Barely 24 hours to the inauguration of a new government, Lagos Chamber of Commerce and Industry (LCCI) has urged the incoming administration to be led by the President-elect Asiwaju Bola Ahmed Tinubu to focus on issues of immediate and critical importance to the business environment and the overall economy.
The Director-General of LCCI, Chinyere Aloma, in a statement, said that the present tenuous and fragile business environment has been a result of inappropriate and poorly implemented policies and interventions.
“There are fiscal policy gaps, unsuitable monetary policies, and administrative inefficiencies which are inimical to the proper functioning of the economy. These should be reviewed and urgently reversed for immediate gains.
“Areas of grave concern include non-unified exchange rates, incidences of market shocks, massive infrastructural deficits, and unsustainable debt burden. Another issue is the recently approved fiscal policy measures which are at variance with the pre-existing but fully agreed-on FPM roadmap 2022 – 2024,” she said.
According to her, government should sustain interventions in sectors like agriculture, manufacturing, and export to boost the nation’s foreign exchange earnings capacity.
“We urge the government to keep track of the plans to tackle the menace of oil theft and to boost oil exports.
“The LCCI encourages the new government to tackle the issue of subsidy removal with alacrity and with its economic consciousness. The decision, however, must be combined with humaneness for the sake of the most vulnerable.
Security is an issue that must also be dealt with in order to ensure a conducive investment climate,” she stated.
Aloma added that the government should support sectors with diminishing contributions to GDP as well as those whose value chains are domesticated. “Some of the policies implemented by the outgoing regime might have been well-intentioned, however, implementation was a challenge.”
LCCI has earlier called on the federal government to remain focused on tackling Nigeria’s many economic issues even as the country approaches the general election in February.
The call was made yesterday by the President of LCCI, Dr. Michael Olawale-Cole, during the chamber’s “State-of-the Economy Quarterly News Conference” in Lagos where he commended the government’s bold initiative to stop payment for petroleum subsidy.
Olawale-Cole said: “Government must remain focused on addressing the country’s economic challenges and not get carried away by electioneering.
“As a private sector advocacy group with the mandate to promote the business community’s interests, we shall continue to engage relevant government agencies, the media, and other interest groups on actionable recommendations for a thriving business community.”
The LCCI’s president also appealed to Nigerians to get involved in the electioneering processes and use their power of numbers to sustain Nigerian democracy.
“Dear Nigerians, this year’s election is critical to the survival of our nation, and we know that every democratic nation determines its leaders by the decision of the citizens who vote.
“As the voice of the organized private sector, LCCI appeals to everyone to get involved and use the power of numbers to sustain the Nigerian democracy.
“Get your Permanent Voters Card (PVC) today, and more importantly, please cast your vote wisely,” he said.
Olawale-Cole also noted that the security profile around the conduct of the general elections has not been comforting enough to guarantee a secure electioneering process.
He said there was a need to deploy more technology to boost security communication and more surveillance infrastructure at critical locations across the country to actualize a free, fair, and credible election.
He also called for massive enlightenment campaigns against thuggery, violence, and security breaches.
“Election managers should engage constructively with all critical stakeholders including, the traditional community, civil societies, media, and security agencies.
“The recent Edo train attack where 31 passengers went missing should not be allowed to happen.
“The citizens deserve to know the preparedness of the government in conducting the general elections as a way of boosting their confidence in the process and endearing their participation,” he said.
Olawale-Cole also commended the government’s plans to end the payment of petroleum subsidies as the best economic decision that would reduce the country’s unsustainable public debts.
He, however, urged the government to roll out cushioning policies before the possible removal later in the year to mitigate the short-term inflationary pressures expected to accompany the removal.
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Source: Guardian
