Industry Leaders Urge Government to Embrace Transparency and Inclusive Policies for Economic Revival
Industry Leaders Urge Government to Embrace Transparency and Inclusive Policies for Economic Revival
From Left: Mr. Thomas Adams, General Manager, Japan Tobacco International Nigeria; with Mr. Gabriel Idahosa, President and Chairman of Council, Lagos Chamber of Commerce and Industry (LCCI); Mr. Ade Adefeko, Chairman, Industrial Group, LCCI; and Mr. Vivian Ikem, Director, Corporate Affairs and Communication, Japan Tobacco International Nigeria; during the LCCI industrial symposium held at the Commerce House, Idowu Taylor Street, Victoria Island, Lagos, on Thursday, 24th October 2024.
The Industrial Group, in partnership with the Export and Financial Groups of the Lagos Chamber of Commerce and Industry (LCCI), has urged the Nigerian government to consistently engage with sector players when creating policies aimed at advancing the country's industrial sector. They believe that an inclusive approach will yield robust, transparent policies that drive business growth and positively influence Nigeria's economy.
This call was made during LCCI’s inaugural industrial symposium, themed “Industries as the Catalyst for Growth and Economic Development,” held in Lagos on Thursday, October 24, 2024.
According to Mr. Ade Adefeko, Chairman of the LCCI Industrial Group, Nigeria’s economy is in critical condition, necessitating strategic initiatives to stimulate business growth. He emphasized that the symposium was designed to generate ideas to help businesses thrive, and he called on the government to implement favorable regulatory frameworks to support business activities.
Mr. Vivian Ikem, Director of Corporate Affairs and Communication at JTI Nigeria and a panelist at the event, highlighted the essential role of balanced regulations in improving the ease of doing business. However, he noted that the absence of stakeholder engagement in policy-making and inconsistencies in regulation enforcement pose significant obstacles for businesses.
In his opening remarks, Mr. Gabriel Idahosa, President and Chairman of the LCCI Council, described the symposium as a new step toward strengthening Nigerian industries and positioning them competitively alongside emerging economies. Idahosa further identified key challenges facing industrial growth, including limited access to affordable credit, regulatory uncertainties, foreign exchange issues, and infrastructural deficits, underscoring the need for collaborative solutions.
Industry stakeholders agree that a shift toward transparency and inclusivity in policy-making will not only enhance business operations but also drive Nigeria’s economic recovery and growth.
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