The Lagos Chamber of Commerce has issued a statement in response to President Bola Ahmed Tinubu’s recent nationwide address concerning the protests against bad governance that began on August 1st. While acknowledging the constitutional right to protest, the Chamber expressed concern over the potential negative impact such actions could have on businesses and society at large.
The Chamber emphasized the need for immediate and tangible implementation of government policies and programs, stressing that citizens must begin to see and feel these actions without further delays. Among the urgent measures highlighted were the activation of import waivers and tax exemptions to provide immediate relief to businesses and individuals.
Key areas identified by the Chamber include reducing the cost of doing business, addressing the high cost of living, ensuring food security, and tackling youth unemployment. The Chamber called on the government to focus on these critical variables, noting their interconnectedness with broader economic issues such as poverty, inflation, hunger, and crime.
The Chamber also advised the government to accelerate youth-oriented programs, ensuring rapid engagement and creating hope for near-term opportunities. In addition to supporting academic pursuits through the student loan program, the Chamber recommended an expansion of government-supported Technical and Vocational Education (TVET) to empower youth with skills for emerging opportunities in technology, creative industries, and the arts.
Moreover, the Chamber reiterated the importance of implementing single-digit interest loans for large manufacturers to boost manufacturing output and stimulate economic growth. Support for small businesses through grants and low-interest loans was also deemed essential, given the prohibitive cost of accessing credit at prevailing high-interest rates.
A notable quick fix proposed by the Chamber was the distribution of a million Compressed Natural Gas (CNG) kits at low or no cost to commercial vehicles, which currently consume a significant portion of imported fuel. This initiative, according to the President, would alleviate fuel costs and promote energy efficiency.
The Chamber urged the government to pay close attention to the implementation and coordination of these programs, highlighting the importance of time sensitivity and clear timelines. A more collaborative approach to policy planning and implementation was seen as crucial, with regular stakeholder engagement with the business community, media, and grassroots mobilization structures strongly advised.
As the nation navigates these challenging times, the Lagos Chamber of Commerce remains committed to advocating for measures that support economic stability and growth, ensuring that the benefits of government policies are felt by all citizens.
