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ABCON Calls For Power Sector Reforms

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Leadership Nigeria News Today

The Association of Bureaux De Change Operators of Nigeria (ABCON) has called on the federal government to implement the power sector reform programme as measure toward improving the country’s ranking on the World Bank’s Ease of Doing Business.

The association also urged BDCs to apply the principle of currency diversification to mitigate the risk of currency fluctuations arising from uncertainties from socioeconomic and political development in the United States and in Europe.

ABCON in its Economic Report for the first quarter of 2019, noted that Nigeria’s score of 35 in terms of ease of getting electricity, as indicated by the World Bank Ease of Doing Business report, was lower than the average for  Sub-Saharan Africa and much lower than other comparable middle-income countries, with South Africa having  a score of 63 and India having  a score of 85.

ABCON stressed that access to stable electricity was one of the key challenges and constraints for doing business in Nigeria and hence a critical area of focus for the government  in order to sustain ongoing economic recovery.

“Weighing on the emergence of Nigeria from a recession in 2017, the country’s continued economic recovery will be slow, according to a new economic analysis. However, the analysis showed, labour-intensive sectors remained weak, which contributed to an increase in the rate of unemployment and underemployment throughout 2018 into Q1 2019. Level of poverty is also believed to have increased notwithstanding the exit from recession.”


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