BusinessDay

LCCI urges authorities to develop rapid economic recovery plan

…unveils Olawale-Cole as 24th president-elect

The Lagos Chamber of Commerce and Industry (LCCI) has called on fiscal and monetary authorities to implement plans and policies that will drive accelerated economic recovery as the year runs to an end.

This call was made by Toki Mabogunje, president of, LCCI at the chamber’s 133rd Annual General Meeting held on Thursday where she said that 2021 should end in a positive growth trajectory between 2 and 2.5 percent if enabling plans are implemented.

“Achieving faster recovery requires the fiscal and monetary sides of the economy to promote growth-enhancing and confidence-building policies that would encourage private capital flows to the economy,” she said.

She added that fiscal and monetary authorities must develop a medium-term recovery plan anchored on boosting local productivity, attracting private investment, developing infrastructure, economic diversification, employment generation among others.

The president acknowledged that although inflation has decelerated there are concerns that its double-digit figure might be sustained in the short to medium term largely driven by persistent food supply shocks, insecurity, and other structural factors which will continue to mount pressure on domestic consumer prices.

Speaking on the recently concluded 35th Lagos International Trade Fair (LITF), Mabogunje revealed that the chamber did not make a loss however its monetary volume declined compared to previous years. Exhibitors also reported making sales records at the 2020 and 2021 trade fairs despite peculiar circumstances.

Read also: LCCI Lauds UBA’s contribution to growth of African economies, intra-African trade

During the AGM, it was also revealed that Michael Olawale- Cole has been elected as the 24th president of the LCCI, a position he will retain for the next two years. This is coming after the expiration of Toki Mabogunje as president of the chamber.

The incoming president will be inaugurated as the President of the Chamber on Saturday 4th December 2021 at an Investiture Ceremony scheduled to hold at the Orchid-Lantana Hall, Eko Hotel and Suites, Victoria Island, Lagos.

Olawale-Cole, a two-time former commissioner for Finance and Economic Development, as well as Works and Transport in Lagos State, has also served the Chamber previously in various capacities including deputy president and chairperson.

He is an alumnus of the University of Lagos; University of Cambridge; South West London College, All Saints University of America, and Harvard Business School, USA. He is also a past president of the Nigerian British Chamber of Commerce (NBCC), Nigerian Institute of Management (NIM).

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