LCCI tasks PECC to stengthen monetary, fiscal policies

(Last Updated On: July 11, 2024)Lagos Chamber of Commerce and Industry (LCCI) has urged the newly established Presidential Economic Coordinating Committee (PECC) to focus on boosting production through a synergy of monetary and fiscal policy interventions to tackle the inherent economic problems.
Acknowledging the establishment of the Committee by President Bola Tinubu, to turn around the economic condition and reposition the economy for growth, industrialisation, job creation and revenue generation, the chamber advised the committee to particularly target strategic sectors that need urgent interventions.
Director General of the chamber, Chinyere Almona, noted that the availability of an economic roadmap is a crucial ingredient for a conducive business environment as it helps to clear uncertainties and aids businesses in planning.
“The composition of the Committee should boost the confidence of investors and businesses in the economy.
“We urge the government to pay attention to the Committee’s recommendations and engage as many stakeholders as possible to implement recommended policies successfully. “We acknowledge and commend the government’s implementation of some recommendations by other committees, such as the Presidential Committee on Fiscal Policy and Tax Reforms.
“Recent executive orders that have offered relief through tax exemption, zero tariffs, excise duties and Value-Added Tax waivers are bold steps in the right direction. These government actions align with our consistent advocacy for non-cash fiscal interventions targeting the cost of doing business.
The Chamber further directed the attention of the Committee to burning issues like the unbearable high interest rates, curbing the raging inflation rate beyond the use of rate hikes, close monitoring of recent executive orders to ensure successful implementation, the introduction of more targeted fiscal interventions like the lowering and fixing of the Customs Exchange rate for import duties and spending more on boosting infrastructure to support production in the economy.
Almona tasked the committee to also consult broadly with the private sector community in its planning process to ensure operators’ involvement in policies meant for them. 
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