The Lagos Chamber of Commerce and Industry said it expects the composition of the Presidential Economic Coordinating Committee to boost the confidence of investors and businesses in the economy, urging the government to pay attention to the Committee’s recommendations and engage as many stakeholders as possible.

This was contained in the press statement signed by the Chamber’s Director General, Dr. Chinyere Almona, on Monday.

Almona stressed that LCCI acknowledged and commended the government’s implementation of some recommendations by other committees such as the Presidential Committee on Fiscal Policy and Tax Reforms. 

She recalled that recent executive orders that have offered relief through tax exemption, zero tariffs, excise duties, and Value-Added Tax waivers are bold steps in the right direction. 

“These government actions align with our consistent advocacy for non-cash fiscal interventions targeting the cost of doing business,” Almona restated. 

LCCI directed the attention of the Committee to 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, the introduction of more targeted fiscal interventions like the lowering and fixing of the Customs Exchange rate for import duties, and spending more on boosting infrastructure to support production in the economy. 

The Chamber advised the Committee to consult broadly with the private sector community in their planning process to ensure operators’ involvement in policies meant for them.  

LCCI advised: “As the committee commences its work, we look forward to a focus on boosting production through a synergy of monetary and fiscal policy interventions to tackle the inherent economic problems, particularly targeting some strategic sectors needing urgent interventions. 

“We expect to see Nigeria’s local production receive a boost, resulting in a reduction in our imports and increased exports across more economic sectors.”

Recall that President Bola Tinubu inaugurated PECC last week, featuring business personalities such Aliko Dangote, Tony Elumelu, Dr. Doyin Salami, Vice President Kashim Shettima, Minister of Finance and Coordinating Minister of the Economy Wale Edun and Central Bank of Nigeria Governor Yemi Cardoso, among others.

The Committee has the mandate to turn around the economy and reposition it for growth, industrialisation, job creation and revenue generation. 

LCCI asserted that the availability of an economic roadmap is a crucial ingredient for a conducive business environment as it helps to clear uncertainties and aids businesses in planning.