The Lagos Chamber of Commerce and Industry (LCCI) has described President Bola Ahmed Tinubu’s Democracy Day’s speech as a reflection of an ambitious and optimistic vision for Nigeria’s future.
The Chamber has also urged the President to sustain the implementation of its economic reform agenda.
According to LCCI, Tinubu’s focus on economic growth, improving security, and increasing funding for education, healthcare and infrastructure promised improved economic performance in the near future.
A public statement signed by Dr. Chinyere Almona, the director general of LCCI, states: “President 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 today on the historic June 12th, underscores the government’s appreciation of democracy, economic development, security, and social cohesion.”
Almonaadded that “as Nigeria reflects on the progress made and the path ahead, we urge the government to remain steadfast about implementing all the required reforms towards a more sustainable and resilient economy.”
According to her, “the government must stay committed to executing all its proposed programs and ongoing reforms to ensure Nigerians reap the benefits of democracy without further delay.
“We urge the government to work towards a nation built on the rule of law, justice, and social cohesion even in our diversity and political sophistication.
“Democracy places a big responsibility on the government to provide credible and adaptive leadership to sail the ship of governance.”
The LCCI also requested specifically that the government should ensure clear and consistent communication about economic reforms and policies to businesses and the public, in order to reduce uncertainty, building confidence, and establish transparent mechanisms for tracking and reporting progress made through reforms.
It also said that government should provide targeted support to businesses to reduce their cost burdens related to energy, logistics, and regulatory compliance.
It recommended non-cash interventions that could ease the harsh production environment and urged the government to expand social safety net programs to support households affected by high living costs and inflation during this transition period and increase funding for public services such as healthcare, education, and social welfare.
It said:
“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 labour unrest.
“Implement programs that support strategic sectors pivotal to job creation, tax revenues, and infrastructure development. The oil and gas, power, and agriculture sectors require special attention as they offer catalytic support to the economy.
“Support Micro, Small, and Medium-sized Enterprises (MSMEs) through targeted financing, energy access, and market reforms as they form the backbone of Nigeria’s economy but face limited access to credit and infrastructure.
“Remain sensitive to the concerns of and feedback from the Organised Private Sector (OPS) and engage in more consultations towards achieving better implementation of policies,” the LCCI said.
