Bribery, Corruption Are Major Disablers Of Business Environment In Nigeria – Moghalu Claims

Former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has revealed that aside from poor electricity, major disablers of the Nigerian business environment are bribery and corruption.

In a tweet on his official X handle, Moghalu claimed that bribery had eaten deep into imports of products and customs border clearance in Nigeria.

“After low electricity, bribery and corruption are the most important disablers of the business environment in Nigeria. Importing goods, crossing customs borders, even internal movement are nightmares. For our economy to thrive, this must change. Change must start from the top,” a tweet by Moghalu read.

Naija News recalls that American multinational consumer goods corporation Procter & Gamble (P&G) has announced that it is stopping manufacturing activities in Nigeria.

The company lamented that it is becoming increasingly difficult to do business in Nigeria due to issues with Dollar to Naira exchange values and problems with the macro-economic environment.

The recent removal of the fuel subsidy has exacerbated the challenges of operating in the country, making it increasingly difficult for multinational corporations to thrive.

Apart from P&G, other firms that have announced their exit from the Nigerian market include Bolt Food, Unilever, GlaxoSmithKline, Equnior, and Sanofi-Aventi Nigeria.