Economy Flourishes With Rule Of Law, Almona Urges Federal Government

Dr. Chinyere Almona, the Director General of the Lagos Chamber of Commerce and Industry (LCCI), has commended President Bola Tinubu’s New Year speech, particularly the policies outlined.....KINDLY READ THE FULL STORY HERE▶

Almona expressed that the President’s speech was on point, but emphasized that the successful implementation of these policies is crucial for them to benefit both businesses and citizens.

In an interview with Arise News on Thursday, Almona stressed that for the economy to prosper, the federal government must uphold the rule of law and protect fundamental human rights.

She noted that if President Tinubu’s policies are effectively executed, they will stimulate demand from agro-producers and industries.

“The announcement of the National Credit Guarantee Company is a significant move to enhance access to credit, especially for women, youth, and small businesses. If implemented efficiently, this can increase demand for products from agro-producers and industries, boosting manufacturers’ capacity utilization and job creation in the mid-term,” she said.

However, Almona called for swift operationalization and a transparent framework to prevent bureaucratic delays.

The LCCI DG also urged the President to focus on expanding foreign trade, particularly non-oil exports, and to prioritize investments in telecommunications.

“All diplomatic efforts should be directed at increasing foreign trade, especially by boosting non-oil exports to help achieve trade surpluses by 2025. We also need vital investments in the telecommunications sector to support the government’s digital transformation agenda.”

She further highlighted the need for substantial investments in the Compressed Natural Gas (CNG) infrastructure, noting that both digital transformation and energy transition are essential to achieving the industrial growth necessary for a $1 trillion economy.

Almona concluded by advocating for a business-friendly environment and stronger respect for the rule of law, stating, “A stable and cooperative societal framework is vital for sustained economic activity. The rule of law is the most important guarantee of human rights protection and the best foundation for justice and fairness in a democratic state.”