LCCI calls for moderate energy-related costs

The Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Government to pursue measures to reduce the transmission of global energy price shocks to domestic consumers and businesses.

The chamber, in its goodwill message at celebrating the country’s 66th independence, added that some of the measures should include improving domestic crude supply to local refineries, strengthening refinery operations, expanding domestic gas utilisation, and accelerating investment in alternative energy solutions.

While stressing the need for government to protect the purchasing power of workers, the organisation urged the government and employers to continue to engage in mechanisms that would help in improving real incomes, particularly for low- and middle-income workers.

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It also tasked the government to strengthen targeted interventions for the most vulnerable households, including food assistance, transport support and other carefully-designed social protection programmes, rather than broad and fiscally expensive subsidies.

The chamber, however, acknowledged the progress made in restoring macroeconomic stability, but expressed the belief that the next phase of reform must focus on converting stability into prosperity.

“The country must now move decisively from stabilisation 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.

“At 66, Nigeria has enormous economic potential. The challenge before us is to ensure that macroeconomic reforms translate into tangible improvements in citizens’ lives and in the operating conditions of businesses,” it stated.