Industrialist Decries High Cost Of Business

Chief Toyin Taiwo, the chairman of Ijebu Chamber of Commerce, Mines, Agriculture and Industry has described the high cost of doing business in the country.

Taiwo made the observation on Tuesday in an interview with our correspondent in Ijebu-Ode, Ogun State.

He lamented the lack of basic infrastructure such as stable power and water supply, efficient transportation system and good roads, adding that this was discouraging potential investors.

Taiwo hinged the high capital flight from the country on high cost of overheads, saying this should be a source of concern to government at all levels.

“The high cost of doing business has become a source of concern to the existing business owners in the country.

“Many companies are relocating to other countries due to the harsh business environment in the country.

“It is not out of context to say that the provision of infrastructure by the government to the business environment is not enough and it is not supporting growth in the country.

“This is why most companies are now relocating to other countries where they can break-even due to the friendly nature of the environment,” he said.

Taiwo, who is also the Chief Executive Officer of Food Technology Company, urged the Federal Government to give special attention to the provision of stable power.