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Stakeholders Advocate Collaborative Regulatory Environment for Industrial Development

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Daniel Kanu

Industry stakeholders have urged government regulatory agencies to de-emphasise revenue generation and focus more on enterprise facilitation in a bid to ensure industrial and national development.

The call was made by a panel of discussants at the recently concluded Nigeria Employers Summit 2020 themed ‘The Private Sector as Engine for National Development’.

The summit, which was organized by the Nigeria Employer Consultative Association (NECA), held in Abuja, on June 20 and 21, 2022.

Setting the tone for the panel discussion on the topic ‘Building a Collaborative Regulatory Environment for Enterprise Competitiveness, Job Creation and National Development’, the Director-General, Manufacturers Association of Nigeria (MAN), Engr. Segun Ajayi-Kadir, said that the duty of the regulator is not only ensuring that manufacturers do not exploit consumers or take undue advantage of them but to also protect the regulated industries.

“It is also the duty of the regulator to ensure that we have a situation whereby the industry player feels very safe, is legally protected, its assets and investments are secure, and is guaranteed survival.

“The people also must be protected from manipulation and unfair treatment by the industry,” he remarked.

He noted further that the regulator must also see to the longtime interest of the industry, stressing that paucity of funds by government to maintain regulatory agencies is often responsible for the aggressive and inordinate internal revenue drive.

Delivering a policy paper at the session, the Director-General, Securities and Exchange Commission (SEC), Mr Lamido Yuguda, represented by the Executive Director of Corporate Services, SEC, Ibrahim Boye, said that the SEC has continued to strive to fulfil its mandate in creating an enabling environment for market operations.

Also, in an address at the session, the External Affairs Director, BAT West and Central Africa, Odiri Erewa-Meggison, lauded NECA and MAN for effective representation of the private sector, while calling for greater collaborative regulatory environment between the organised private sector and government agencies. “A collaborative regulatory environment means creating the enabling environment for the organised private sector and government agencies to work together for national development.
This involves having a seat at the table when key decisions that impact our industries are being made,” she said.

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