The Lagos Chamber of Commerce and Industry has said that core democratic values and ideals, such as transparency in the management of public finance and rule of law, need to be given more state attention to have firmer roots.
LCCI President and Chairman of Council, Gabriel Idahosa made the advocacy in his Nigeria’s 64th Independence Anniversary statement, sent to The Eagleonline on Monday.
Other democratic values according to Idahosa include: separation of powers and the inherent checks and balances; Quality and independence of democratic institutions, including: Electoral bodies, Law Enforcement Agencies, Judiciary; Citizen engagement in the democratic process and practice of true Federalism
Idahosa disclosed that LCCI recognizes that Nigerian democracy is still a work in progress, noting that, as in many advanced democracies, it is crucial to recognize the importance of these democratic ideals to sustain “our democracy and ensure the advancement of the common good for all citizens”.
He recalled that very recently, a mixed colouration of insecurity, border clashes, herdsmen/farmers clashes, secessionist clamourings, banditry, kidnapping, and social unrest have all emerged as critical threats to “our national life”.
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Following these, he stated that as the country reflects on her journey and current challenges, bold and innovative actions are needed to steer Nigeria toward macroeconomic stability, sustainable growth, and shared prosperity.
To achieve the set goals, LCCI recommended: “Revenue Diversification, saying : “It is imperative that we move away from our over reliance on oil revenue. While we agree that the Nigerian economy is well diversified along the line of economic activities, on revenue, we still derive more than 60 percent of our revenue from oil. We need more drive in our non-oil sector development.
“We must prioritise more investments in food and livestock production, transport infrastructure to improve logistics and introduce and sustain fiscal concessions like tax reliefs and import duty waivers, all targeted at subsidising production. In the services sector, we should strengthen sectors such as technology, creatives and entertainment, renewable energy, and tourism. These sectors hold great potential to create jobs and generate revenue.
“Infrastructure Development: To foster economic growth, we must invest in critical infrastructure, especially power, transportation, and healthcare. Public-private partnerships will be vital to addressing our infrastructure deficits, and we call on the government to create a more enabling environment for such collaborations. We urge the government to remain faithful to using borrowed funds from international development institutions like the World Bank and the International Monetary Fund (IMF) on infrastructure as agreed.
“Fiscal Discipline and Innovative Debt Management: We must address the issue of fiscal mismanagement and ensure that debt is used prudently to finance projects that will generate long-term value. Additionally, the government must broaden the tax base, improve revenue collection, and reduce inefficiencies in public spending. The cost of governance is high and unsustainable, there are many leakages fueling corruption, and taxpayers are demanding more prudence and transparency in the use of tax revenues. Public debt stood at N11.24 trillion in 2014, rising to N121.7 trillion as of March 2024, according to data from the Debt Office of the Federation.
“Align Monetary Policies with Economic Growth Drive: The 2024 Federal Budget projects a growth rate of 3.7% for the Nigerian economy. Since January, the inflation rate has been on an upward swing, reaching 32.15% as of August, and at the same time, interest rates have become unbearable for businesses. Looking at the last 10 years, the average inflation rate rose from an average of 8% in 2014, rising astronomically to above a 30% level recorded in most parts of 2024.
“The CBN’s average Monetary Policy Rate was 13% in 2014 compared to the levels above the 20% mark, with consecutive increments within the last 18 months. The rate of borrowing has risen to 27.25% as of September 2024. While we agree that price stability is crucial to economic stability, we, the economic management team, must remain focused on achieving the target growth levels in order to create much-needed jobs and boost government revenue.
“Human Capital Development: Our youth are our greatest asset, and we must equip them with the skills they need to thrive in a rapidly changing global economy. This means improving our education system, expanding vocational training, and investing in digital skills. Nigeria’s unemployment rate increased to 5.3% in the first quarter of 2024 from 5.0% in Q3 2023.
“The youth unemployment rate also rose to 8.4%, and the percentage of Youth Not in Education, Employment, or Training (NEET Rate) was 14.4%. Indicating a 0.7 percentage point increase from Q3 2023, according to the latest statistics from the National Bureau of Statistics (NBS). Empowering our young people will ensure they can contribute meaningfully to national development. Empowering our young people will ensure they can contribute meaningfully to national development”.
Idahosa also listed Security Architecture and Financing, asserting “There can be no meaningful economic progress without security. The government must intensify efforts to restore peace and stability across the country. We must ensure that the Armed Forces are better funded to undertake the daunting task of curtailing the many ills in our society due to the dire state of the economy. This will foster an environment where businesses can thrive and investments can flow.
“Fostering Small Business and Entrepreneurship Support: We have all acknowledged that small businesses account for more than 70% of job creation and a massive contribution to non-oil sector activities in Nigeria. We must, therefore, continue to support the entrepreneurial ecosystem in Nigeria. Policies that encourage innovation, reduce barriers to entry for small and medium-sized enterprises, and promote ease of doing business will be critical in driving economic growth”.
The LCCI boss declared that the country stands at a crossroads as she marks 64th year of independence, adding that Nigeria can either choose to continue on the current path or rise to the occasion to make the difficult decisions and build an inclusive, prosperous, and sustainable future for all Nigerians.
The Chamber indicated that it remains committed to advocating for policies that will drive economic growth, create jobs, and improve the quality of life for all citizens, affirming that together, as a people, “we can overcome our challenges and realise the full potential of this great nation”.
“Let us all recommit to the vision of a prosperous Nigeria that offers hope and opportunity for generations to come” Idahosa restated.
The country is celebrating her 64th Independence anniversary on Tuesday, October 1, 2024.
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