PECC will boost investors’ confidence, economic growth
Agency Report
Lagos Chamber of Commerce and Industry (LCCI) say the composition of the Presidential Economic Coordinating Committee (PECC) will boost the confidence of investors and businesses in the economy.
Director General of LCCI, Dr Chinyere Almona who disclosed this in a statement said that the availability of an economic roadmap is a crucial ingredient for a conducive business environment as it helps to clear uncertainties and aids businesses in planning.
She acknowledged the establishment of the Presidential Economic Coordinating Committee tasked with turning around the economic conditions and repositioning the economy for growth, industrialization, job creation, and revenue generation.
The Chamber urged the government to pay attention to the Committee’s recommendations and engage as many stakeholders as possible to implement recommended policies successfully.
The Chamber also commended the government’s implementation of some recommendations by other committees, such as the Presidential Committee on Fiscal Policy and Tax Reforms. Recent executive orders that have offered relief through tax exemption, zero tariffs, excise duties, and Value-Added Tax waivers are bold steps in the right direction.
She said that these government actions align with our consistent advocacy for non-cash fiscal interventions targeting the cost of doing business.
Urging the Committee to look at the burning issues like the unbearable high interest rates, curbing the raging inflation rate beyond the use of rate hikes, close monitoring of recent executive orders to ensure successful implementation, she called for the introduction of more targeted fiscal interventions like the lowering and fixing of the Customs Exchange rate for import duties, and spending more on boosting infrastructure to support production in the economy.
The Chamber also urged the committee to consult broadly with the private sector community in their planning process to ensure operators’ involvement in policies meant for them.
She said as the committee commences its work, they need to focus on boosting production through a synergy of monetary and fiscal policy interventions to tackle the inherent economic problems, particularly targeting some strategic sectors needing urgent interventions.
It expects to see Nigeria’s local production receive a boost, resulting in a reduction in our imports and increased exports across more economic sectors.
