By Barnabas Esiet.
The Lagos Chamber of Commerce and Industry (LCCI) has commended the Central Bank of Nigeria (CBN) for its recent decision to discontinue the Price Verification System (PVS) Portal, with effect from July 1, 2024.
In a statement, the Director General of the Chamber, Dr. Chinyere Almona said the CBN’s decision aligns with LCCI’s advocacy efforts to create a more conducive business environment in Nigeria.
Recall that the apex bank introduced the PVS Portal to facilitate accurate pricing of goods and services for foreign exchange transactions to prevent racketeering of invoicing.
Many stakeholders are worried that the PVS Portal introduced to prevent invoicing racketeering, had become a drawback for business operations, adding bureaucratic hurdles and operational inefficiencies that negatively impacted the business community.
The LCCI, representing the interests of the organized private sector, has repeatedly pointed out these challenges to the CBN and the government.
“Our concerted efforts, including engaging in dialogue with key stakeholders and presenting data-driven evidence on the adverse effects of the PVS, have culminated in this favourable outcome.
“The high level of responsiveness of the present government to our advocacy on several issues affecting the private sector is indeed commendable.” Almona stated.,” the statement read.
The LCCI’s Director General commended the government’s responsiveness to their advocacy, citing the exemption of Small and Medium Scale Enterprises (SMEs) from withholding tax and the suspension of VAT and import duties on medical supplies.
Dr. Almona is optimistic that these non-cash interventions, that the Chamber has been recommending to the government, will gradually and consistently ease the inflationary pressures prevalent in the economy in the past two years.
“These interventions will ease inflationary pressures and enhance the ease of business in Nigeria. The LCCI appreciates the government’s responsiveness and commitment to addressing the concerns of the organized private sector.” She noted.
Comment here