Red tape and regulation is forcing Nigerian businesses out of the formal sector
Thursday, April 1, 2010
Out of 183 economies measured by the World Bank, Nigeria ranks 125th in terms of the ease of doing business. For example, it takes the average medium-sized firm almost 1,000 hours to comply with the country’s absurd tax code.
With such voluminous restrictions, is it really surprising that Nigerian Export Promotion Council estimates that at least 300 tonnes of Nigerian products are traded in the informal sector weekly?