LCCI: Stable Political Environment Crucial for Business Success, Investment Inflow

Dike Onwuamaeze

The Lagos Chamber of Commerce and Industry (LCCI) has declared that a stable political environment is very crucial for business success and attracting foreign investments, enjoining governments to go beyond the rhetoric and ensure Nigerians reap the dividends of democracy without any further delays.

It expressed these views in a statement titled, ‘LCCI Statement on President Tinubu’s Democracy Day Speech on June 12, 2024’, issued yesterday by the Director General of LCCI, Dr. Chinyere Almona.

According to Almona, the “LCCI joins all Nigerians to celebrate the peaceful transitions and commitment to democratic values in the past 25 years.

“A stable political environment is very crucial for business success and attracting foreign investments. Beyond the rhetoric of speeches, the government needs to stay close to executing their proposed programmes and ongoing reforms to ensure Nigerians reap the dividends of democracy without any further delays.”

She added that “President Bola Tinubu’s Democracy Day speech marked a pivotal moment for Nigeria, reflecting on the nation’s 25-year democratic journey and a roadmap for its future.

“His address, delivered on the historic June 12th, underscored the government’s dedication to democracy, economic development, security, and social cohesion.”

According to the chamber, Tinubu’s Democracy Day speech sets forth an ambitious and optimistic vision for Nigeria’s future with his “focus on economic diversification, security, education, healthcare, infrastructure, and anti-corruption measures reflect a comprehensive approach to addressing the nation’s challenges.

“As Nigeria reflects on the progress made and the path ahead, we urge the government to remain serious about implementing the required reforms towards a more sustainable economy.”

The chamber also urged the government to “ensure clear and consistent communication about economic reforms and policies to businesses and the public to reduce uncertainty, build confidence, and establish transparent mechanisms for tracking and reporting progress made through reforms.”

It also said that the government should “remain sensitive to the concerns and feedback from the organised private sector and engage in more consultations towards achieving better implementation of policies.”

The LCCI also tasked the government to “provide targeted support for businesses to reduce their cost burdens from energy, logistics, and regulatory compliance. We recommend non-cash interventions that can ease the harsh production environment.

“Expand social safety net programmes to support households affected by high living costs and inflation during this transition period and also increase funding for public services such as healthcare, education, and social welfare.

“Foster a collaborative environment between the government, businesses, civil society, and labor unions to ensure fair and timely negotiations on wages and working conditions and implement continuous dialogue and conflict resolution mechanisms to prevent labor unrest.”

The LCCI also enjoined the government to “implement programmes that support strategic industries that are pivotal to job creation, tax revenues, and infrastructural development.”

It acknowledged the short-term challenges the country is passing through but remained optimistic about the long-term benefits of the proposed and implemented reforms.

“The LCCI stands ready to support initiatives that foster economic growth, political stability, and continued progress in our democratic journey.”