Following the inauguration of the Presidential Economic Coordinating Council by President Bola Tinubu, the National President of Nigerian Association of Chambers of Commerce, Industries, Mines and Agriculture (NACCIMA), Mr. Kelvin Dele Oye, has declared that Alhaji Aliko Dangote and Mr. Tony Elumelu, are not representing the Organised Private Sector of Nigeria (OPSN) in the Council.
He said they were there based on their business interests. NACCIMA is the regulatory body of Organised Private Sector of Nigeria (OPSN) comprising MAN, NACCIMA, NECA, NASSI and NASME, representing more than 5 million businesses in Nigeria. Oye, in an interview in Lagos charged President Tinubu to include OPSN in the Council, in a bid to capture the overview of the Nigerian economy.
The NACCIMA president lauded President Tinubu for the inauguration of the Council as part of his plans to reposition and strengthen the country’s economy. Oye said: “First of all, I want to sincerely thank Mr. President for setting up this Presidential Economic Coordinating Committee, because the operating environment is very hostile for businesses operating in the country.
“But, we also thank him for involving some of our big players, like Dangote, Tony Elumelu and others. But I want to make it known that Dangote, Tony Elumelu, are not representing OPSN; they are not OPSN members on that Council, rather, they are representing their own businesses on the Council, not the interests of the OPSN.
“The OPSN comprises top Business Membership Organisations (BMOs) MAN, NACCIMA, NECA, NASSI and NASME, representing more than 5 million businesses in Nigeria. “So, we in OPSN needs to be in that Presidential Economic Coordinating Council, because,.we are the ones that knows where businesses pinch business owners in Nigeria, and we have diverse membership cit across in the country.”
Similarly, the Lagos Chamber of Commerce and Industry (LCCI) has acknowledged the establishment of the Committee tasked with turning around the economy and repositioning it for growth, job creation, and revenue generation.
The Director-General of LCCI, Dr. Chinyere Almona, disclosed to New Telegraph, in Lagos, that the availability of an economic roadmap was a crucial ingredient for a conducive business environment as it helps to clear uncertainties and aids businesses in planning.
Almona explained that the composition of the Committee should boost the confidence of investors and businesses in the economy. She said: “We urge the government to pay attention to the Committee’s recommendations and engage as many stakeholders as possible to implement recommended policies successfully.
We acknowledge and commend the government’s implementation of some recommendations by other committees, such as the Presidential Committee on Fiscal Policy and Tax Reforms.”
Almona continued: “Recent executive orders that have offered relief through tax exemption, zero tariffs, excise duties, and ValueAdded Tax waivers are bold steps in the right direction. These government actions align with our consistent advocacy for non-cash fiscal interventions targeting the cost of doing business.
“The Chamber wishes to direct the attention of the Committee to burning issues like the unbearable high interest rates, curbing the raging inflation rate beyond the use of rate hikes, close monitoring of recent executive orders to ensure successful implementation, the introduction of more targeted fiscal interventions like the lowering and fixing of the Customs Exchange rate for import duties, and spending more on boosting infrastructure to support production in the economy.”
In addition, the LCCI DG noted that the Committee should also consult broadly with the private sector community in their planning process to ensure operators’ involvement in policies meant for them, saying, “as the committee commences its work, we look forward to a focus on boosting production through a synergy of monetary and fiscal policy interventions to tackle the inherent economic problems, particularly targeting some strategic sectors needing urgent interventions. “We expect to see Nigeria’s local production receive a boost, resulting in a reduction in our imports and increased exports across more economic sectors.”