A trade group, the Lagos Chamber of Commerce and Industry (LCCI) has urged the Federal Government to always engage with players in the various sectors of the economy in formulating policies that will support the country’s industrialisation drive.
Speaking at the inaugural industrial symposium of the LCCI held in Lagos, with the theme ‘Industries as the Catalyst for Growth and Economic Development,’ its Industrial Group, in conjunction with the Export and Financial Group, said this will lead to robust policies, transparency, and inclusivity that will foster the growth of businesses and positively impact the nation’s economy.
Chairman of the Industrial Group, Mr. Ade Adefeko, said the economy is in a state of comatose, and there is a need to revive it, hence the symposium to deliberate on ideas that will enable businesses to thrive. He advised the government to foster a favourable regulatory framework that will boost business operations.
The Director of Corporate Affairs and Communication at JTI Nigeria, Mr. Vivian Ikem, who was one of the panelists, said regulations play a key role in improving the ease of doing business.
Ikem said the non-involvement or engagement of relevant stakeholders in policy formulation and the inconsistency of some regulations and their enforcement have been a major challenge facing businesses.
Earlier in his welcome address, President and Chairman of Council, LCCI, Mr. Gabriel Idahosa, said the symposium is one of the LCCI’s new steps to strengthen business operations and to catch up with other emerging economies.
He identified lack of access to low-credit loans from the country’s financial institutions, regulatory uncertainties, foreign exchange challenges, and infrastructural deficit as some of the factors militating against industries’ growth.
He said there was an urgent need for solutions through collaboration.
