LCCI: Nigeria needs all-encompassing economic & fiscal plan

The Lagos Chamber of Commerce and Industry (LCCI) has called on the Nigerian government to focus on asset-based and equity offerings in order to improve revenue and tackle the country's economic challenges. In a consensus reached after the 2023 Mid-Year Economic Review and Outlook, the chamber emphasized the need for an all-encompassing economic and fiscal plan to address the liquidity crisis and other pressing issues facing businesses in Nigeria. Chinyere Almona, the Director General of the LCCI, joined CNBC Africa to discuss the chamber's recommendations and shed light on the current economic landscape. Almona highlighted the urgent need for the government to leverage its assets, particularly state-owned real estate, to enhance liquidity and stimulate economic growth. She pointed out that dwindling revenues, rising debt costs, and declining reserves have put Nigeria in a precarious situation, leading to economic instability and growth reversal. The Director General emphasized the importance of looking inward as a nation and implementing strategic changes to improve the economic outlook. One of the key strategies proposed by the LCCI is for the government to tap into its real estate assets to generate much-needed liquidity. Almona underscored the significance of addressing the liquidity crunch through innovative solutions and asset utilization. She urged the government to focus on transparency and effective implementation of measures to support businesses and boost investor confidence. The LCCI also highlighted the challenges faced by businesses, including inflationary pressures, foreign exchange volatility, and infrastructure deficits. Almona stressed the need for urgent interventions to alleviate the burdens placed on businesses, enhance productivity, and create a conducive environment for growth. The organized private sector is calling for government support in terms of grants and incentives to drive industrialization and stimulate economic activities. By providing targeted assistance to companies and improving the business environment, the government can spur job creation, increase production capacity, and ultimately boost purchasing power. Almona emphasized the importance of implementing holistic solutions to address the multifaceted challenges facing businesses in Nigeria. The LCCI's recommendations align with the goal of promoting sustainable economic growth and enhancing the competitiveness of the Nigerian economy. Through strategic asset management, transparent governance, and targeted interventions, the government can pave the way for a more resilient and prosperous economy. As Nigeria navigates the complexities of economic recovery and fiscal management, collaboration between the public and private sectors will be vital in driving sustainable development and fostering a conducive business environment.