LCCI tasks FG on diversification of economy

The Lagos Chamber of Commerce and Industry (LCCI) has once again called on the Federal Government to seek ways of diversifying the nation’s economy from its oil dependency in the face of the twin challenge of global decline in crude oil prices and the local production setbacks.

In a seven-point communiqué made available to BusinessDay after its meeting, Muda Yusuf, director general, LCCI, commended President Goodluck Jonathan on the state of emergency declared in three northern states of Borno, Yobe and Adamawa, among other issues pertinent to the nation’s economy.

In the communiqué, the chamber expressed worry over the current structure of nation’s economy which is “very vulnerable to external shocks,” painting a gloomy revenue outlook for the government. As a way forward, the LCCI encouraged government to create “an enabling environment that will enhance productivity and efficiency in the non-oil sector of the economy.”