Would you like to receive notifications on latest updates of the following headlines?

LCCI Seeks Special Support Mechanism for Strategic Investors

POSTED ON April 10, 2024 •   Business      BY Abiodun Saheed Omodara •   VIEWS 133
LCCI Logo l Credit: LCCI l Source: X

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 critical roles in achieving inclusive economic growth for the country’s Gross Domestic Product (GDP).

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 on Tuesday, 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.”

 

RECOMMENDED FOR YOU
Proposed tax reform bills not against North, says Presidency
BY Abiodun Saheed Omodara October 31, 2024 0

The Presidency has said contrary to job loss fears and perceived marginalisation of the North, the t...

RECOMMENDED FOR YOU
Kaduna approves N72,000 minimum wage
BY Abiodun Saheed Omodara October 31, 2024 0

The Kaduna State Governor, Uba Sani, has approved a new minimum wage of N72,000 for civil servants i...

RECOMMENDED FOR YOU
32 states get 55% of revenues from FAAC – Report
BY Abiodun Saheed Omodara October 30, 2024 0

A new report by civic-tech organisation, BudgIT, has revealed that 32 out of Nigeria’s 36 stat...

RECOMMENDED FOR YOU
2025 budget: Tinubu to submit MTEF to N’Assembly next week – Senate spokesman
BY Abiodun Saheed Omodara October 30, 2024 0

President Bola Tinubu will submit the Medium Term Expenditure Framework and Fiscal Strategy Paper to...

RECOMMENDED FOR YOU
FG must be intentional about addressing hunger, poverty in Nigeria — Security expert
BY Benedicta Bassey October 29, 2024 0

High Chief Aimanerimi Victor Arogunyo is the spokesperson for Akoko-Edo Security Network and the Nat...

RECOMMENDED FOR YOU
Nigeria loses $2.5bn to non-implementation of ICTN- Shippers council
BY Abiodun Saheed Omodara October 29, 2024 0

Nigeria lost about $2.5bn in five years, and $500m annually due to the non-implementation of the Int...

RECOMMENDED FOR YOU
CBN plans to raise fines on erring banks
BY Abiodun Saheed Omodara October 29, 2024 0

The Central Bank of Nigeria is preparing to impose stricter fines on banks that fail to comply with...

RECOMMENDED FOR YOU
IFC, CBN in $1bn Partnership to boost local currency financing in Nigeria
BY Abiodun Saheed Omodara October 28, 2024 0

The International Finance Corporation, a member of the World Bank Group and Nigera’s Central B...

OUR CHANNELS:

OTHER ARTICLES ::

5th November, 2024
Economic Showdown: Atiku's Critique vs. Tinubu's Policies A Leadership Divide
BY ROCKETPARROT.com staff November 5, 2024 0

In a recent exchange highlighting the growing tensions in Nigeria's political landscape, former Vice...


Indianapolis Woman Dies in I-65 Accident Near Columbus After Return from Kentucky Event
BY ROCKETPARROT.com staff November 5, 2024 0

COLUMBUS, Ind. — A tragic accident claimed the life of Indianapolis resident Omotope G. Oyedir...


Adriano's Decline: From Football Glory to Favela Streets
BY ROCKETPARROT.com staff November 5, 2024 0

Health concerns arise as a recent video surfaces showing Adriano, the former Inter Milan and Brazil...


Proposed tax reform bills not against North, says Presidency
BY Abiodun Saheed Omodara November 5, 2024 0

The Presidency has said contrary to job loss fears and perceived marginalisation of the North, the t...


Kaduna approves N72,000 minimum wage
BY Abiodun Saheed Omodara November 5, 2024 0

The Kaduna State Governor, Uba Sani, has approved a new minimum wage of N72,000 for civil servants i...


Man Utd seal deal with Amorim as new manager — Report
BY Abiodun Saheed Omodara November 5, 2024 0

Manchester United has finalised an agreement with Sporting Lisbon to appoint 39-year-old Ruben Amori...


Nile Group collaborates with Ooni of Ife to manage his theaters
BY Ebiakuboere England November 5, 2024 0

His Imperial Majesty, the Ooni of Ife, and Nile Cinemas have inked a historic management contract fo...


Bruno Mars tops Spotify monthly listeners record
BY Ebiakuboere England November 5, 2024 0

Grammy-winning singer Bruno Mars has broken the previous record with 120,862,858 monthly Spotify lis...


South Africa to strip Chidimma Adetshina of ID documents
BY Ebiakuboere England November 5, 2024 0

Nigerian-South African Model Chidimma Adetshina faces the possibility of losing her national documen...


Senate confirms seven ministerial nominees
BY Benedicta Bassey November 5, 2024 0

The Senate has screened and confirmed seven ministerial nominees appointed by President Bola Ahmed T...


Menu