LCCI: Special Support Mechanism Must Be Implemented For Strategic Investors

The Lagos Chamber of Commerce and Industry (LCCI) has urged the Federal Government to provide special support mechanisms to strategic companies and industries that play a key role in achieving inclusive economic growth for the country’s Gross Domestic Product (GDP) in light of the current economic challenges facing Nigerian society.

Indeed, the chamber urged the Federal Government to prioritise the needs of strategic companies and take proactive steps to address their challenges.

By doing so, Nigeria can pave the way for a more resilient, diversified, and inclusive economy that benefits all segments of society. The Director-General of LCCI, Dr. Chinyere Almona, in a press statement in Lagos yesterday, alluded to the fact that the recent improvements recorded in Nigeria’s economy could be attributed to the game-changing interventions of key players in the private sector. She said: “As Nigeria strives to stabilise prices, boost forex inflows, and attract foreign direct investments (FDIs), it is imperative to recognise 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.” According to her, “the Lagos Chamber of Commerce and Industry (LCCI) acknowledges 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.” “The 650,000 barrels per day refinery, a project of monumental scale, has started to fulfill its promise by addressing critical issues in the Nigerian energy sector.

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 relief on cost of energy across all sectors of the economy.” Almona added: “The LCCI recognises the refinery’s contribution to enhancing energy security and reducing the country’s reliance on imported fuel.

“The availability of locally produced diesel signifies a significant step towards achieving self-sufficiency in energy production, ultimately bolstering Nigeria’s economic resilience.” “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 monopolized by foreign companies. More local airlines covering more international routes means more aviation supply chain-related jobs, more foreign currency savings and earnings, and more reduction in the prices of international flight tickets in Nigeria. Enabling optimal utilisation of all our Bilateral Air Services Agreements creates a sustainable source of foreign currency savings and earnings for our country.”