LCCI Urges Presidential Committee to Tackle Economic Issues Beyond Interest Rate Hikes

Samuel Mobolaji

The Lagos Chamber of Commerce and Industry (LCCI) has charged the Presidential Economic Coordinating Committee with economic burning issues, such as the unbearable high interest rates, and curbing the raging inflation rate beyond the use of rate hikes.

The chamber also acknowledged the establishment of the Presidential Economic Coordinating Committee tasked with turning around the economic conditions and repositioning the economy for growth, industrialization, job creation, and revenue generation.

The director-general of LCCI, Dr Chinyere Almona said, “The availability of an economic roadmap is a crucial ingredient for a conducive business environment as it helps to clear uncertainties and aids businesses in planning. The composition of the Committee should boost the confidence of investors and businesses in the economy.

“We urge the government to pay attention to the Committee’s recommendations and engage as many stakeholders as possible to implement recommended policies successfully.

“We acknowledge and commend the government’s implementation of some recommendations by other committees, such as the Presidential Committee on Fiscal Policy and Tax Reforms. Recent executive orders that have offered relief through tax exemption, zero tariffs, excise duties, and Value-Added Tax waivers are bold steps in the right direction. These government actions align with our consistent advocacy for non-cash fiscal interventions targeting the cost of doing business.”

Almona said, “The Chamber wishes to direct the attention of the Committee to burn issues like the unbearable high interest rates, curbing the raging inflation rate beyond the use of rate hikes, close monitoring of recent executive orders to ensure successful implementation, the introduction of more targeted fiscal interventions like the lowering and fixing of the Customs Exchange rate for import duties, and spending more on boosting infrastructure to support production in the economy.”

She also noted that the committee should also consult broadly with the private sector community in their planning process to ensure operators’ involvement in policies meant for them.