Victor EzejaThe Lagos Chamber of Commerce and Industry (LCCI), has called on the Nigerian government to implement targeted programmes that support strategic sectors of the economy.
It said such supports would help businesses in productive sectors in reducing operational costs, boost production and create more jobs for the overall growth of the economy.
Join our WhatsApp ChannelThe LCCI made the call in a statement signed by its Director General, Dr Chinyere Almona, while reacting to President Tinubu’s speech on Thursday to mark the country’s 26 years of democracy.
We urge “Implement programmes that support strategic sectors pivotal to job creation, tax revenues, and infrastructure development,” LCCI stated.
It emphasised that because the oil and gas, power, and agricultural sectors provide the economy with catalytic support, they need specific attention.
The chamber explained that the support could be in the form of targeted financing for micro, small, and medium-sized enterprises (MSMEs), energy access, and market reforms, noting that MSMEs, are the backbone of Nigeria’s economy but have limited access to credit and infrastructure.
The LCCI also urged the government to ensure that businesses and the public receive clear and consistent communication about economic reforms and policies, thereby reducing uncertainty, building confidence, and establishing transparent mechanisms for tracking and reporting progress.
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It also suggested that the government should create a collaborative environment between government, businesses, civil society, and labor unions to ensure fair and timely wage and working conditions negotiations, as well as implement continuous dialogue and conflict resolution mechanisms to prevent labor unrest.
Expansion of social safety net programmes
It also advocated that social safety net programmes be expanded in order to assist households that are having difficulty coping with inflation and high living expenses during this time of transition.
Additionally, it called for more financing for public services like social welfare, healthcare, and education.
Need for Political stability
The chamber underscored the need for political stability, stating that it is critical to attracting investments and promoting business success.
The LCCI applauded President Tinubu’s strategic reforms and urged the government to prioritise the rule of law, justice, and social cohesion, despite the country’s diversity and political advancement.
“Democracy places a big responsibility on the government to provide credible and adaptive leadership to sail the ship of governance,” LCCI said.
It also urged the government to continue implementing necessary reforms for a more sustainable and resilient economy.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
