The Director-General of the Lagos Chamber of Commerce and Industry (LCCI), Dr Chinyere Almona, has commended the Central Bank of Nigeria (CBN) over its recent decision to discontinue the Price Verification System (PVS) Portal.
She said the action directly responds to the persistent advocacy efforts of the chamber and other stakeholders in the organised private sector (OPS)for a more conducive business environment in Nigeria.
She said the exemption of small and medium-scale enterprises (SMEs) from withholding tax as well as the suspension of the value-added tax (VAT) and import duties on medical supplies are commendable. The DG said that non-cash interventions, which have been recommended to the government, can gradually ease the inflationary pressure.
“These policy interventions by the government will enhance the ease of business (EoDB) in Nigeria and aid the survival of SMEs. The LCCI appreciates the government’s responsiveness and commitment to addressing the concerns of the OPS,” she said.
Pointing out that the CBN introduced the PVS portal to ensure accurate pricing of goods and services for FX transactions and prevent over-invoicing and under-invoicing, she noted: “While it intended to foster fair pricing in import and export activities, the portal became an impediment to business operations, particularly for importers. The mandatory PVR added bureaucratic hurdles and operational inefficiencies that negatively impacted the business community.
“The LCCI, representing the OPS interests, has continuously highlighted these challenges to the CBN and government. The high level of responsiveness of the present government to our advocacy on several issues affecting the private sector is indeed commendable.”
The DG said the stoppage would lower operational costs, streamline the importation process, allow timely access to essential inputs and foster higher production levels.
