Together with the Lagos Chamber of Commerce’s Export and Financial Groups, the Industrial Group has urged the government to always consult with participants in the many economic sectors while developing policies that will aid in the nation’s industrialization efforts.
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According to the sectoral group, this will result in strong policies, openness, and inclusivity that will support company expansion and have a favorable effect on the national economy. This occurred on Thursday, October 24, 2024, during the Lagos Chamber of Commerce and Industry’s first industrial symposium, which had as its theme “Industries as the Catalyst for Growth and Economic Development.”
The symposium was held to discuss ideas that can help businesses succeed because, according to Mr. Ade Adefeko, Chairman of the LCCI’s Industrial Group, the economy is in a vegetative state and has to be revived. In order to improve corporate operations, he urged the government to create a favorable regulatory environment.One of the panelists, Mr. Vivian Ikem, Director of Corporate Affairs and Communication at JTI Nigeria, stated in his contribution that while laws are important for making business easier, they also need to be fair, balanced, and inclusive in order to encourage company expansion.
He claimed that one of the biggest issues facing businesses has been the inconsistent application of various regulations and their enforcement, as well as the lack of participation or engagement of pertinent parties in the creation of policies.
Earlier in his welcome speech, LCCI President and Council Chairman Mr. Gabriel Idahosa claimed that the symposium was one of the organization’s new initiatives to improve corporate processes and catch up to other rising economies.
Idahosa also emphasized that regulatory uncertainty, foreign exchange difficulties, the inability to obtain low-credit loans from the nation’s financial institutions, and the lack of infrastructure are some of the factors impeding the growth of industries. He said that cooperation is desperately needed to find solutions.
