In light of the current economic challenges facing Nigeria, the Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Government to provide special support to strategic companies and industries that are crucial for achieving inclusive economic growth.
The Director General of LCCI, Dr. Chinyere Almona, in a statement emphasized that the recent improvements in Nigeria’s economy can be attributed to the interventions made by key players in the private sector.
According to her, as Nigeria works towards stabilizing prices, increasing FOREX inflows, and attracting Foreign Direct Investments (FDIs), it is important to recognize the vital role that certain companies play in driving growth, fostering innovation, and creating employment opportunities.
“These strategic companies, operating in sectors such as manufacturing, agriculture, technology, and infrastructure, are the backbone of the economy, contributing significantly to its stability and resilience.” Dr. Almona noted.
The LCCI acknowledges the positive impact of Dangote Refinery on Nigeria’s economy, particularly in achieving self-sufficiency in diesel and aviation fuel production.
The refinery’s recent supply of diesel has helped reduce prices significantly, with expectations of further price drops in the future.
The commencement of international flights to the UK by Air Peace has also been a game-changer, leading to reduced prices by foreign airlines and creating more opportunities for local companies in the aviation sector.
Despite their strategic importance, these companies are not immune to economic downturns and global disruptions.
The LCCI therefore, urges the government to provide special support to these companies through measures such as concessional credit, policy improvements, market access facilitation, and funding for research and development.
Dr. Almona believes that by supporting strategic companies, the government can stimulate economic growth, create jobs, and promote inclusive development. This will also enhance Nigeria’s competitiveness globally and attract more foreign investment.
In conclusion, the LCCI calls on the Federal Government to prioritize the needs of strategic companies and take proactive steps to address their challenges.
This will pave the way for a more resilient, diversified, and inclusive economy that benefits all Nigerians.
Comment here