(4 minutes read)
· The Lagos Chamber of Commerce and Industry (LCCI), has projected a return to positive growth in the second quarter (Q2) of this year despite the effects of Covid-19 impact
· The industry lobby said that buoyancy in Nigeria’s economic growth trajectory was due to a combination factors including effective management of the pandemic; vaccine rollout; positive vibes in the global oil market and importantly quality of fiscal, monetary, trade and regulatory policies of the government
· She also laid emphasis on promoting micro, small and medium enterprises (MSMEs) and large corporations.
· This needed addressing structural bottlenecks and regulatory constraints contributing to high cost of doing business, apart from clarity in government’s policy directions
The Lagos Chamber of Commerce and Industry (LCCI), has projected a return to positive growth in the second quarter (Q2) of this year despite the effects of Covid-19 impact.
The industry lobby said that buoyancy in Nigeria’s economic growth trajectory was due to a combination factors including effective management of the pandemic; vaccine rollout; positive vibes in the global oil market and importantly quality of fiscal, monetary, trade and regulatory policies of the government.
LCCI has called for coordinated action of fiscal and monetary authorities to promote growth-enhancing and confidence-building
policies to boost the economy.
The President of LCCI, Toki Mabogunje said investment-led growth strategy was critical for inclusive and sustainable economic growth. She maintained that strong commitment to key reforms would not only boost output recovery but also put the nation on a path of macroeconomic stability. She also laid emphasis on promoting micro, small and medium enterprises (MSMEs) and large corporations. This, she said, needed addressing structural bottlenecks and regulatory constraints contributing to high cost of doing business, apart from
clarity in government’s policy directions
Deregulation of the downstream oil industry, creating enabling situations for beefing up oil refining capacity both by domestic and foreign companies , fine tuning governance structure, need for a competitive Petroleum Industry Bill (PIB) etc are the other points she emphasized.
