LCCI Tasks FG on Measures to Improve Nigeria’s Economy

The Director General of the Lagos Chamber of Commerce and Industry (LCCI), Dr. Muda Yusuf, called on the government to ensure dedicated implementation of the Nigerian Economic Sustainability Plan (NESP)  and effective synchronisation of fiscal and monetary policies in order to give the economy a boost in the near term even though growth would continue to remain weak and fragile till the first quarter of 2021.‏

The LCCI said it was critically important for policymakers to tackle the twin challenge of rising inflation and unemployment rates which are currently at a record high of 12.82 per cent and 27.1 per cent respectively through appropriate policies.

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The LCCI boss added: “The Nigerian economy is currently in dire straits. The structural bottlenecks to productivity in the economy need to be urgently removed through a mix of fiscal, monetary and regulatory measures.

“It is imperative to reduce policy uncertainties in order to inspire the confidence of investors, both domestic and foreign.”

He also expressed concern that the manufacturing sector contracted by 8.78 per cent in second quarter of the year under review when compared with a marginal 0.43 per cent growth in the previous sector.

Yusuf, however, noted that the 6.1 percent contraction was not a surprise as the number reflected the profound impact of the COVID-19 pandemic disease on the Nigerian economy.