•Govt must convert reform gains to higher productivity – CPPE
By Yinka Kolawole
As Nigeria marks its 66th independence anniversary, the Lagos Chamber of Commerce and Industry (LCCI) has urged the Federal Government to make manufacturing the centerpiece of its job-creation strategy, warning that macroeconomic stability will have little meaning unless it translates into lower production costs, higher investment and more jobs.
In a statement, President of LCCI, Engr. Leye Kupoluyi, said the economic reforms had produced encouraging signs of macroeconomic stabilisation, but stressed that the next phase must focus on competitiveness and productivity.
“Manufacturing must become the centerpiece of Nigeria’s job-creation strategy. It is one of the most important channels through which Nigeria can convert economic growth into mass employment, higher productivity and improved household incomes,” Kupoluyi said.
He, however, noted that manufacturers and MSMEs continued to contend with high electricity and alternative-energy costs, expensive credit, logistics challenges, imported raw materials and machinery costs, multiple taxes and regulatory burdens.
While welcoming the recent reduction in the Monetary Policy Rate, he said the impact on actual lending rates would take time, urging complementary measures to improve access to affordable finance.
“Beyond the CBN’s reduction of the Monetary Policy Rate, the National Credit Guarantee Company should work to enable more SMEs to access credit,” he said.
Kupoluyi also called for a comprehensive industrial competitiveness programme focused on reliable industrial power, development finance and credit guarantees, predictable trade and tariff policies, domestic production of industrial inputs, and improved industrial parks, roads, rail, ports and logistics infrastructure.
“We need to produce more in Nigeria, employ more Nigerians and reduce the country’s dependence on imported goods,” he said.
Similarly, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, said the reforms, including petrol subsidy removal, exchange-rate reforms and revenue measures, had addressed longstanding fiscal and foreign-exchange distortions.
He said the gains, however, had not yet translated sufficiently into relief for households and businesses.
“The government must now convert the gains from reform into higher productivity and ensure that higher productivity is reflected in the living standards of Nigerians,” Yusuf said.
He urged urged the government to prioritise power, security, ports, logistics, agricultural yields, industrial competitiveness and enterprise-focused skills.
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