The Lagos Chamber of Commerce and Industry (LCCI) has urged President Bola Tinubu-led administration to remove in- herent regulatory and administrative obstacles in the country’s business environment in order to allowed the country’s gross domestic product (GDP) thrives.
Similarly, the chamber also stated that Nigeria could become Africa’s industrial hub by imbibing and promoting standards that will attract international business and boost economic impetus for the GDP. In addition, the chamber also wants President Bola Tinubu to revisit regulations that do not make sense, particularly in the present administration’s quest to revive the economy, explore global investment opportunities and ensure sustainable and inclusive growth.
The President of LCCI, Dr. Michael Olawale-Cole, disclosed this during the second-day international business and EXPO 2023 in Lagos yesterday. Olawale-Cole, while speaking on the theme of the event, titled: “Invest Nigeria,” explained that the Tinubu-led administration’s economic policy must revolves around lifting impediments to friendly business climate, macro-economic stability, economic growth and job creation for Nigeria’s economy to see massive turnaround in growth and development.”
He said: “In the spirit of today’s (yesterday) session,which focuses on regulatory and administrative obstacles to investment as well as policy responses that can help resolve such challenges.
This is in line with the direction of this administration’s economic policy, which revolves around lifting impediments to friendly business climate, macro- economic stability, economic growth and job creation for Nigeria’s economy to see massive turnaround in growth and development.
“Therefore,regulators must place more weight on growth and improving competitiveness as part of reforms in which regulatory policies are formulated. “I strongly believe that Nigeria can become Africa’s industrial hub by imbibing and promoting standards, to attract international business with the promise of fair regulatory burdens.”
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The LCCI president, while speaking on importance of regulation, said: “Let me emphasise the importance of regulation in strategically positioning Nigeria to optimize the opportunities in the African Continental Free Trade Area (AfCFTA).