The Lagos Chamber of Commerce and Industry has said for Nigeria to sustain the economy after its exit from recession, it has to put in place tax policies that are investment-friendly.
The chamber also recommended a reduction in multiple exchange rates, alignment of procurement policies at all levels of government to support domestic investment; investment policy that would protect domestic investors; interest rate policy that would be investment-friendly and trade policy that would reduce cost of operations across sectors.
The President, LCCI, Dr. Nike Akande, gave these recommendations during a media briefing on the economy in Lagos on Friday.
Akande pointed out that beyond the Gross Domestic Product numbers and exit from recession, the impact on the cost of doing business, productivity of investors, competitiveness of firms and the sustainability of investments remained paramount.
She urged the government to provide regulations that would support business in Nigeria, noting that the Executive Order of the Federal Government should create a better environment for good governance, procurement practices, contract execution and protection of investors’ rights.
“We need to have success stories about public-private partnerships and concessions entered into by the government so as to attract more private sector participation in the economy,” she said.
According to her, the quarterly presidential parley with the private sector on the ease of doing business organised by the Economic Management Team and Presidential Enabling Business Environment Committee had become a veritable platform of engagement between the government and private sector stakeholders.
She said that the initiative was laudable and should be sustained.
While commending the Federal Government on the various interventions in the foreign exchange market aimed at boosting manufacturing and providing improved access to forex by the Small and Medium Enterprise sector of the economy, Akande expressed confidence that with increased patronage, Nigerian manufacturers would be encouraged to improve the quality of their products and compete globally.
“It is certain that as the quality of our local production improves, local and international demand for them will increase,” she said.
The LCCI president maintained that the exit from recession would impact positively on investors’ confidence in the economy.
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