Provide special support to industry, LCCI urges FG

Given the current economic challenges plaguing the Nigerian economy, the Director-General of the Lagos Chamber of Commerce and Industry (LCCI), Dr. Koniecznere Almona, has urged the Federal Government to provide dedicated support mechanisms to strategic enterprises and industries that play a key role in achieving inclusive economic growth.

In a statement, LCCI Almona said any significant progress recorded in the Nigerian economy in recent times can be attributed to the groundbreaking interventions of key players in the organized private sector (OPS).

She said as Nigeria seeks to stabilize prices, increase foreign exchange inflows and attract foreign direct investment (FDI), it is imperative to recognize the key role private companies play in driving growth, supporting innovation and creating employment opportunities.

She said strategic companies often operate in key sectors such as manufacturing, agriculture, technology and infrastructure, and form the backbone of the economy, contributing significantly to its stability and resilience.

Recognizing the impact that the Dangote Refinery is beginning to make on the Nigerian economy, particularly in achieving the country’s self-sufficiency in diesel and jet fuel production, she said the refinery has begun to deliver on its promises by addressing critical issues in the Nigerian energy sector.

Almona stated that the refinery has helped reduce the price of diesel from N1,800 to N1,225 per liter and that with the next tranche of supplies in the coming days, the price is expected to drop to about N1,000 per liter.

The DG expressed optimism that with the start of gasoline production next month, prices are also expected to fall. She added that the availability of locally produced diesel marks a significant step towards achieving self-sufficiency in energy production, ultimately increasing Nigeria’s economic resilience.

Also highlighting the launch of international flights to the UK by Air Peace, she said this had forced foreign airlines to cut prices by around 60 per cent.

Calling for more support for local businesses to operate in sectors previously monopolized by foreign companies, she said more local airlines operating more international routes meant more aviation supply chain jobs, more foreign exchange savings and profits and a greater reduction in international flight prices and airline tickets.

She further added that these companies, despite their strategic importance, are not immune to the adverse effects of economic downturns, market uncertainty and global disruptions. Persistent challenges, exacerbated by rising costs of doing business and other socio-economic factors such as the threat of insecurity, have increased the need for targeted government interventions and support.

She urged the Federal Government to facilitate credit and low-interest loans, grants or waivers to eligible enterprises to facilitate their operational continuity, investment in infrastructure and technological advancements, create an enabling policy environment by improving policies and regulatory frameworks to encourage innovation, entrepreneurship and long-term investments, and increase international trade potential by facilitating market access and trade opportunities both domestically and internationally, enabling companies to expand their reach and reach new growth markets.

“Also fund innovative research and development by committing resources to initiatives to promote product diversification and value addition across strategic sectors. In this way, the government can stimulate economic growth, support job creation and promote inclusive development across Nigeria.

“Moreover, these measures will enhance the country’s competitiveness on the global stage, attract foreign investment and position Nigeria as a key player in regional and international markets. “The government must prioritize the needs of strategic businesses and take proactive steps to address the challenges they face to pave the way for a more resilient, diverse and inclusive economy that benefits all sectors,” she concluded.