By Halimah Olamide
The Lagos Chamber of Commerce and Industry (LCCI) has advised President Bola Ahmed Tinubu to consider more robust private investments in the power sector as a way of pepping up power generation and distribution in the country.
The LCCI also cautioned the president against investments in agriculture without adequate security.
These were some of the suggestions by the chamber after its review of the president’s new year day speech where he promised Nigerians better days are coming.
The review was signed by Dr. Chinyere Almona, Director General of the Chamber.
While appreciating the president’s admission that Nigerians are suffering, the chamber said it would be proper that Tinubu’s administration look at all the issues deeply before applying solutions.
“There is an urgent need to address the structure of the power sector. The Government needs to consider bringing private sector investment into the transmission segment of the power sector.
This would ensure adequate technical and financial capacity for a well-functioning sector to power economic growth,” the chamber said.
It added that the commitment to power projects which includes the Siemens Energy initiative and efforts to enhance the reliability of transmission lines, is a positive step towards addressing the critical issue of electricity supply.
LCCI said this move aligns with the business community’s aspirations for a robust and diversified economy.
Examining the president’s promise to cultivate vast areas of land for production of staple foods, the chamber said security is key to this aim adding that no meaningful agricultural investment would yield if the lives of farmers are at risk and their farms are not accessible.
The chamber said, “The focus on cultivating farmlands to grow staple crops and boost food security aligns with the need to ensure constant food supply, security, and affordability for citizens.
However, LCCI cautions that the productivity of the farmlands and the effectiveness of investments in food production are subject to adequate security measures.
“Investment in agriculture has a limited chance of success as long as the Government fails to deal with the security issues.”
The LCCI recommended that the Government should quickly move the Police from the Exclusive list to the Concurrent list to be legislated upon by the Federal and State Governments.
“This will guarantee effective policing of the nooks and crannies of the society, particularly the farmlands,” it said
The chamber commended Tinubu for the announcement of a new national living wage describing it as a positive step towards ensuring the well-being of workers and promoting inclusive economic growth.
On the issue of fuel subsidy, the LCCI said it believed that step was necessary adding however that its impact on individuals, families, and businesses, leading to discomfort, must be carefully managed.
“The potential ripple effects on the cost of living and inflation must be closely monitored. Acknowledging the challenges of high inflation (above 28%) and an unacceptable under-employment rate is crucial.
“However, specific strategies to address these issues were not mentioned, leaving room for concerns about the impact on citizens,” LCCI said
The chamber expressed doubt over the effectiveness of the measures being taken to solve the security challenges in the country.
It said while efforts to address security challenges were mentioned by Tinubu, he was not specific with details on comprehensive security strategies being adopted.