LCCI lauds FG’s commitment to power projects

The Lagos Chamber of Commerce and Industry (LCCI) has lauded the Federal Government’s commitment to implementing power projects and a new minimum wage.

According to the News Agency of Nigeria (NAN), in a statement in Lagos on Tuesday, LCCI also praised the government for dedication to improving agriculture and business environment.

The statement was signed by the LCCI Director-General, Dr Chinyere Almona.

The chamber of commerce reacted to President Bola Tinubu’s New Year Day broadcast on Monday.

The News Agency of Nigeria (NAN) reports that, in the broadcast, Tinubu assured Nigerians of his administration’s readiness to address critical issues affecting the country.

According to LCCI, FG’s commitment to power projects, including the Siemens Energy initiative and the effort to enhance reliability of transmission lines, is a positive step toward addressing poor electricity supply.

It, however, said that the government would need to consider bringing private sector investment into the transmission segment of the power sector to ensure adequate technical and financial capacity.

“The focus on cultivating farmlands to grow staple crops and boost food security aligns with the need to ensure constant food supply, security and affordability for citizens.

“However, LCCI cautions that the productivity of the farmlands and the effectiveness of investments in food production are subject to adequate security measures.

“LCCI recommends that the government considers fast-tracking the movement of the police from the exclusive list to the concurrent list to be legislated upon by the federal and state governments.

“This will guarantee effective policing of the nooks and crannies of the society, including farmlands,” it said.

LCCI also said that the announcement of a new national living wage by the president was a positive step toward ensuring well-being of workers and promoting inclusive economic growth.

It added that the dedication to creating a conducive business environment was commendable, adding that the call for collaboration with the private sector was in line with the chamber’s vision for a thriving business environment.

The chamber, however, noted that specific strategies to address the potential ripple effects of fuel subsidy removal on cost of living were not mentioned in the broadcast.

It said that this gave room for concerns about the impact on the citizens.

The chamber also noted that, while efforts to address security challenges were mentioned in the broadcast, details on comprehensive security strategies were limited.

It added that government’s commitment to building a fair and equitable society and addressing inequality was commendable, but specific policy measures to close the widening wealth gap were unclear.

“The LCCI appreciates the president’s efforts to address these critical issues facing the nation.

“However, the chamber urges the administration to provide more detailed plans and strategies to tackle inflation, under-employment, security challenges and social inequality, among other issues,” it said.