LCCI bemoans harsh business environment

Goodie Ibru, the President, Lagos Chamber of Commerce and Industry, said on Monday that many businessmen had not benefited from growth in the economy due to the harsh business environment.
Ibru told the News Agency of Nigeria in Lagos that there was also the problem of uneven distribution of wealth.
He said this while reacting to the reports of the International Monetary Fund and the World Bank on Nigeria’s economic performance.
NAN reports that IMF and the World Bank had scored Nigeria’s economic performance high.
According to him: “There is actual growth in the economy.
“The reason why the ordinary man on the street is not feeling the beneficial effect and the positive side of the economy are two-fold.
“The business environment is still harsh, so the Small and Medium Scale Enterprises are not really benefiting and the benefit is also not cascading down to the ordinary man on the street.
“Also, you have few very rich people and a lot of people who manage to live above the bottom line.”
Ibru said that with these two reasons, it would be difficult for the ordinary man on the street to see and feel the benefit of the growth of the economy.
According to him, there is need for some restructuring of the economy to ensure even spread of the benefits of the economic growth.
NAN.