TheCable

The Lagos Chamber of Commerce and Industry (LCCI) has called on fiscal and monetary authorities to put into effect policies and plans that will enhance economic recovery as well as private financing. 

Toki Mabogunje, outgoing president of LCCI, said this at the chamber’s 133rd annual general meeting (AGM) held on Thursday. 

“Achieving faster recovery requires the fiscal and monetary sides of the economy to promote growth-enhancing and confidence-building policies that would encourage private capital flows to the economy,” she said.

She said that the growth trajectory for 2021 should end on a positive note between 2 and 2.5 percent if enabling plans were implemented.

Mabogunje added that fiscal and monetary authorities must develop a medium-term recovery plan focused on bolstering local efficiency, attracting private investment, developing infrastructure, economic diversification, employment generation, among others.

She said that even though inflation had slowed down, there are concerns that the double-digit figure might persist in the short to medium term.

It would be driven by structural issues, including continuing food supply shocks and insecurity, which would increase pressure on domestic consumer prices even though inflation has slowed down.