The Lagos Chamber of Commerce and Industry (LCCI) has urged the Federal Government to tackle bottlenecks confronting the manufacturing sector.
The body charged the government to carry out targeted fiscal interventions such as lowering and fixing the customs exchange rates for import duties and spending more on boosting infrastructure to support production in the economy.
The Director-General, LCCI, Dr Chinyere Almona, said many businesses are on the brink and urgent interventions needed to stop the closure and exit of more of them.
Acknowledging the establishment of the Presidential Economic Coordinating Committee, tasked with turning around the economic conditions and repositioning the economy for growth, industrialisation, job creation and revenue generation, she said the availability of an economic roadmap is a crucial ingredient for a conducive business environment as it helps clear uncertainties and aids businesses in planning.
“The composition of the committee should boost the confidence of investors and businesses in the economy,” she stated. Urging the government to pay attention to its recommendations and engage as many stakeholders as possible to implement recommended policies successfully, she commended the government’s implementation of some recommendations by other committees, such as the Presidential Committee on Fiscal Policy and Tax Reforms.
“Recent executive orders that have offered relief through tax exemption, zero tariffs, excise duties and Value-Added Tax (VAT) waivers are good steps in the right direction and align with our consistent advocacy for non-cash fiscal interventions targeting the cost of doing business.
“We must again bring to the fore burning issues like the unbearable high interest rates, curbing the raging inflation rate beyond the use of rate hikes, close monitoring of recent executive orders to ensure successful implementation and introducing more targeted fiscal interventions. The committee should consult broadly with the organised private sector in their planning process to ensure operators’ involvement in policies meant for them. We expect to see our local production receive a boost, resulting in a reduction in our imports and increased exports across more economic sectors,” she said.
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