and the National Agency for Food and Drugs Administration and Control (NAFDAC) as critical and strategic regulatory agencies. Yusuf said it revealed the need for ease of access to information for SMEs to address gaps between officials of regulatory agencies and owners/managers of SMEs businesses in the engagement process. 

This, he said, would eliminate all forms of revenue leakages and transparency issues in their procedures and operations translating to improved outcomes for both the SMEs and the regulatory agencies. He noted that the study also revealed the importance of the full adoption of technology by the Ministries, Departments, and Agencies (MDAs) to drive efficiency and ensure transparency. 

The LCCI boss argued that poor deployment and inadequate use of information technology, ineffective grievance redress mechanism and non-standard approaches as SMEs and regulatory agencies engaged, created opportunities for transactional accountability breaches. “The Federal Government of Nigeria on May 18, 2017, signed Executive Order 001 on the Promotion of Transparency and Efficiency in the Business Environment.”

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