LCCI sets business, economic policy agenda for Buhari

The Lagos Chamber of Commerce and Industry at a press briefing with business correspondents in the country, set out its business and economic policy agenda for the second term tenure of President Muhammadu Buhari’s administration.

President of the Chamber Mr Babatunde Ruwase, FCA flanked by his executive members outlined 17 areas that will require urgent attention by the government.

He said government should commit to policies and programme that will accelerate economic growth and ensure that the growth rate surpasses the rate of growth of population.

“Private sector investment is a critical growth driver; therefore, the government should commit to the creation of an enabling environment to bring about a quantum leap in private investment.  Consequently, tax policy, trade policy, monetary policy, and foreign exchange policy must be in alignment with this objective.

 The LCCI recognises the Economic Recovery and Growth Plan (ERGP) as the main economic policy document of the present administration, advising that the private sector should be positioned to play the role expected of it in this important policy document.

 The LCCI urges the Buhari administration to focus on attracting investments, through an appropriate Public Private Partnership to attract private capital in the financing of bankable public sector projects.

 On the Africa Continental Free Trade Agreement (AFCTA), the LCCI calls on the government to ensure that appropriate safeguards and measures are put in place to protect vulnerable sectors of the economy.

The Lagos chamber proposes a more liberal visa policy regime, which should grant nationals of selected advanced economies visa free entry into Nigeria for a maximum of 30 days.  This, it said will positively impact Nigeria’s FDI, hospitality and tourism industry.

LCCI said it is of the firm belief that the Presidential Enabling Business Environment Council is one of the best performing initiatives of the present administration. The chamber requests that the Enabling Business Environment Secretariat, EBES should be further strengthened to cover all sectors of the economy in its scope of activities.

On the issue of power, the LCCI proposes that policies and incentives should be put in place to encourage decentralization and more off grid solutions in the power sector.

The Chamber urges government to encourage and facilitate more off grid power generation for improved access to power. The Aba and Sura market power initiatives should be widely replicated across the country.