… commends Tinubu on 2-years in office
The Lagos Chamber of Commerce and Industry (LCCI) has called for the full implementation of the tax reforms and many other policy reforms recently approved by the National Assembly, to improve the ease of doing business in Nigeria.
While congratulating President Bola Ahmed Tinubu, GCFR, on his administration’s second anniversary, the chamber called on the federal government to streamline regulatory processes, eliminate multiple taxation, and expand digitisation of government services to reduce compliance burdens on SMEs.
In a statement signed by Chinyere Almona, director general of LCCI, the chamber noted that while Tinubu’s bold macroeconomic reforms come with significant short-term socio-economic costs, they offer the potential for long-term macroeconomic stability and inclusive growth if implemented effectively and supported by strong institutional backing.
The LCCI stated that in Tinubu’s two years into the administration, Nigeria has undergone significant policy shifts most notably, the removal of fuel subsidies, exchange rate liberalisation, and attempts to shore up public revenues through tax reforms.
“While aimed at achieving long-term macroeconomic stability, these measures have also imposed short-term hardships on businesses and households, particularly small and medium-sized enterprises (SMEs), which remain the backbone of the Nigerian economy,” the chamber noted.
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In quest for a better business environment, the LCCI urged the government to promote local content and value addition, incentivise domestic production through tax reliefs, export facilitation, and backward integration policies to reduce import dependency.
“While we commend the Nigeria First Policy, we urge the government to intentionally support local firms in increasing production in response to the expected demand for local goods,” the LCCI stated.
The chamber also urged the government to improve on Infrastructure by accelerating investment in off-grid and renewable energy solutions for industrial clusters and commercial hubs.
“The proposed N20 trillion Renewed Hope Infrastructure Fund and the flagship projects, such as the Lagos-Calabar Coastal Highway, are promising.
“The execution of these initiatives must include job creation, cost-effectiveness, and robust participation in the private sector,” the chamber noted.
The LCCI further urged the government to scale up targeted SME support and introduce concessionary loan schemes tied to output targets for agro-processing, tech innovation, and light manufacturing sectors.
“We recommend that specialised banks, such as the Bank of Industry, Bank of Agriculture, Development Bank of Nigeria, NEXIM Bank, and others, be adequately funded to offer targeted financing at concessionary rates.
“There must be greater synergy between monetary and fiscal policies. The Central Bank of Nigeria, the Ministry of Finance, and the development finance institutions should work in tandem to manage inflation without stifling productive investment,” the LCCI stated.
