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The President of the Lagos Chamber of Commerce and Industry (LCCI), Dr. Mrs. Nike Akande has called on government to take more strategic decisions and make policies that will enable the economy recover quickly.
In a speech presented at the LCCI-Price Waterhouse Coopers (PWC) stakeholders’ forum on the state of the economy, she said the sustained plummeting of global oil prices since 2014 has put Nigeria in a difficult position and consequently led to various fiscal and economic challenges such as the drop in foreign earnings, decline in foreign reserves, huge financial bailout for some state governments and unstable business environment.
According to her, the slump in oil price will refocus the economy for development in addition to taking the right steps. Said she: “The decline in crude oil price will change our development focus for good, if we take the right steps to reduce our reliance on oil. I believe that a holistic diversification of the economy is desirable and inevitable at this trying period. There are many alternatives to oil and there are a lot we can do to make the best out of the present situation.
“More than ever before as a nation, we need more strategic decisions and policies that will put the economy into the path of recovery and social prosperity. Without preempting the findings of our research, I think that a dedicated attention should be paid to manufacturing, agriculture and agro allied industries, solid minerals, ICT, entertainment, tourism and many other areas in the non-oil sector.”
