Businesses in Nigeria are spending more to comply with an expanding web of regulations, squeezing investment and growth as compliance costs continue to climb.
Operators say rising compliance costs and overlapping regulations are slowing growth, with businesses spending more time on permits and levies than on expansion.
Leye Kupoluyi, president of the Lagos Chamber of Commerce and Industry, said manufacturers, particularly small and medium-sized enterprises, continue to face excessive regulatory burdens arising from multiple registrations.
“This duplication increases compliance costs, delays market entry, and constrains business expansion,” he said Wednesday at an address on the State of the Economy.
A recent MAN study found that manufacturers pay over 60 different taxes and levies, making local production increasingly expensive and less competitive.
