LCCI urges government to address bottlenecks in doing business

The Lagos Chamber of Commerce and Industry (LCCI) has appealed to the federal government to address problems in the manufacturing sector.

The body tasked the government with targeted fiscal interventions, such as reducing and fixing exchange rates for import duties and increasing spending on infrastructure development to support production in the economy.

LCCI Director General Dr Chinyere Almona said many businesses were on the brink of bankruptcy and urgent interventions were needed to stop more businesses from closing and closing.

Recognizing the establishment of the Presidential Economic Coordination Committee, which is tasked with improving economic conditions and transforming the economy to ensure growth, industrialization, job creation and income generation, she said the availability of an economic action plan is a key element of a conducive business environment as it helps to dispel doubts and assists businesses in planning.

“The composition of the committee should boost investor and business confidence in the economy,” she said. Calling on the government to pay attention to its recommendations and engage as many stakeholders as possible to effectively implement the recommended policies, she praised the government’s implementation of some recommendations from other committees, such as the President’s Committee on Fiscal Policy and Tax Reforms.

“The recent implementing regulations, which offer relief in the form of tax exemptions, zero customs duties, excise duties and value added tax (VAT) exemptions, are good steps in the right direction and are in line with our consistent advocacy for cashless fiscal interventions targeting business costs.

“We need to re-emphasize pressing issues such as unbearably high interest rates, curbing rampant inflation beyond rate hikes, closely monitoring recent executive orders to ensure effective implementation and introducing more targeted fiscal interventions. The committee should consult widely with the organised private sector in the planning process to ensure that operators are engaged in policies designed for them. We expect that our local manufacturing will get a boost, which will lead to a reduction in our imports and an increase in exports in more sectors of the economy,” she said.