66th Independence: LCCI speaks on next level of economic reforms

by · The Eagle Online

The Lagos Chamber of Commerce and Industry has urged the Federal Government to make the next phase of economic reform more firmly centered on competitiveness and productivity.

LCCI President, Engr. Leye Kupoluyi, made the call in his message to the 66th Independence Anniversary of the country.

Kupoluyi said the advocated approach requires a sustained programme of regulatory reform, commending the recent launch of the government services portal, services.gov.ng, and calling for its optimal operation to deliver government services more efficiently and affordably to businesses. 

He stressed that businesses should be able to register, obtain licenses, pay taxes, import inputs, export products, access finance, and resolve commercial disputes without excessive administrative delays and costs.

LCCI boss stated: “Nigeria’s long-term prosperity will depend on the ability to shift from an economy predominantly driven by consumption and government expenditure to one increasingly driven by investment, production, exports, and private-sector job creation.

Nigeria has a large domestic market, a young population, significant agricultural resources, substantial energy potential, and an expanding entrepreneurial ecosystem. What is required is an environment that enables these assets to translate into productive investment. The LCCI therefore calls for a renewed national commitment to production, productivity, and competitiveness.

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“We need an economy where a Nigerian manufacturer can produce competitively, where a farmer can move produce efficiently to market, where an entrepreneur can obtain affordable credit, where an investor can rely on predictable regulations, where workers can earn incomes that support a decent standard of living, and where young Nigerians can find productive employment within the country”.

Following this, LCCI called on the FG to implement a targeted package of immediate measures to provide relief to households while addressing the structural causes of high prices.

The Chamber urged the government to intensify measures to expand mass transit, improve public transportation infrastructure through the rollout of CNG and electric vehicles, and support the more efficient movement of food and essential commodities from production areas to urban markets. 

Kupoluyi recommended further: “The immediate priority should be to increase food supply and reduce post-harvest losses through investment in irrigation, storage, rural roads, agricultural inputs, security, and market infrastructure. We can boost food production by focusing more on poultry and fisheries, agro-processing to add value to primary commodities, and supporting food supply logistics from farms to markets. The government should also facilitate the movement of food from surplus-producing areas to deficit markets and remove unnecessary restrictions and bottlenecks along major food corridors.

“The government should pursue measures to reduce the transmission of global energy price shocks to domestic consumers and businesses. This should include improving domestic crude supply to local refineries, strengthening refinery operations, expanding domestic gas utilization, and accelerating investment in alternative energy solutions.

“The government and employers should continue to engage in mechanisms to improve real incomes, particularly for low- and middle-income workers. Wage adjustments should be accompanied by productivity improvements and measures that reduce the cost of essential goods and services. 

“Rather than broad and fiscally expensive subsidies, the government should strengthen targeted interventions for the most vulnerable households, including food assistance, transport support, and other carefully designed social protection programmes. Import waivers for critical production inputs can reduce inflation in targeted sectors”.

At 66, Kupoluyi affirmed that Nigeria has enormous economic potential, saying that the challenge before the country is to ensure that macroeconomic reforms translate into tangible improvements in citizens’ lives and in the operating conditions of businesses.

The LCCI President acknowledged the progress made in restoring macroeconomic stability, but maintained that the next phase of reform must focus on converting stability into prosperity.

He added that the country must now move decisively from stabilization to inclusive growth, from consumption to production, from high operating costs to competitiveness, and from economic recovery to broad-based prosperity.

“Nigeria at 66 must be a Nigeria of greater productivity, stronger businesses, more jobs, improved purchasing power and shared prosperity” Kupoluyi restated.

Similarly, LCCI urged policymakers to focus not only on inflation reduction but also on restoring purchasing power and reducing the structural costs embedded in the prices of goods and services.

In the same vein, the Chamber advised the government to move from isolated interventions to a comprehensive industrial competitiveness programme built around five priorities, including reliable and affordable energy: “Accelerate the implementation of the power-sector reforms and create dedicated industrial power solutions, while improving gas supply to industrial clusters”.

Kupoluyi added: “Affordable long-term finance: Expand development-finance instruments, credit guarantees, and blended-finance mechanisms targeted at manufacturing, agro-processing, and MSMEs.

“Predictable trade and tariff policies: Provide greater certainty on tariffs, import restrictions, and customs procedures while ensuring that trade policies support domestic production without creating artificial shortages.

“Local supply-chain development: Promote the domestic production of industrial inputs, packaging materials, machinery, chemicals, agricultural inputs, and other intermediate goods required by manufacturers.

“Industrial infrastructure: Develop and rehabilitate industrial parks, economic clusters, roads, rail connections, ports, and logistics infrastructure to reduce the cost of moving goods”.

The LCCI President declared that Nigeria needs to produce more, employ more Nigerians and reduce the country’s dependence on imported goods.

The Eagleonline reports that Nigeria celebrates Independence on every October 1, of each year.

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