LCCI urges govt to implement required reforms for resilient economy 

By Merit Ibe

The Lagos Chamber of Commerce and Industry (LCCI) has called on  the  government to stay committed to executing its proposed programs and ongoing reforms to ensure Nigerians reap the benefits of democracy. 

Commending President Bola Tinubu for the strategic reforms initiated so far, the chamber  urged the government to work towards a nation built on the rule of law, justice, and social cohesion even in diversity and political sophistication, noting that democracy places a big responsibility on the government to provide credible and adaptive leadership to sail the ship of governance.

Director General of the chamber, Dr Chinyere Almona, who  made the remarks following the  Democracy Day speech by the president, viewed that the speech underscores government’s appreciation of democracy, economic development, security, and social cohesion.

She said a  stable political environment is crucial for business success and for attracting investments.

Almona however expressed the chamber’s optimism about the long-term benefits of the proposed and implemented reforms.

Reeling out the recommendations of  the chamber, she advised that government  should ensure clear and consistent communication about economic reforms and policies to businesses and the public, reducing uncertainty, building confidence, and establishing transparent mechanisms for tracking and reporting progress made through reforms.

“Provide targeted support to businesses to reduce their cost burdens related to energy, logistics, and regulatory compliance. We recommend non-cash interventions that can ease the harsh production environment.

“Expand social safety net programs to support households affected by high living costs and inflation during this transition period and increase funding for public services such as healthcare, education, and social welfare.

“Foster a collaborative environment between the government, businesses, civil society, and labor unions to ensure fair and timely negotiations on wages and working conditions, and implement continuous dialogue and conflict resolution mechanisms to prevent labor unrest.

“Implement programs that support strategic sectors pivotal to job creation, tax revenues, and infrastructure development. The oil and gas, power, and agriculture sectors require special attention as they offer catalytic support to the economy.

“Support MSMEs through targeted financing, energy access, and market reforms. Micro, small, and medium-sized enterprises (MSMEs) form the backbone of Nigeria’s economy but face limited access to credit and infrastructure.

“Remain sensitive to the concerns of and feedback from the Organized Private Sector (OPS) and engage in more consultations towards achieving better implementation of policies.”

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LCCI urges govt to implement required reforms for resilient economy

By Merit Ibe

The Lagos Chamber of Commerce and Industry (LCCI) has called on the government to stay committed to executing its proposed programs and ongoing reforms to ensure Nigerians reap the benefits of democracy.

Commending President Bola Tinubu for the strategic reforms initiated so far, the chamber urged the government to work towards a nation built on the rule of law, justice, and social cohesion even in diversity and political sophistication, noting that democracy places a big responsibility on the government to provide credible and adaptive leadership to sail the ship of governance.

Director General of the chamber, Dr Chinyere Almona, who made the remarks following the Democracy Day speech by the president, viewed that the speech underscores government’s appreciation of democracy, economic development, security, and social cohesion.

She said a stable political environment is crucial for business success and for attracting investments.

Almona however expressed the chamber’s optimism about the long-term benefits of the proposed and implemented reforms.

Reeling out the recommendations of the chamber, she advised that government should ensure clear and consistent communication about economic reforms and policies to businesses and the public, reducing uncertainty, building confidence, and establishing transparent mechanisms for tracking and reporting progress made through reforms.

“Provide targeted support to businesses to reduce their cost burdens related to energy, logistics, and regulatory compliance. We recommend non-cash interventions that can ease the harsh production environment.

“Expand social safety net programs to support households affected by high living costs and inflation during this transition period and increase funding for public services such as healthcare, education, and social welfare.

“Foster a collaborative environment between the government, businesses, civil society, and labor unions to ensure fair and timely negotiations on wages and working conditions, and implement continuous dialogue and conflict resolution mechanisms to prevent labor unrest.

“Implement programs that support strategic sectors pivotal to job creation, tax revenues, and infrastructure development. The oil and gas, power, and agriculture sectors require special attention as they offer catalytic support to the economy.

“Support MSMEs through targeted financing, energy access, and market reforms. Micro, small, and medium-sized enterprises (MSMEs) form the backbone of Nigeria’s economy but face limited access to credit and infrastructure.

“Remain sensitive to the concerns of and feedback from the Organized Private Sector (OPS) and engage in more consultations towards achieving better implementation of policies.”