The Lagos Chamber of Commerce and Industry (LCCI) has urged the incoming administration, which will be led by President-elect Asiwaju Bola Ahmed Tinubu, to concentrate on issues of immediate and critical importance to the business environment and the overall economy. There are only 24 hours until the inauguration of a new government.
In a statement, the director-general of LCCI, Chinyere Aloma, said that the ineffective and poorly executed policies and initiatives responsible for the current precarious and unstable economic environment.
“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 stated.
She thinks that government should continue to intervene in industries like manufacturing, export, and agriculture to increase the country’s ability to earn foreign currency.
“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 added.
Aloma continued by saying that the government ought to aid industries whose contributions to the GDP are declining 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,” she concluded.
