Politics
LCCI Calls For Sustained Power Reforms To Enhance Industrial Development
LCCI Calls For Sustained Power Reforms To Enhance Industrial Development....KINDLY READ THE FULL STORY HERE▶
The Lagos Chamber of Commerce and Industry (LCCI) has urged the Federal Government to continue its power sector reforms to enhance electricity supply for industries. Dr. Chinyere Almona, Director-General of the LCCI, emphasized the need for sustained efforts in the power sector, noting that as of July, approximately 13.1 million people remained unmetered……CONTINUE READING
In a recent statement, Almona praised the progress made in the power sector, highlighting a 3.3 percent increase in the provision of electricity meters—from 5.9 million in June to 6.1 million in July 2024. Despite acknowledging the industrial sector’s 3.53 percent growth in Q2 2024, the LCCI called for continued governmental support through targeted interventions.
Beyond power, Almona encouraged further government initiatives in agriculture, oil and gas, trade, and services. She suggested that Nigeria’s agriculture sector would benefit from import waivers for inputs, improved security at crop production sites, and better rural infrastructure to minimize post-harvest losses and enhance market access.
While recognizing the oil sector’s year-on-year growth, the LCCI noted its vulnerability due to quarter-on-quarter declines. Almona stressed the importance of implementing the Petroleum Industry Act to address regulatory challenges such as divestments, crude supply issues, oil theft, and pipeline vandalism.
For the trade sector, the LCCI called for more investment in port infrastructure despite a 0.7 percent year-on-year growth in Q2 2024. The chamber also urged the strengthening of regulatory frameworks to ensure fair competition and consumer protection in the services sector, which remains crucial for Nigeria’s GDP. Almona emphasized the need for continued support in digital transformation, financial inclusion, and fintech innovations to sustain growth in the services sector.
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