LCCI Seeks Govt Support Mechanism For Strategic Industries

The Lagos Chamber of Commerce & Industry (LCCI) has urged the federal government to provide special support mechanisms to strategic companies and industries that play critical roles in achieving inclusive economic growth.

The chamber noted that the major recent improvements recorded in Nigeria’s economy could be attributed to the game-changing interventions of key players in the private sector.

The director-general of LCCI, Dr Chinyere Almona stated that, “as Nigeria strives to stabilise prices, boost FOREX inflows, and attract Foreign Direct Investments (FDIs), it is imperative to recognize the pivotal role that certain companies play in driving growth, fostering innovation, and creating employment opportunities.

“These strategic companies, often operating in key sectors such as manufacturing, agriculture, technology, and infrastructure, serve as the backbone of the economy, contributing significantly to its stability and resilience.”

LCCI acknowledged “the significant impact that Dangote Refinery is beginning to make on Nigeria’s economy, particularly in achieving national self-sufficiency in the production of diesel and aviation fuel.

“It was reported that with 100 million litres of diesel pumped into the market last week, the Dangote Refinery helped crash the price of diesel from about N1,800 to N1,225 per litre. With another tranche of supply in the coming days, the price of diesel is expected to drop to a low of about N1,000 per litre.

“If the refinery commences the production of Premium Motor Spirit (PMS) next month, petrol prices are also expected to dip, creating a great relaief on cost of energy across all sectors of the economy.”

Almona added that “another game-changer intervention came from the commencement of international flights to the United Kingdom by Nigeria’s Air Peace. This has become a delight to Nigerian travellers as this has forced foreign airlines to crash their prices by about 60 per cent in response to the cheaper rates by Air Peace.

We need more support for local companies to play in sectors that have hitherto been monopolised by foreign companies.”

He,however, noted that these companies, notwithstanding their strategic importance, are not immune to the adverse impacts of economic downturns, market uncertainties, and global disruptions.

The chamber called on the federal government to implement measures aimed at providing special support to these strategic companies, suggesting “concessional credit and low-interest loan facilitation, grants, or waivers to eligible companies to facilitate their operational continuity.”

LCCI DG called for a conducive policy environment; enhanced international trade potential by facilitating market access and trade opportunities; and funding of innovative research and development by allocating resources towards initiatives aimed at promoting product diversification and value addition across strategic sectors.

Almona added that, by extending support to strategic companies, the federal government can stimulate economic growth, foster job creation, and promote inclusive development across Nigeria.

She also said these measures will contribute to enhancing the country’s competitiveness on the global stage, attracting foreign investment, and positioning Nigeria as a key player in the regional and international markets.