How govt’s economic blueprint would ease uncertainty, by LCCI

Following prolonged uncertainty that slowed down the momentum of economic activities in the country in the first half of the year, the Lagos Chamber of Commerce and Industry (LCCI) has urged President Muhammadu Buhari to unveil his economic blueprint explaining the policy directions of his administration.

The chamber, in a statement by its President, Alhaji Remi Bello, noted that the momentum of economic activities needed to be rebuilt in earnest.

The chamber explained that the need to unveil the administration’s economic blueprint has become necessary noting that major business decisions have been put on hold over the past six months because of the political risk associated with a transition regime.

Specifically, the LCCI expressed optimism of reforms in the oil and gas sector, an intervention in the power sector, a review of the current regime of investment incentives, while the monetary policy thrust should focus on exchange rate management, inflation and interest rate.

The chamber also sought a review of the automotive policy and its sustainability as well as the trade policy covering tariffs, import prohibitions, waivers, tax policy and debt management.

It gave other areas the administration should focus on as the structure of the 2015 privatisation of development finance institutions and the Common External Tariff recently adopted by the Economic Community of West African States.
Others sectoral policies include the need to drive growth and economic diversification, key initiatives to reduce cost of doing business, the status of legacy debts and contractual obligations as well as port reforms.

The statement read in part, “This new political dispensation offers a great opportunity to bring about the desired change in all facets of our national life – the economy, social sector, quality of life, value orientation and governance quality.”

“We acknowledge the tremendous goodwill that the new administration currently enjoys and urge the regime to take full advantage of this goodwill to immediately commence the charting of a new course for the country and the economy. Four years is a very short time and the clock is already ticking away.”