TheCable

The Lagos Chamber of Commerce and Industry (LCCI) says the federal government should provide more detailed plans and strategies to address critical challenges Nigerians face.

LCCI, in a statement by Chinyere Almona, its director-general, on Monday, said the strategies should address inflation, under-employment, security, and social inequality.

While commending President Bola Tinubu for highlighting positive steps towards improving the Nigerian economy in his New Year speech, LCCI said concerning elements were also identified from the address.

“The commitment to power projects, including the Siemens Energy initiative and efforts to enhance the reliability of transmission lines, is a positive step towards addressing the critical issue of electricity supply, which aligns with the business community’s aspirations for a robust and diversified economy,” the chamber said.

“However, there is an urgent need to address the structure of the power sector. The government needs to consider bringing private sector investment into the transmission segment of the power sector.

“This would ensure adequate technical and financial capacity for a well-functioning sector to power economic growth.

“The focus on cultivating farmlands to grow staple crops and boost food security aligns with the need to ensure constant food supply, security, and affordability for citizens.

“However, LCCI cautions that the productivity of the farmlands and the effectiveness of investments in food production are subject to adequate security measures. Investment in agriculture has a limited chance of success as long as the government fails to deal with security issues.

“LCCI recommends that the government consider fast-tracking the movement of the police from the exclusive list to the concurrent list to be legislated upon by the federal and state governments. This will guarantee effective policing of the nooks and crannies of the society, particularly the farmlands.”

Almona also said the national living wage is a positive step towards ensuring the wellbeing of workers and promoting inclusive economic growth.

The chambers director-general said the federal government’s dedication to creating a conducive business environment is commendable.

“The assurance to simplify fiscal and tax policies, the commitment to removing obstacles hindering business competitiveness, and the call for collaboration with the private sector resonate well with the Chamber’s vision for a thriving business environment,” she said.

‘SPECIFIC POLICY, MEASURE UNCLEAR’

Almona said the federal government needs to come up with specific strategies to address the removal of the petrol subsidy and the potential ripple effects on the cost of living and inflation that were not mentioned, leaving room for concerns about the impact on citizens.

While efforts to address security challenges were mentioned by the president, Almona said specific details on comprehensive security strategies were limited.

“The acknowledgement that security problems are not entirely solved raises questions about the effectiveness of current measures,” Almona said.

“The commitment to building a fair and equitable society and addressing inequality is commendable. However, specific policy measures to close the widening wealth gap are unclear.

“Despite the setting parameters for the evaluation of ministers and heads of agencies mentioned, there is a need for transparency in these evaluations to ensure accountability and performance improvement.”

LCCI, therefore, said a transparent and inclusive approach to governance will contribute to building public confidence and achieving sustainable economic growth.