Experts harp on transparency, inclusive policy to stimulate economic growth

The industrial group, in conjunction with the export and financial groups of the Lagos Chamber of Commerce and Industry (LCCI), have called on the government to engage more with players in the various sectors of the economy in formulating policies that will support the country’s industrialisation drive.

The sectoral group stated this during the inaugural industrial symposium of the LCCCI themed, ‘Industries as the Catalyst for Growth and Economic Development,’ held recently in Lagos ahead of the annual trade fair.

According to the sectoral group, continuous engagement with industry players will lead to robust policies, transparency, and inclusiveness that will foster the growth of businesses and positively impact the nation’s economy.

Gabriel Idahosa, president and chairman of council, LCCI, stated that the symposium is one of the new steps taken by the chamber to strengthen business operations and to catch up with other emerging economies.

According to Idahosa, lack of access to low-credit loans from the country’s financial institutions, regulatory uncertainties, foreign exchange challenges, and infrastructural deficit, are some of the factors militating against industries’ growth, stating that there is an urgent need for solutions through collaboration.

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Ade Adefeko, chairman, LCCI’s industrial group, stated that the symposium was held to deliberate on ideas that will enable businesses to thrive amid the challenging macroeconomic environment. He further urged the government to foster a favourable regulatory framework that will boost business operations.

Vivian Ikem, director, corporate affairs and communication, Japan Tobacco International (JTI) Nigeria, stated that regulations play a key role in improving the ease of doing business and noted that regulations must be inclusive, fair and balanced to support business growth.

Ikem, who was one of the panelists, stated that the non-involvement or engagement of relevant stakeholders in policy formulation and the inconsistency of some regulations and their enforcement have been a major challenge facing businesses.