President Bola Tinubu has been requested by the Lagos Chamber of Commerce and Industry (LCCI) to provide more thorough plans and strategies to address the nation’s inflation, insecurity, underemployment, and social injustice.
The LCCI studied the “President’s 2024 New Year Address to the Nation” on Monday before making this call, according to a statement that was signed by director general Chinyere Almona.
“Acknowledging the challenges of high inflation (above 28 percent) and an unacceptable under-employment rate is crucial. However, specific strategies to address these issues were not mentioned, leaving room for concerns about the impact on citizens,” the statement said.
It added, “While efforts to address security challenges were mentioned, specific details on comprehensive security strategies were limited.”
“The acknowledgement that security problems are not entirely solved raises questions about the effectiveness of current measures.”
She pointed out that as long as the government ignores security-related concerns, there will be little opportunity for agricultural investment to succeed.
Regarding underemployment, the LCCI stated that although the President’s decision to address the issue in the most populous country in Africa is a commendable move, the administration has not yet released any specific plans and methods to carry it out.
The LCCI acknowledged that there is a commendable commitment to eliminating inequality and creating a fair and equitable society, but said that “specific policy measures to close the widening wealth gap are unclear.”
The chamber appreciated the President’s efforts to address these critical issues facing the nation and urged the administration to provide more detailed plans and strategies to tackle the challenges as a transparent and inclusive approach to governance will contribute to building public confidence and achieving sustainable economic growth.
Almona pointed out that commitment to power projects, including the Siemens Energy initiative and efforts to enhance the reliability of transmission lines, is a positive step towards addressing the critical issue of electricity supply, which aligns with the business community’s aspirations for a robust and diversified economy. However, there is an urgent need to address the structure of the power sector.
“The government needs to consider bringing private sector investment into the transmission segment of the power sector. This would ensure adequate technical and financial capacity for a well-functioning sector to power economic growth,” she said.
According to her, the focus on cultivating farmlands to grow staple crops and boost food security aligns with the need to ensure constant food supply, security, and affordability for citizens. However, LCCI cautions that the productivity of the farmlands and the effectiveness of investments in food production are subject to adequate security measures.
The chamber recommends that the government consider fast-tracking the movement of the police from the exclusive list to the concurrent list to be legislated upon by the federal and state governments, guaranteeing effective policing of the nooks and crannies of the society, particularly the farmlands.
The announcement of a new national living wage, it said, is a positive step towards ensuring the well-being of workers and promoting inclusive economic growth.
“The dedication to creating a conducive business environment is commendable. The assurance to simplify fiscal and tax policies, the commitment to removing obstacles hindering business competitiveness, and the call for collaboration with the private sector resonate well with the chamber’s vision for a thriving business environment.”
The LCCI believes that while removing the fuel subsidy was necessary, its impact on individuals, families, and businesses, leading to discomfort, must be carefully managed. The potential ripple effects on the cost of living and inflation must be closely monitored.
