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LCCI faults CPC’s product registration moves

By BusinessNews Staff on April 25, 2015

The Lagos Chamber of Commerce and Industry has opposed steps taken by the Consumer Protection Council to register products of manufacturing firms.

The disapproval was contained in a speech delivered by the President of LCCI, Mr. Remi Bello, during the chamber’s first quarter press conference in Lagos recently.

Bello described the exercise by the CPC as a duplication of duties already being performed by the Standards Organisation of Nigeria and the National Agency for Food and Drug Administration and Control.

He said, “compelling businesses to register with the CPC is unnecessary and an additional regulatory burden on the private sector. We therefore call on the relevant authorities to prevail on the CPC to discontinue this course of action.

“It is imperative for the incoming federal administration to undertake a comprehensive audit of the regulatory environment to identify and eliminate all areas of overlapping functions of regulatory agencies.

Also in his analysis of the macroeconomic situation in Nigeria, Bello noted a slowdown in the growth of the non-oil sector including agriculture, construction, trade and services. He stated that the softening non-oil Gross Domestic Product was partly traced to the spillover effects of low oil prices which negatively impacted agricultural output, trade and services.

Commenting on the headline inflation which remained within the 6.0 and 9.0 per cent band established by the Central Bank of Nigeria, the LCCI president noted that the fact that inflation moved up by only 0.6 per cent might have been an indication that businesses were not able to pass on their increase in cost to consumers.

[Punch]

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