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LCCI Tasks FG On Economic Blueprint In Power, Trade Others

The Lagos Chamber of Commerce and Industry has charged the Buhari led government to expedite action and unveil the economic blueprint that would guide the business community on what to expect from the government.

LCCI said this in a press statement released on Sunday and signed by the President Lagos Chamber of Commerce and Industry, Remi Bello.

The statement titled ‘Goodwill Message From LCCI On The Occasion Of The Inauguration Of A New Political Administration’ stated “At this time, the private sector eagerly awaits President Buhari’s Economic Blueprint that would define the policy directions of his administration. This is important for policy clarity, strategic planning, investment decisions and investors’ confidence.Major business decisions have been put on hold over the past six months because of the political risk associated with a transition regime. The first half of the year was characterised by profound uncertainty which slowed down the momentum of economic activities in the country”.

It said, the private sector, in the next couple the private sector would like to see an unveiling of economic blueprint of the Buhari administration, especially in the following areas: The Oil and Gas Sector reform

The nature of intervention in the Power Sector, Current regime of Investment incentives, Monetary policy thrust focussing on exchange rate management, inflation, interest rate and current tightening mode of monetary policy, Automotive Policy and its sustainability, Trade Policy covering Tariffs, import prohibitions, waivers etc., Tax policy, Debt management, Structure of the 2015 federal government budget, Privatisation of Development Finance Institutions.

Others areas they would like the economic agenda unveiled, according to LCCI are: Common External Tariff [CET] recently adopted by ECOWAS, Sectoral policies to drive growth and economic diversification, Key initiatives to reduce the cost of doing business, The Status of legacy debts and contractual obligations, contractor arrears, outstanding subsidy payments, Salary arrears, legacy projects etc and Port reforms

Emphasising that clarity in respect of the above is very crucial at this time, the LCCI President added that the momentum of economic activities needs to be rebuilt in earnest.

Stating further, LCCI commended in particular the disposition of the immediate past President Goodluck Johnathan in dousing the tension that characterised the process.

This new political dispensation LCCI said, 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!”, it stated.

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