The Lagos Chamber of Commerce and Industry, LCCI, has expressed concern over the epileptic power situation in the country and lamented the slow impact of the power sector reform programme on power supply.
The LCCI, in a communiqué issued after its Council meeting, signed by its Director General, Mr. Muda Yusuf, emphasized the need for the Federal Government to effectively manage expectations of the populace and provide support to investors in the sector to enable them tackle the current challenges.
“This has become necessary because of the strategic nature of the power sector in the economy,” the LCCI Council maintained.
Yusuf said the progress so far in the power sector reform was acknowledged by the Council, but the weak links in the power delivery chain should be identified and fixed.
The LCCI congratulated Mr. Godwin Emefiele, on his appointment and assumption of office as the Governor of the Central Bank of Nigeria, CBN, and called on him to focus on reducing interest rates so as to stimulate growth and catalyze job creation.
According to Yusuf, this is a position that the LCCI has canvassed over the years because of the adverse consequences of persistent credit squeeze and high interest rate on private sector performance.
In addition, the Council of the LCCI requests the CBN to quickly unveil its implementation guidelines on new policy direction to allow for a more robust conversation and engagement.
The LCCI further called on the CBN to ensure the “adoption of employment numbers as a key parameter in the determination of the direction of monetary policy.
“Deepening the role of the CBN in development finance to promote the development of agriculture, industry, SMEs, and the power sector; improve the country’s payment system and ensure the sustenance of financial system stability.”
Continuing, the communiqué reads, “Council also congratulated the new Managing director of the Bank of Industry [BOI], Mr. Rasheed Olaoluwa and urged him to sustain the tempo of performance by his predecessor, Ms. Evelyn Oputu.
“Council called for closer collaboration between the BOI and stakeholders to fine tune some of its credit rules and conditions for enhanced value delivery to investors and the acceleration of the industrialization process.
“Council noted the security situation in the country and its consequences for the economy and job creation.
“It welcomed the global coalition against the insurgency and advised the Federal Government and the security agencies to take maximum advantage of this backing to put an end to the menace of terrorism in the country.