Experts Call For Effective Regulation To Ensure Economic Growth

Nigeria needs to address the gaps in its regulatory institutions if it is ready to become one of the top 20 economies by the year … Continue reading Experts Call For Effective Regulation To Ensure Economic Growth


babs 1Nigeria needs to address the gaps in its regulatory institutions if it is ready to become one of the top 20 economies by the year 2020. 

This is the position of the Managing Director of Nigerian Liquefied Natural Gas Limited (LNG), Mr. Babs Omotowa at a conference for Federal Regulatory and Intervention Agencies in Abuja, the nation’s capital.
Mr Omotowa listed duplication of agencies and laws, ambiguous and obsolete laws, multiplicity of fees and levies, as some of the challenges making it impossible for Nigeria to benefit economically from regulations and standards.

Experts and regulators from different agencies of government and the private sector at a conference on the impact of regulatory agencies on the economic transformation of Nigeria.

Speakers at the occassion call for proper regulations because an ineffective regulatory industry will only continue to stifle the economy rather than make it better.

Omotowa,  listed many challenges  that come with regulations in Nigeria. He said Nigeria needs to shape up to maximize the  economic benefits of regulations which is a critical component of its economic advancement.

He also made a case for the passage of the Petroleum Industry Bill (PIB), which  is a key regulatory law that will further unlock and maximize the economic benefit of the oil and gas sector .

Going forward, experts at this event share the view that there is a need to stop the establishment of agencies with overlapping responsibility while existing agencies need to be streamlined and strengthened to ensure that Nigeria benefits from regulatory agencies.