The Lagos Chamber of Commerce and Industry (LCCI) has called on President-elect Bola Ahmed Tinubu to review the policies responsible for the weak business environment in the country. According to a statement signed by the Director-General of LCCI, Dr. Chinyere Almona, poorly implemented policies have contributed to the country’s poor economic state over the years.
LCCI hopes that the new administration will prioritize the critical issues affecting the business environment and the overall economy. The organization stated that areas of concern include inconsistent exchange rates, market shocks, infrastructure deficits, and an unsustainable debt burden. The recently approved fiscal policy measures, which contradict the pre-existing FPM roadmap, should be reviewed after consultations with stakeholders, the LCCI said.
The government should sustain interventions in select sectors like agriculture, manufacturing, and exports to boost the nation’s foreign exchange earnings capacity. The LCCI urged the government to deal with security issues and maintain plans to combat oil theft while also supporting sectors with diminishing contributions to GDP.
While the policies implemented by the outgoing government may have been well-intentioned, the LCCI believes that implementation was the main challenge. In light of this, the LCCI urges the incoming government to be conscious of its economic decisions and handle subsidy removal with caution. The LCCI encouraged the government to approach the issue with humanity, especially for the most vulnerable.
In conclusion, the LCCI called on the incoming government to support sectors whose value chains are domesticated, who will soon face difficulties as a result of policy changes. The new government must focus on ensuring that implemented policies are suitable, appropriate, and have the desired results in the country’s business environment.
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