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Lagos Chamber of Commerce and Industry (LCCI) has urged the Federal Government to accelerate the transition from economic stabilisation and reforms to an era of enterprise competitiveness, productive investment and broad-based prosperity.
The chamber, in its response to President Bola Ahmed Tinubu’s 66th Independence Day address, welcomed the economic direction outlined by the President, particularly his declaration that Nigeria had moved beyond the phase of economic stabilisation and must now focus on delivering shared prosperity.
President, LCCI, Leye Kupoluyi, said the private sector shared the objective, but stressed that the success of the next phase of the economic programme should be measured by its impact on businesses and households.
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Kupoluyi said the transition from reforms to prosperity should be assessed not only through macroeconomic indicators, but also by whether Nigerian businesses could invest, produce, employ, compete and expand, and whether households were experiencing improved purchasing power and living standards.
The President had highlighted developments including economic growth of more than four per cent, improved foreign exchange stability, stronger external reserves, a decline in inflation from its peak, reduced oil theft and increased non-oil export revenues.
The LCCI boss said the developments were important for restoring macroeconomic confidence and strengthening the foundations for investment.
