By Chinora Ugwu
The president of Lagos Chamber of Commerce and Industry (LCCI) Dr. Mrs Nike Akande has warned that the power sector reform undertaken four years ago has not met the expectations of the business community and the citizens.
She made this known at the presidential policy dialogue held in Lagos last week.
The president however stated that investors’ confidence is on the upswing, liquidity in the forex market has increased, there is better clarity in the policy direction, forex inflows are beginning to pick up.
She noted that the foreign exchange policy has been reviewed to reduce the volatilities in the forest market and minimize uncertainties.
Supporting this view, the president of the Nigerian Stock Exchange. Aig Imoukhuede said:
“We must think beyond the current recession and come up with big and audacious policy reforms to boost growth once again.”
“The major constraints to growth are the self-serving attitude of those in power and the failure of the public sector to provide an enabling environment,” he added.
In his response, the Acting President, Prof Yemi Osinbajo said the federal government will improve power and infrastructure, create enabling environment as well as create more employment opportunities for the youths before the end of the tenure of President Muhammad Buhari.
He maintained that for the country to attain its full potentials, the present administration would create a conducive environment for the private sector investors and the small and medium scale enterprise (SMEs).
The acting President who was represented by the Minister of Trade and Investment, Dr Okechukwu Enelamah, promised to assist the private sector by encouraging local production and value addition.
“We want to come out stronger and more resilient after the recession. To achieve this, more employment opportunities will be created for the youths,” he said.
Stakeholders at the Policy Dialogue called on the Federal government to end fuel subsidies and fix the power debacle which have proved a huge financial burden on public revenues and crimped economic activities.
By Chinora Ugwu