The Lagos Chamber of Commerce and Industry (LCCI) has again tasked the federal government to tackle frontally, the worsening insecurity situation in the country, noting that the present security challenges had begun to take its toll on production bases.
Making the appeal in Lagos, on Tuesday, in his state of the nation’s economy address, the Chamber’s president, Dr Michael Olawale-Cole stated that the call had become imperative since the worsening insecurity in the country had started disrupting the supply chains, thereby leading to scarcity of goods in the country.
He argued that though the agriculture sector contributed 29.94% to overall GDP in real terms in the third quarter of 2021, the sector however had shown some evidence of impacts from heightening insecurity in the country.
Cole also noted that with more government’s support, the nation’s manufacturing sector, which recorded a sustained positive trajectory, as evidenced in its 15.59% contribution to nominal GDP, in the third quarter of 2021, could contribute more significantly to the nation’s GDP.
He however identified foreign exchange illiquidity, domestic inflationary pressure, weakening purchasing power, poor public infrastructure and port-related challenges as some of the issues confronting the sector.
“Although the economy seems to be at good levels of activities, rising insecurity concerns, external shocks, and high inflation rates may subdue the growth potential of Q4 2021,” he added.
While predicting a growth range of between 2.5% and 4% for the nation’s economy, in 2022, the LCCI’s boss however cautioned that key economic activities, in the year, such as the forthcoming electioneering campaigns, supply chain disruptions, removal of fuel subsidies, and pressures on the naira, should be looked out for since they could make or mar the economy.
He also charged the Central Bank of Nigeria (CBN) on the need to remain focused on price stability it had embarked on, because of the known effects of high double-digit inflation on the economy.
“Sustaining the pace of recovery recorded in 2021 requires both fiscal and monetary policymakers to be well-coordinated in promoting growth-enhancing and confidence-building policies that would encourage private and foreign capital inflows into the economy,” Cole stated.
He, therefore, called on deliberate efforts, on the part of governments at the different tiers, towards making the business environment more conducive for MSMEs, and large corporations at the national, sub-national and local government levels.
This, the LCCI’s boss argued, could be achieved by addressing the structural bottlenecks and regulatory constraints, contributing to the high cost of doing business in the country.
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