Nigeria@64: LCCI wants FG to diversify revenue sources
The Lagos Chamber of Commerce and Industry (LCCI) urged the federal government to increase and strengthen Investment in information technology, creative and entertainment, renewable energy, and tourism as the sectors have great potential to create job and generate revenue.
The President/Chairman of LCCI, Mr Gabriel Idahosa who made this call his remarks tagged “Nigeria at 64: The Fight to stabilize The Economy ” said We must prioritize more investments in food and livestock production, transport infrastructure to improve logistics and introduce and sustain fiscal concessions like tax reliefs and import duty waivers, all targeted at subsidizing production.
Expressing the need for Nigeria move away from our overreliance on oil revenue he said while we agree that the Nigerian economy is well diversified along the line of economic activities, on revenue, we still derive more than 60 percent of our revenue from oil.
He said for the country to foster economic growth, “we must invest in critical infrastructure, especially power, transportation, and healthcare,” adding that Public-Private Partnerships will be vital to addressing our infrastructure deficits, and there is need for the government to create a more enabling environment for such collaborations.
He said there can be no meaningful economic progress without security, adding that the government must intensify efforts to restore peace and stability across the country.
He said the government must ensure that the Armed Forces are better funded to undertake the daunting task of curtailing the many ills in our society due to the dire state of the economy.
Acknowledging that small businesses account for more than 70 per cent of job creation and a massive contribution to non-oil sector activities in Nigeria, noting that there is need to continue to support the entrepreneurial ecosystem in Nigeria.
He said policies that encourage innovation, reduce barriers to entry for small and medium-sized enterprises, and promote ease of doing business will be critical in driving economic growth.
He said LCCI remains committed to advocating for policies that will drive economic growth, create jobs, and improve the quality of life for all citizens.
