The Lagos Chamber of Commerce and Industry (LCCI) has issued a call to President Bola Ahmed Tinubu, emphasizing the need for detailed plans and strategies to address pressing economic challenges in Nigeria, including inflation, underemployment, security, and social inequality.
In a statement released by Dr. Chinyere Almona, the Director General of LCCI, the chamber responded to the President’s 2024 New Year Address. The LCCI highlighted that while the President’s focus on agriculture is commendable, its success hinges critically on resolving security concerns. “Investment in agriculture faces limited prospects without addressing security issues,” Almona noted.
According to a report by This Day Live, the LCCI stressed the importance of a transparent and inclusive governance approach, which is essential for building public confidence and fostering sustainable economic growth. Almona underscored that security measures are paramount for ensuring productivity in agriculture, recommending that the government expedite police reform for more effective local policing, particularly in rural and farmland areas.
However, Almona pointed out that while President Tinubu acknowledged ongoing security challenges, specific details on comprehensive security strategies were scant, raising concerns about the effectiveness of current measures.
The statement also touched on the impact of fuel subsidy removal, acknowledging its necessity but also its potential to exacerbate inflation and living costs. The chamber emphasized the importance of closely monitoring these effects to manage the discomfort it may cause individuals and businesses.
The LCCI commended the President’s commitment to address inequality and build a fair society but noted the lack of clear policy measures to bridge the wealth gap. They also called for greater transparency in the evaluation of ministers and agency heads to ensure accountability and performance improvement.
Furthermore, the chamber reviewed the President’s commitment to power projects and the reliability of transmission lines. The LCCI advocated for an urgent restructuring of the power sector, suggesting private sector investment in the transmission segment to enhance the sector’s technical and financial capacity.
