Industry Players Harp on Transparency and Inclusive Policy-Making to Stimulate Economic Growth

From Left: Mr. Thomas Adams, General Manager, Japan Tobacco International Nigeria; with Mr. Gabriel Idahosa, President and Chairman of Council, Lagos Chamber of Commerce and Industry (LCCI); Mr. Ade Adefeko, Chairman, Industrial Group, LCCI; and Mr. Vivian Ikem, Director, Corporate Affairs and Communication, Japan Tobacco International Nigeria; during the LCCI industrial symposium held at the Commerce House, Idowu Taylor Street, Victoria Island, Lagos, on Thursday, 24th October 2024.

The Industrial Group, in conjunction with the Export and Financial Groups of the Lagos Chamber of Commerce, has called on the government to always engage with players in the various sectors of the economy in formulating policies that will support the country’s industrialization drive.

The sectoral group stated that this will lead to robust policies, transparency, and inclusiveness that will foster the growth of businesses and positively impact the nation’s economy.

This was at the inaugural industrial symposium of the Lagos Chamber of Commerce and Industry with the theme ‘Industries as the Catalyst for Growth and Economic Development,’ held in Lagos, on Thursday, 24th October 2024.

According to the Chairman of the Industrial Group of LCCI, Mr. Ade Adefeko, the economy is in a state of comatose, and there is a need to revive it, hence the symposium to deliberate on ideas that will enable businesses to thrive. He called on the government to foster a favourable regulatory framework that will boost business operations.

 In his contribution, the Director of Corporate Affairs and Communication of JTI Nigeria, Mr. Vivian Ikem, who was one of the Panelists, said regulations play a key role in improving the ease of doing business but noted that regulations must be inclusive, fair and balanced to support business growth.

He 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.

Earlier in his welcome address, Mr. Gabriel Idahosa, President and Chairman of Council, LCCI, averred that the symposium is one of the new steps of the LCCI to strengthen business operations and to catch up with other emerging economies.  

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