LCCI STATEMENT ON PRESIDENT TINUBU’S DEMOCRACY DAY SPEECH, 12TH JUNE 2024

President Bola Tinubu’s Democracy Day speech marked a pivotal moment for Nigeria, reflecting on the nation’s 25-year democratic journey and a roadmap for its future. His address, delivered on the historic June 12th, underscored the government’s dedication to democracy, economic development, security, and social cohesion.

We join all Nigerians to celebrate the peaceful transitions and commitment to democratic values in the past twenty-five years. A stable political environment is very crucial for business success and attracting foreign investments. Beyond the rhetoric of speeches, the government needs to stay close to executing their proposed programmes and ongoing reforms to ensure Nigerians reap the dividends of democracy without any further delays.

The government should consider the following:

  1. Ensure clear and consistent communication about economic reforms and policies to businesses and the public to reduce uncertainty, build confidence, and establish transparent mechanisms for tracking and reporting progress made through reforms.
  2. Provide targeted support for businesses to reduce their cost burdens from energy, logistics, and regulatory compliance. We recommend non-cash interventions that can ease the harsh production environment.
  3. Expand social safety net programs to support households affected by high living costs and inflation during this transition period and also increase funding for public services such as healthcare, education, and social welfare.
  4. Foster a collaborative environment between the government, businesses, civil society, and labor unions to ensure fair and timely negotiations on wages and working conditions and implement continuous dialogue and conflict resolution mechanisms to prevent labor unrest.
  5. Implement programmes that support strategic industries that are pivotal to job creation, tax revenues, and infrastructural development.
  6. Remain sensitive to the concerns of, and feedback from, the Organized Private Sector (OPS) and engage in more consultations towards achieving better implementation of policies.

While acknowledging the short-term challenges, we remain optimistic about the long-term benefits of the proposed and implemented reforms. The LCCI stands ready to support initiatives that foster economic growth, political stability, and continued progress in our democratic journey.

President Tinubu’s Democracy Day speech sets forth an ambitious and optimistic vision for Nigeria’s future. His focus on economic diversification, security, education, healthcare, infrastructure, and anti-corruption measures reflects a comprehensive approach to addressing the nation’s challenges.

As Nigeria reflects on the progress made and the path ahead, we urge the government to remain serious about implementing the required reforms towards a more sustainable economy.

DR. CHINYERE ALMONA, FCA

DIRECTOR-GENERAL

LAGOS CHAMBER OF COMMERCE & INDUSTRY

THURSDAY 13TH JUNE 2024

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