The Lagos Chamber of Commerce and Industry (LCCI) has urged the federal government to remain committed to its proposed programmes and ongoing economic reforms to enable Nigerians to reap the benefits of democracy without further delay.
The Chamber made the plea on Thursday while reacting to President Bola Tinubu’s Democracy Day Speech.
The group, in a statement signed by its Director-General, Dr. Chinyere Almona, also called on the national government to ensure clear and consistent communication about economic reforms and policies to businesses and the public.
It argued that by reducing uncertainty, building confidence, and establishing transparent mechanisms for tracking and reporting progress made through reforms, the government would be able to get the support of many Nigerians for its policies and reforms.
The chamber also urged the federal government to provide targeted support, in form of non-cash interventions, to businesses to reduce their cost burdens.
The business advocacy group called on the government to expand social safety net programs to support households affected by high living costs and inflation, during this transition period, and increase funding for public services, such as healthcare, education, and social welfare.
“Government should also implement programs that support strategic sectors pivotal to job creation, tax revenues, and infrastructure development. The oil and gas, power, and agriculture sectors require special attention as they offer catalytic support to the economy.
“It should support MSMEs through targeted financing, energy access, and market reforms. Micro, small, and medium-sized enterprises (MSMEs) form the backbone of Nigeria’s economy but face limited access to credit and infrastructure,” it stated.
The Chamber stressed the need for the government to remain sensitive to the concerns of and feedback from the Organized Private Sector (OPS) and engage in more consultations, to enable it to achieve better implementation of its policies.
On the President’s Democracy Day Speech, the chamber described the address as underscoring the governments appreciation of democracy, economic development, security, and social cohesion.
While congratulating Nigerians on the peaceful transition and commitment to democratic values in the past twenty-six years, the Chamber noted that a stable political environment has become very crucial, since it enhances business success and attracts investments.
READ ALSO: LCCI, MAN decry 27.5% monetary policy rate
and then