The Lagos Chamber of Commerce and Industry (LCCI) has called on the federal government to provide targeted support to businesses to help reduce their cost burdens related to energy, logistics, and regulatory compliance.
As Nigeria marks 26 years of democracy, the chamber, in a statement signed by Chinyere Almona, director general of LCCI, emphasised the importance of political stability in driving business success and attracting investments.
Following the President’s Democracy Day speech, the LCCI recommended non-cash interventions to help ease the harsh production environment.
According to the LCCI, President Bola Tinubu’s Democracy Day speech marked a pivotal moment for Nigeria, reflecting on the nation’s 26-year democratic journey and a roadmap for its future.
“His address, delivered on the historic June 12th, underscored the government’s appreciation of democracy, economic development, security, and social cohesion,” the chamber stated.
The LCCI also urged the government to ensure clear and consistent communication about economic reforms, policies to businesses and the public, reducing uncertainty, building confidence, and establishing transparent mechanisms for tracking and reporting progress made through reforms.
They added that the government should foster a collaborative environment between the government, businesses, civil society, and labor unions to ensure fair and timely negotiations on wages and working conditions, and implement continuous dialogue and conflict resolution mechanisms to prevent labor unrest.
The chamber further called for support for MSMEs through targeted financing, energy access, and market reforms, while noting that Micro, small, and medium-sized enterprises (MSMEs) form the backbone of Nigeria’s economy but face limited access to credit and infrastructure.
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“Implement programs that support strategic sectors pivotal to job creation, tax revenues, and infrastructure development,” LCCI said, noting that the oil and gas, power, and agriculture sectors require special attention as they offer catalytic support to the economy.
They also called for the expansion of social safety net programs to support households struggling with high living costs and inflation during this transition period. It further urged increased funding for public services such as healthcare, education, and social welfare.
“Remain sensitive to the concerns of and feedback from the Organized Private Sector (OPS) and engage in more consultations towards achieving better implementation of policies.
The LCCI, while commending President Tinubu for the strategic reforms initiated so far, urged the government to work towards a nation built on the rule of law, justice, and social cohesion, even in the nation’s diversity and political sophistication.
“Democracy places a big responsibility on the government to provide credible and adaptive leadership to sail the ship of governance,” LCCI said.
As Nigeria reflects on the progress made and the path ahead, the LCCI urged the government to remain steadfast in implementing all the required reforms towards a more sustainable and resilient economy.
