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The Lagos Chamber of Commerce and Industry LCCI has said the persistent burden of energy costs, expensive financing, weak purchasing power, logistics inefficiencies, infrastructure deficits, insecurity and regulatory challenges continues to constrain the productive sector of the economy.
The President of LCCI, Engineer Leye Kupoliyi who made this stated in Lagos while reviewing the state of nation’s economy said the central challenge for the final quarter of the year is to ensure that macroeconomic improvements translate into tangible benefits for businesses and households.
He urged the government to focus on major six priorities that will impact positively to the growth of the economy.
He expressed the need for the government to intensify efforts to reduce the cost of doing business, strengthen manufacturing and SMEs, improve access to productive credit, lower logistics costs and create a more predictable regulatory environment.
He also encouraged the government to maintain an open and constructive relationship with organised business, recognising that the private sector is a critical partner in generating investment, employment, exports and government revenue.
He said there is need for government to develop a coordinated programme to lower the energy and logistics costs confronting productive enterprises.
This according to him include measures to improve electricity reliability, strengthen domestic refining and distribution efficiency, improve transport infrastructure and remove avoidable charges across supply chains.
Although the Chamber support the objective of moderating petrol price volatility but emphasize that the policy must ultimately deliver lower, more predictable energy costs.
He called on the government to prioritize access to affordable financing, reliable power, industrial infrastructure and efficient import and export procedures.
Speaking further, he said “development-finance institutions should expand well-governed financing arrangements for viable productive enterprises, with transparent eligibility criteria and clear performance requirements.
“Support should be designed to improve productivity, capacity utilization, technology adoption and employment rather than merely sustaining inefficient business models.”
Listing the six priorities , he said monetary policy should remain consistent with the objective of price stability, but policymakers must pay close attention to the transmission of interest rates to credit in the productive sector.
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