LCCI commends Tinubu’s state broadcast

The Lagos Chamber of Commerce and Industry (LCCI) has shown its support for President Bola Tinubu’s recent State of the Nation address, where he addressed the country’s short-term economic challenges resulting from subsidy removal and exchange rate harmonization.

Asiwaju (Dr.) Michael Olawale-Cole, the President/Chairman of Council, Lagos Chamber of Commerce & Industry, in a statement, commended the President for his leadership, responsibility, and empathy in unveiling a broad plan to ease the cost of living burdens for Nigerians.

The President’s palliative plan, aimed at supporting businesses, the working class, and the most vulnerable, and his policy intervention to check rising inflation and ensure exchange rate stability, received praise from the LCCI.

However, the Chamber raised concerns about the lack of attention to security, a critical factor in national development.

“We urge the government to ensure smooth and promising implementation of the measures and regularly engage the citizens and the organized private sector to ensure accountability,” Olawale-Cole said.

The President’s description of the plan to invest N500 billion ($652 million) in boosting the economy through transportation, manufacturing, and food supply, and providing conditional grants to small businesses, was noted by the LCCI.

The Chamber called for consideration of more enterprises to significantly impact the economy, while supporting the move to stimulate economic growth and revive Nigeria’s sluggish industrialization.

“The focus on improving public transportation, including providing buses fueled by compressed natural gas (CNG) for deployment in all the states, is a means to provide affordable transportation across Nigeria,” Olawale-Cole acknowledged, seeing this move as reducing the cost of doing business for small enterprises.

While supporting the government’s plan to introduce an Infrastructure Support Fund for states to invest in critical areas, the LCCI called for transparency in the implementation of palliative strategies.

“There should be proper monitoring and evaluation of the implementation process to ensure benefits to the people,” Olawale-Cole stated.

Regarding the cost of funds for enterprises receiving loans under the plan, the Chamber urged the government to closely monitor the banking sector to ensure the eventual cost of funds remains within the proposed 9% per annum.

In addressing the issue of insecurity, the LCCI stressed its importance, stating, “If the issue of insecurity is not adequately dealt with, the implementation of these strategies could be in jeopardy.”

The Chamber also expressed concerns about the fuel subsidy regime and called for transparency, accountability, and integrity in product pricing to prevent it from becoming a burden on the economy and a source of enrichment for a select group of individuals.

“We urge Nigerians to exercise some patience,” Olawale-Cole emphasized, acknowledging that the country’s economic challenges have accumulated over decades and cannot be reversed in a short period.

The LCCI emphasized the need for a concerted effort and strategic alignment of national goals for successful reforms and a brighter future for Nigeria.