Lagos, Jan. 2, 2024: The Lagos Chamber of Commerce and Industry (LCCI) has lauded the Federal Government’s commitment to power projects, cultivating farmland, new national wage and thriving business environment among other socio-economic transformational agenda.
Its Director General, Dr Chinyere Almona, gave the commendation in a statement on Monday in Lagos, while reacting to President Bola Tinubu’s 2024 broadcast.
President Tinubu assured Nigerians of his administration’s readiness to addressing critical issues that impact economic landscape of the country.
According to Almona, the LCCI identified positive and concerning elements from the address to foster constructive dialogue and provide a comprehensive analysis.
She noted that the commitment to power projects, including the Siemens Energy initiative and efforts to enhance the reliability of transmission lines, was a positive step towards addressing the issue of electricity supply.
The LCCI Director General, however, stressed the need to address the structure of the power sector.
She said that Government needed to consider bringing private sector investment into the transmission segment of the power sector.
This, she stated, would ensure adequate technical and financial capacity for a well-functioning sector to power economic growth.
“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 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, particularly the farmlands,” she said.
Almona also stated that the announcement of a new national living wage was a positive step towards ensuring the well-being of workers and promoting inclusive economic growth.
She added that the dedication to creating a conducive business environment was commendable and the call for collaboration with the private sector resonated well with the Chamber’s vision for a thriving business environment.
She, however, noted that specific strategies to address the potential ripples effects of fuel subsidy removal on cost of living and inflation were not mentioned, leaving room for concerns about the impact on citizens.
Almona said that while efforts to address security challenges were mentioned, specific details on comprehensive security strategies were limited.
She 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 are 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 these challenges, such as inflation, under-employment, security, and social inequality.
“A transparent and inclusive approach to governance will contribute to building public confidence and achieving sustainable economic growth,” she said.