The Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Government to provide special support mechanisms to strategic companies and industries facing economic challenges in Nigeria, emphasizing the crucial role these companies play in driving growth, fostering innovation, and creating employment opportunities, particularly in sectors such as manufacturing, agriculture, technology, and infrastructure.
In Media statement signed by the Director General of the Chamber, Dr Chinyere Almona, FCA, the LCCI highlighted recent improvements in Nigeria’s economy attributed to interventions by key players in the private sector, acknowledging the significant impact of Dangote Refinery on the nation’s energy sector.
“The refinery’s production of diesel has already led to a reduction in prices, with expectations of further declines in the coming days. Additionally, the refinery’s anticipated production of Premium Motor Spirit (PMS) is expected to further reduce petrol prices, providing relief to various sectors of the economy.”
Furthermore, the commencement of international flights to the United Kingdom by Nigeria’s Air Peace was noted as a game-changer, prompting foreign airlines to lower their prices in response. The LCCI emphasized the need for more support for local companies to compete in sectors dominated by foreign companies, citing benefits such as job creation, foreign currency savings, and reduced prices for international flight tickets.
The LCCI also highlighted the challenges faced by these companies, including rising costs of doing business and socio-economic factors like insecurity despite their strategic importance as they are not immune to economic downturns and market uncertainties..
To address these challenges, the director general called on the Federal Government to implement measures aimed at providing special support to strategic companies.
“These measures include concessional credit, low-interest loans, grants, conducive policy environments, enhanced international trade potential, and funding for research and development.
By extending support to strategic companies, the Federal Government can stimulate economic growth, foster job creation, and promote inclusive development across Nigeria. Additionally, these measures will enhance the country’s competitiveness globally, attract foreign investment, and position Nigeria as a key player in regional and international markets.”
