LCCI Commends FG for Establishing PECC

Dike Onwuamaeze

The Lagos Chamber of Commerce and Industry (LCCI) has commended the federal government over the establishment of the Presidential Economic Coordinating Committee (PECC), which is tasked with turning around the economic conditions and repositioning the economy for growth, industrialisation, job creation, and revenue generation.

The LCCI also said availability of an economic roadmap was a crucial ingredient for a conducive business environment as it helps to clear uncertainties and aids businesses in planning.

The Director General of LCCI, Dr. Chinyere Almona, expressed these views yesterday in a statement, which noted that, “the composition of the committee should boost the confidence of investors and businesses in the economy.”

 The chamber also urged “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.”

It added that “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.”

The chamber also directed the attention of the committee to burning 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.

It stated 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. 

 “As the committee commences its work, we look forward to a focus on boosting production through a synergy of monetary and fiscal policy interventions to tackle the inherent economic problems, particularly targeting some strategic sectors needing urgent interventions.

“We expect to see Nigeria’s local production receive a boost, resulting in a reduction in our imports and increased exports across more economic sectors,” the LCCI added.