The Lagos Chamber of Commerce and Industry (LCCI) has released its business environment report for the first quarter of this year in which power supply was identified as the bane of business development in Nigeria.
The report is the outcome of feedback from members of the chamber and the wider business community in Lagos on investment climate issues.
It identified challenges still prevalent in the economy such as inadequate power supply, which led to sharp rise in operating costs for businesses, inadequate security and a lack of skilled workforce in the construction sector among a host of others.
According to the report, doing business with government and its agencies is still a big challenge for the private sector as corruption and extortion is still prevalent in government contracts and procurement processes.
The purpose of the report is to periodically assess the investment climate and highlight the implications for government policy.