The Lagos Chamber has followed the mixed reactions to the nationwide address by President Bola Ahmed Tinubu, GCFR, on the protest against bad governance that started on 1st August. While we recognize the right to protest as guaranteed by the Constitution, we are concerned about the unintended negative impact such actions could have on businesses and society at large.
Beyond the highlights of the achievements so far by this government, a more urgent action to take is to ensure that the citizens start to see and feel the policies and programmes in action without any further delays. For instance, all the import waivers and tax exemptions should take immediate effect so that businesses and individuals start to enjoy these concessions. Critical variables include the cost of doing business, the cost of living (food security), and youth unemployment. We call on the government to focus and report progress on these variables that are seen to have links to many other issues in the economy, like poverty, high inflation, increased hunger, heightened crimes, etc.
In another dimension, we advise that all youth-oriented programmes be fast-tracked such that more youths are rapidly engaged, and others are hopeful of near-term opportunities. Apart from the support to academic pursuits through the student loan programme, we have always recommended that government-supported Technical and Vocational Education (TVET) skills acquisition is known to have huge capacity to develop and empower our youth to take up emerging opportunities. Technology, creative and the arts provide great opportunities that can gainfully engage our youth, home and abroad.
The Chamber wishes to reiterate the importance quickly implementing the single digit loans to large manufacturers to boost manufacturing output and stimulate growth and the support to small businesses in terms of grants and low interest loans. With the prevailing high interest rate, companies find it too expensive to access credit from the banks.
One quick fix is the distribution of the million Compressed Natural Gas (CNG) kits at extremely low or no cost to commercial vehicles that transport people and goods and who currently consume 80% of the imported PMS and AGO, according to the President. This must be expedited.
We urge the government to pay stern attention to the implementation and coordination of highlighted programs as this has always posed a challenge. We also need to be more time-sensitive and have clear timelines for implementing policies and programmes. We see a more collaborative approach to policy planning and implementation as being crucial from now on. Regular stakeholder engagement with the business community, the media and grassroot mobilization structures is advised.
Dr. Chinyere Almona, FCA
Director-General
Lagos Chamber of Commerce & Industry
Tuesday 6th August 2024
