Following the economical crisis, the Lagos Chamber of Commerce and Industry, has called on the Federal Government to provide and support mechanisms to strategic companies and industries that play critical roles in achieving inclusive economic growth.
Chinyere Almona, the Director-General of the Chamber said providing support systems for industries had become imperative given the current economic challenges facing the Nigerian economy.
She stressed that the ongoing challenges, exacerbated by the high cost of doing business and other socio-economic factors like threatening insecurity conditions, had intensified the need for targeted interventions and support from the government.
The statement read in part, “As Nigeria strives to stabilise prices, boost forex inflows, and attract foreign direct investments, 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.”
The LCCI stated that, the Dangote Refinery is beginning to make a significant impact on Nigeria’s economy, particularly in achieving national self-sufficiency in the production of diesel and aviation fuel.
Another game-changer intervention, it said, came from the commencement of international flights to the United Kingdom by Nigeria’s Air Peace.
It added, “We need more support for local companies to play in sectors that have hitherto been monopolised 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.”
The chamber, also stated that those companies, notwithstanding their strategic importance, were not immune to the adverse impacts of economic downturns, market uncertainties, and global disruptions.
Meanwhile, the LCCI called on the government to provide concessional credit and low-interest loan facilitation, grants, or waivers to eligible companies to facilitate their operational continuity, investment in infrastructure, and technological advancement.
