WEST AFRICA ECONOMIC DEVELOPMENT THREATENED BY INEFFICIENT LOGISTIC SYSTEM

The chairman Vitafoam Nigeria Plc, Dr, Dele Makanjuola, has stated that inefficient logistics management facility is threatening West Africa’s economic development.

Speaking at the Commissioning of the wellness centre by Business Club, Ikeja,he pointed out that “Anti-trade, pro-subsidy and pro-regulation of the various governments is strangulating their businesses.

Corruption is endemic across the nations and this has resulted to weak institutions, low morale of citizens, under developed sense of public service as well as huge imbalance in the supply and demand of power.

Perennial conflicts within nations and between nations slow down execution of regional development logistics.

“Poor infrastructure — transport, energy, waste management, water supply, public health, telecommunication and housing, including inefficient/primitive financial services and prevalent financial crimes have been affected also” he said.

Continuing, he urged for a more coordination among conflicting nations, stressing that the challenges are negatively affecting other sectors of the economy.

According to him, when such is in place, ECOWAS will function better, and unnecessary bureaucratic bottlenecks will be eliminated and speedy resolution of contentious issues.

Creation of conducive environment would lead to an improved business environment as well as trade policy measures and fiscal incentives.

However, there is need to a more aggressively implementation of the ECOWAS Common External Tarriff, CET.

As such, he said each nation should loosen internal binding constraints while ECOWAS promote schemes that will encourage intra-regional trade.

There is need for structural transformation to bring about economic growth. We should take note that economic development can be achieved only through continuous technological innovation, industrial upgrading and diversification.

Also, each nation should put in place the required legislation as well as the legal and institutions frameworks through which aggrieved persons or institutions can seek redress and compensation.