THE Lagos Chamber of Commerce and Industry, LCCI, is expecting the President Muhammadu Buhari administration to unveil its economic blueprint in the next few days. The chamber, in a goodwill message to the new government signed by Remi Bello, its president, noted that the momentum of economic activities needed to be rebuilt in earnest.
According to the LCCI, there should be some reforms in the oil and gas sector; an intervention in the power sector; a review of the current regime of investment incentives; while the monetary policy thrust should focus on exchange rate management, inflation and interest rate. The chamber also sought a review of the automotive policy and its sustainability as well as the trade policy, covering tariffs, import prohibitions, waivers, tax policy and debt management.
It listed other areas the administration should focus on as the structure of the 2015 budget; privatisation of development finance institutions; and the common external tariff recently adopted by the Economic Community of West African States. Others are sectoral policies to drive growth and economic diversification; key initiatives to reduce cost of doing business; the status of legacy debts and contractual obligations as well as port reforms. The chamber said major business decisions had been put on hold in the past six months because of the political risk associated with a transition regime.
“This new political dispensation offers a great opportunity to bring about the desired change in all facets of our national life – the economy, social sector, quality of life, value orientation and governance quality. We acknowledge the tremendous goodwill that the new administration currently enjoys and urge the regime to take full advantage of this goodwill to immediately commence the charting of a new course for the country and the economy. Four years is a very short time and the clock is already ticking away,” it stated.
The chamber also congratulated the President on his inauguration as well as the leadership of all political parties, the Independent National Electoral Commission, the electorates and security agencies for their roles in ensuring a successful transition. It commended the immediate past President Goodluck Jonathan, for dousing the tension that characterised the electoral process, especially the presidential election.
— Jun 15, 2015 @ 01:00 GMT