Provide clear timelines on economic interventions, LCCI urges FG

The Lagos Chamber of Commerce and Industry (LCCI) has tasked the Federal Government to provide clear timelines for when the numerous promised policies and interventions will be implemented.

Reacting to President Bola Tinubu’s speech on the #EndBadGovernanceInNigeria protests, the Director-General of the Chamber, Dr Chinyere Almona, said the FG must go beyond highlighting its achievements and take urgent actions to ensure that citizens feel the promised policies and programmes.

She noted that while the Chamber recognises the right to protest as guaranteed by the Constitution, it is concerned about the unintended negative impacts it has on businesses and society at large.

She said all the import waivers and tax exemptions must take immediate effect so that businesses and individuals could start to enjoy the concessions. Critical areas that must be touched, she added, include the cost of doing business, cost of living, food insecurity and youth unemployment.

“We call on the government to focus and report progress on these variables that are seen to have links to many other issues in the economy, like poverty, high inflation, increased hunger, heightened crimes and so on. We advise that all youth-oriented programmes be fast-tracked such that more youths are rapidly engaged, and others are hopeful of near-term opportunities.

“Apart from the support to academic pursuits through the student loan programme, we have always recommended that government-supported Technical and Vocational Education (TVET) skills acquisition is known to have a huge capacity to develop and empower our youths to take up emerging opportunities. Technology, creativity and the arts provide great opportunities that can gainfully engage our youth, home and abroad,” she said.

She stressed the importance of quick implementation of single-digit loans to large manufacturers to boost manufacturing output and growth. With the prevailing high interest rate she said, companies are finding it too expensive to access credit from banks, she lamented.

“One quick fix is the distribution of the million compressed natural gas (CNG) kits at extremely low or no cost to commercial vehicles that transport people and goods and who currently consume 80 per cent of the imported PMS and AGO, according to the President. This must be expedited.”

She finally urged the government to pay stern attention to the implementation and coordination of highlighted programs as this has always posed a challenge. “We want a more collaborative approach to policy planning and implementation; regular stakeholder engagement with the business community, the media and grassroots mobilisation structures is advised,” she concluded.