LCCI urges government to ease pains of reforms

Director-General of the Lagos Chamber of Commerce and Industry (LCCI), Dr Chinyere Almona, has expressed deep concerns over policy inconsistency and the effects of the economic reforms on businesses.

Reacting to President Bola Tinubu’s New Year message, Almona said she expected the reforms to deliver on easing the high rate of inflation, the burden of high interest rates, business shutdowns and job losses as well as resolve the persistent challenges facing power supply.

“His address underscored both opportunities and challenges as we embark on the journey to achieving the ambitious goal of a one trillion-dollar economy,” she admitted.

Commending the government’s efforts towards achieving the successes highlighted in his speech, the DG said the National Credit Guarantee Company represents a critical step toward unlocking access to credit, particularly for women, youth and small-scale enterprises.

If implemented effectively and efficiently, she said, the scheme would help boost demand for goods from agro-producers and industries and improve capacity utilisation of manufacturers.

“We, however, emphasise the need for swift operationalisation and a transparent framework to avoid bureaucratic bottlenecks,” she said.
Almona said the President’s desire to work more collaboratively with the international community is a good idea.

However, for Nigeria to really explore inherent opportunities in international relations, she said, the government must do more to create an enabling business environment to boost the country’s foreign direct investments.

“All our diplomatic efforts should be geared towards boosting foreign trade, especially when we can boost our non-oil exports to the levels of recording trade surpluses in 2025. We need critical investments in the telecommunications sector to boost the digital transformation agenda of the government. Similarly, the Compressed Natural Gas (CNG) initiative requires huge investment in infrastructure. Both digital transformation and energy transition are quite critical to achieving the level of industrialisation required to power a one trillion economy,” she stated.

Almona said the President’s focus on ethical citizenship and shared values underscores the role of social cohesion in nation-building. She added that the proposed National Values Charter and Youth Confab are commendable efforts to galvanise citizens and foster patriotism.

“For the business community, a stable and cooperative societal framework is foundational for sustained economic activity. Beyond the show of commitment to a charter of shared values, we believe that the rule of law remains the most important guarantee of human rights protection and the best template for justice and fairness in a democratic state,” she posited.