Members of the Organised Private Sector, including the Small and Medium Enterprises Development Agency of Nigeria, and the National Association of Chambers of Commerce, Industry, Mines, and Agriculture have expressed worry over the N2.5tn annual losses by the business community to administrative bottlenecks.
Speaking with The PUNCH on Sunday, the Director-General of SMEDAN, Mr Charles Odii, said the group plans to engage with the relevant agencies to streamline the processes required to address this anomaly.
Last week, the Federal Government through the Minister of Marine and Blue Economy, Adegboyega Oyetola, said the Nigerian business community was losing N2.5tn annually to delays and administrative bureaucratic bottlenecks.
He disclosed this in Lagos while speaking at the stakeholders’ forum on establishing the National Single Window.
Oyetola while quoting a report by the World Bank added that the cost of doing business in Nigeria was 40 per cent higher than what was obtainable in other West African countries.
“As highlighted by the World Bank, the cost of doing business at Nigerian ports can be up to 40 per cent higher than in other West African countries due to delays and administrative bottlenecks, leading to an estimated annual revenue loss of N2.5tn within the business community,” Oyetola said.
He, however, expressed hope that the implementation of the NSW could enhance efficiency, “potentially reducing these costs by at least 25 per cent.”
According to him, by streamlining operations, improving transparency, and minimising delays, the system not only drives cost savings but also strengthens overall trade facilitation.
The former Osun State Governor mentioned that the cumulative impact across all areas, including reduced costs, enhanced efficiency, and greater transparency, ultimately contributes to the overall ease of doing business.
Reacting to this, the Director-General of the National Association of Chambers of Commerce, Industry, Mines, and Agriculture, Mr Sola Obadimu, said, “The issue is self-explanatory; we need a more efficient processing procedure at the ports to hasten processing time such that people who are exporting perishable items, for example, can get to their destination on time.
“So that business can beat their deadlines so that the government can make more money and all these losses will be stopped. When the ports are efficient, it will yield more money to the government and businesses. If businesses conclude their transaction on time they will make more money.”
On his part, the SMEDAN DG, Odii, said, “At SMEDAN we are actively engaging relevant agencies and levels of government to streamline processes and create a more supportive environment for SMEs.”
He said one of the major initiatives of the group is the introduction of a reform-focused ranking system to encourage the adoption of policies and systems that ease business operations, reduce bureaucratic delays, and improve service delivery for SMEs.
“This will help track and evaluate government agencies on their efforts to remove bottlenecks that hinder Small and Medium Enterprises’ growth,” he stated.
Odii added that the group recognises that beyond policy reforms, SMEs must also be equipped to navigate regulatory frameworks and leverage digital solutions that simplify compliance.
“Addressing both structural challenges and SME capacity gaps, we are working to ensure that Nigerian businesses can grow with fewer constraints, contribute meaningfully to the economy, and compete effectively in both local and global markets,” Odii stated.
