LCCI Tasks Tinubu on Strategies to Address Inflation, Under-employment, Social Inequality

Dike Onwuamaeze

The Lagos Chamber of Commerce and Industry (LCCI) has called on President Bola Ahmed Tinubu, to provide more detailed plans and strategies to tackle inflation, under-employment, security, and social inequality in the country.

The LCCI made this call yesterday, in its statement issued by its Director General, Dr. Chinyere Almona, on the “President’s 2024 New Year Address to the Nation,” which stated clearly that investment in agriculture has a limited chance of success in Nigeria as long as the government failed to deal with the security issues.

“However, the chamber urges the administration to provide more detailed plans and strategies to tackle these challenges, such as inflation, under-employment, security, and social inequality. A transparent and inclusive approach to governance will contribute to building public confidence and achieving sustainable economic growth,” it said.

Almona, said the focus on cultivating farmlands to grow staple crops and boost food security aligned with the need to ensure constant food supply, security, and affordability for citizens.

“However, LCCI cautions that the productivity of the farmlands and the effectiveness of investments in food production are subject to adequate security measures. Investment in agriculture has a limited chance of success as long as the government fails to deal with the security issues.

“LCCI recommends that the government consider fast-tracking the movement of the police from the exclusive list to the concurrent list to be legislated upon by the federal and state governments. This will guarantee effective policing of the nooks and crannies of the society, particularly the farmlands,” she said.

Almona pointed out that Tinubu mentioned efforts to address security challenges were mentioned but added that, “specific details on comprehensive security strategies were limited. The acknowledgment that security problems are not entirely solved raises questions about the effectiveness of current measures.”

The LCCI believed that inasmuch as removing the fuel subsidy was necessary, its discomforting impact on individuals, families, and businesses must be carefully managed.

It said: “The potential ripple effects on the cost of living and inflation must be closely monitored. Acknowledging the challenges of high inflation (above 28 per cent) and an unacceptable under-employment rate is crucial. However, specific strategies to address these issues were not mentioned, leaving room for concerns about the impact on citizens.

“The commitment to building a fair and equitable society and addressing inequality is commendable. However, specific policy measures to close the widening wealth gap are unclear. Despite the setting parameters for the evaluation of ministers and heads of agencies mentioned, there is a need for transparency in these evaluations to ensure accountability and performance improvement.”

The chamber said it has carefully reviewed the president’s speech and commended the president for his commitment to addressing critical issues that impact the economic landscape of Nigeria, including his commitment to power projects and efforts to enhance the reliability of transmission lines. 

“However, there is an urgent need to address the structure of the power sector. The government needs to consider bringing private sector investment into the transmission segment of the power sector. This would ensure adequate technical and financial capacity for a well-functioning sector to power economic growth,” the chamber said.