A few days ago, President Bola Ahmed Tinubu announced a state of emergency on food security in the country. The presidential directive was given by his spokesman, Dele Alake, while briefing State House correspondents. The president directed that all matters pertaining to food and water availability and affordability, as essential livelihood items, be included within the purview of the National Security Council. This development would no doubt promote economic development in the country.
Earlier, the president was appointed as Chairman, Economic Community of West African States (ECOWAS). This feat has been applauded by many individuals and corporate organisations. A closer look at the message given by LCCI offers a ray of hope that the nation is navigating rightly by describing it as a laudable feat and well deserved. The president and Chairman of Council of the LCCI, Asiwaju (Dr.) Michael Olawale-Cole, has observed that the “election has come at a time when the ECOWAS region’s member states are positioning themselves to be integrated into the African Continental Free Trade Area (AfCFTA). As you stated in your acceptance speech, insecurity and creeping terrorism have stunted the progress and development of the region and must be dealt with”.
As the largest economy in Africa, Nigeria is expected to play a significant role in the region and the continent as a whole. However, despite its significant achievements, there are still a number of barriers inhibiting the free flow of goods and services within the region, such as onerous regulations, weak payment platforms, security risks, high transportation costs, and corruption. Consequently, the region has experienced low trade, which had hampered economic growth and development, but despite these limitations, Nigeria is still held in a high standard, especially in terms of setting policy direction on issues affecting the region, the President added.
The LCCI recommends that under the current leadership, issues that affect trade would be appropriately dealt with and that a critical success factor would be to support the implementation of the eco, which is the proposed common currency for ECOWAS. This currency would ease the burden of payment, foreign exchange fluctuation and the attendant impact on trade. “We are assured that your wealth of knowledge, commitment, and track record of governance and leadership will undoubtedly be a significant advantage as you tackle the challenges currently facing the region”, Dr. Olawale-Cole said.
Meanwhile, the LCCI has lauded President Tinubu’s appreciation and recognition of the role of the organised private sector in the realisation of the socio-economic objectives of Nigeria. On the proposed establishment of the Nigerian Revenue Services from the merger of the Nigerian Maritime Administration and Safety Agency (NIMASA), Federal Inland Revenue Service (FIRS), and Nigeria Customs Services (NCS), the LCCI said it understands the government’s arguments on the proposed merger, which borders on improving efficiency in collecting all direct and indirect taxes and levies. It also supports the government’s desire to curb the rising cost of governance, its readiness to declare a state of emergency on revenue generation, and its resolve to tackle them headlong.
The chamber, however, cautions that the government should ensure that implementing the proposed merger does not impede the ease of doing business and that it is necessary for the government to ensure that the fallout of the proposed merger, such as staff rationalisation, realignment of operating structure, accountability, and transparency, are adequately dealt with. While we commend the government on some of its recent measures to stop wasteful spending, we urge the administration to halt the revenue leakage of more than US$5 billion, paid as freight to foreign ship owners and that the chamber’s perspectives are in tandem with the government’s need to check the over-alleged bloated and inefficient workforce of the Ministries, Departments and Agencies (MDAs).
The body calls on the government to embrace critical stakeholders’ engagement and consultation, which would hopefully provide further insights into charter-specific responsibilities and possibilities. The LCCI further lauds the government on the recently-released Executive Orders, which, by and large, would curb arbitrary taxation policies. The LCCI notes with satisfaction, that the executive orders demonstrate the listening ear tendency of President Tinubu, for they further highlight the administration’s readiness to strengthen due process, willingness to follow established path, and readiness to uphold collective agreements.
“LCCI, as the voice of the organised private sector, has the capacity, pedigree, and stature to support the government in facilitating the implementation of policy initiatives. The issues presented herewith have both policy and institutional implications. We are aware of the many challenges facing our country currently, and we commend all that the government is doing to resolve these issues and stabilise the economy. We only crave to see more results through efficient and timely implementation. The chamber, under my leadership, is available to work with the presidency with respect to policy formulation and implementation in the direction of a more robust economy for the nation”, the president added. In the final analysis, it is hoped that the Tinubu administration would really take a closer look at some of these points to boost our nation’s economy.
