Politics: Economy facing challenges, says LCCI Daily Parrot

Lagos Chamber of Commerce and Industry


President, Lagos Chamber of Commerce & Industry (LCCI), Dr. Michael Olawale-Cole, has lamented the state of the economy.

He said the economy has been inundated with problems among which are oil theft, unsustainable subsidy regime, insecurity, and foreign exchange crisis.

He stated this at the Private Sector Economic Forum for next year’s Presidential Election held at the Chamber’s headquarters in Victoria Island, Lagos.

He said, however, that despite the challenges, the future remained bright for the economy

Olawale-Cole said while the chamber is non-partisan, they are, however, interested in the economic agenda of the candidates and their plans to make a better Nigeria in the next dispensation.

According to him, the chamber is aware of the effect of politics over economics in managing the economy and would, therefore, wish to contribute to the setting of a new economic order that can take our economy from the doldrums.

Read Also; LCCI: economy has grown

Canvassing the need for new policy direction, institutional reforms, and sound governance, he stressed that they are critical to creating a new economic order in the nation.

He recalled that in the past 16 years; the LCCI has organised this session in every election cycle.

“This is a part of our public policy advocacy to provide a first-hand opportunity for presidential candidates of the leading political parties to speak to the organised private sector (OPS) on their economic blueprint for Nigeria. We believe that all patriotic Nigerians would like to know the plans and intentions of a future president, and this will most likely enhance the choices people make at the polls. He said beyond economic management, countries rise or fall through leadership and governance. Nigerians have another opportunity to decide who leads them in the next four years from 2023-2027,” he added.

He said Nigeria was the largest economy on the African continent with an output in the region of almost half a trillion dollars in nominal terms. The country is also endowed with human and natural resources.

Furthermore, he urged on the need to pay special attention to education as this will determine the future of our youths.

He regretted that the Academic Staff Union of Universities (ASUU) has been on strike for over 220 days. Also, he harped on the need to provide long-lasting solutions to the issue of industrial disputes.


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