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LCCI calls for economy reform

The Lagos Chamber of Commerce and Industry, LCCI, has called on the Federal Government to reform the economy as some of its policy portend more danger for the economy than benefit.

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LCCI, economy, reforms

The Lagos Chamber of Commerce and Industry, LCCI, has called on the Federal Government to reform the economy as some of its policy portend more danger for the economy than benefit.

The President, LCCI, Mr Babatunde Ruwase, said, “We need the right mix of policies to achieve the desired outcomes.  I am aware that some policy choices have been made by the present administration to promote economic diversification, stabilise the foreign exchange market and promote small businesses.

“Evidently, there are still some works to be done.  There is a need for regular engagements and communication on policy issues to ensure quality feedback and enrich the policymaking process.”

Ruwase said there should be engagement on macroeconomic policies, and sectoral policies, which would include foreign exchange, trade, tax, energy, transport, industrial, agricultural, and ICT among others.

[READ ALSO: Stock Market: 52.5% of firms failed to pay dividend in 2019 (Opens in a new browser tab)]

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“The slow pace of reforms in the oil and gas sector, especially the fact that the Petroleum Industry Bill could not make it through the eighth National Assembly is a cause for worry. And the part that was passed was not signed by the President,” he added.

According to him, the indefinite closure of the country’s borders with its neighbouring African neighbours will ultimately hurt the economy and cross-border economic activities.

He said, “Nigeria’s economy had strong fundamentals, as the resources were enormous. The closure of the land borders has enormous implications for cross border economic activities around the country.

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“The indications are now that the closure is indefinite.  While we share the concern of government on issues of security and smuggling, we believe that the indefinite closure of land borders is not the solution to the problem.”

[READ MORE: CBN’s Godwin Emefiele, foreign investors meet amidst weak naira(Opens in a new browser tab)]

Ruwase, who acknowledge that the government had introduced some economic reforms to take the economy out of the woods, said a lot still needed to be done.

However, Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, said that President Muhammadu Buhari’s administration was committed to creating an enabling environment for businesses to thrive.

Adebayo said, “The relevant government agencies were working assiduously on initiatives and programmes to solve key areas of concerns, ranging from infrastructure, power supply to good road networks across the country.”

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Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper. The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference. The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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ENDSARS

Just in: UK High Commission shuts down visa centres in Nigeria due to #EndSARS protests

The UK High Commission in Nigeria has announced the shutdown of its VISA application centers in Nigeria.

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Just in: UK High Commission shuts down visa centres in Nigeria due to #EndSARS protests

The United Kingdom High Commission in Nigeria on Wednesday, October 21, 2020, announced the shutdown of its VISA application centers in Nigeria for the next 48 hours, with effect from today (Wednesday), due to the ongoing #EndSARS protests in the country.

This comes barely a day after the US shut down its Lagos consulate, following the outbreak of violence from the #EndSARS protests in major parts of the country including Lagos State and the FCT.

The disclosure was contained in a statement issued by the UK High Commission in Nigeria on Wednesday, October 21, 2020.

The High Commission in a brief statement, also asked applicants with appointments for Wednesday and Thursday, to reschedule their appointments from Monday, October 26th.

Due to the ongoing protest in Nigeria and for the safety of both staff and applicants, our Nigeria centres will be closed for 48 hours at a minimum. For applicants with booked appointments within this period, please you will need to reschedule your appointment for next week, from 26th October 2020.

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“We will continue to post regular updates on this page, so please keep checking back for the latest information on reopening. We sincerely apologize for the inconvenience and thank you for your understanding.”

(READ MORE:#EndSARS: Nigerian Army set to commence Exercise Crocodile Smile VI)

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ENDSARS

#EndSARS: Archbishop of Canterbury condemns Lekki shootings

The Archbishop of Canterbury has joined his voice to the condemnation of the shooting of protesters in Lagos.

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#EndSARS: Archbishop of Canterbury condemns Lekki shootings

The Archbishop of Canterbury, Justin Welby says he condemns the shooting of unarmed protesters in Lekki and urges President Muhammadu Buhari to ensure that lives are protected.

The Archbishop, who is the Chief of the Anglican Church globally disclosed this on Wednesday morning, as the  International Community reacted to videos of protesters getting shot at the Lekki tollgate.

Recall Nairametrics reported that several social media accounts revealed peaceful protesters were being shot at by the military at the Lekki toll gate holdout for the #EndSars protest.

The Nigerian Army, however,  denied deploying soldiers to attack #EndSARS protesters who assembled at the Lekki Toll Plaza.

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The Archbishop earlier said in his statement, “I condemn in the strongest terms the reported deliberate shooting of unarmed protesters in Lagos and other parts of Nigeria.

“I have urged President Muhammadu Buhari directly to ensure that lives are protected – and I say that again now.

“I mourn for Nigeria. May God save Nigeria.

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ENDSARS

JUST IN: #EndSARS: NPA headquarters set on fire by hoodlums

The headquarters of the NPA in Lagos has been allegedly set on fire by hoodlums.

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The headquarters of the Nigerian Ports Authority in Marina, Lagos has been reportedly set on fire by hoodlums involved in the #EndSARS protests.

According to some social media reports, the hoodlums who seem to be protesting the shooting of unarmed protesters at the Lekki Tollgate set ablaze the NPA building on Wednesday, October 21, 2020.

Details later…

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