The Lagos Chamber of Commerce and Industry (LCCI) has commended President Bola Ahmed Tinubu on the inaugural Meeting of the Federal Executive Council (FEC) and its outcomes. The Chamber notes the President’s eight-point agenda: food security, ending poverty, economic growth, and job creation. Others are improving access to capital, particularly consumer credit, inclusivity in all its dimensions, improving security, improving the playing field on which people and particularly companies operate, the rule of law, and fighting corruption.
The Chamber recognizes the challenges are enormous, as described by the Minister of Finance and Coordinating Minister of the Economy. Expectations are also enormous, and Nigerians – corporations and individuals – are not particularly inclined to settle for poor results considering the sacrifices. The LCCI is of the view that if these highlighted policy thrusts of the administration are well articulated and implemented, they are certain to strongly impact the nation’s socio-economic landscape.
Specifically, the administration’s target of creating 50 million jobs should go beyond a policy statement, as implementation is critical to the economy. The most sustainable approach to job creation is to support production and create an enabling business environment for the private sector. A thriving private sector will continue to create jobs for the foreseeable future.
The Chamber anticipates that all Ministries will hereafter clearly articulate the priority areas and further divide them into strategic initiatives with clear timelines and responsibilities for performance monitoring and evaluation. In addition, it anticipates the development of critical metrics with special emphasis on impact, growth and job creation, poverty reduction and investment attraction. We look forward to a comprehensive policy document by sector, which will demonstrate the government’s clarity of vision, courage, and creativity in achieving the admirable socio-economic agenda.
The Chamber recommends the implementation of responsive fiscal and monetary policy measures in order to ensure/ promote macroeconomic stability with a particular focus on effectively managing inflation, addressing the challenge of high interest rates and foreign exchange shortages. The LCCI also anticipates that the government would focus its policy efforts on sectors with the potential of generating high employment.
