The Lagos chamber of Commerce and Industry (LCCI) commends the setting up of the Economic Advisory Council by President Muhammadu Buhari, GCFR. This is a welcome development which will help to give the desired direction to the nation’s economic management. The stature, pedigree and the independence of the members of the council are clearly not in doubt. They are tested technocrats.
At a time like this, the economy needs such a team to pull the economy back from the brink. The management of the Nigerian Economy needs to be anchored on tested economic principles that will propel sustainable growth and development. The economy craves a critical mass of private sector investment to stem the current slide and declines in the economy. We need to boost the confidence of investors for such private capital flows to happen. The economy desires policies that are coherent, consistent, coordinated, synchronised and transparent. The economy should be managed in a such a way to harness the bountiful entrepreneurial energies and resourcefulness of the Nigerian people.
Meanwhile, hard choices are inevitable to ensure that we build an economy that is sustainable, diversified and inclusive. We appeal to the President to give the Advisory Council ample scope, responsibility and authority to provide the much needed guidance and advice on policy choices. We are convinced that the content and structure of economic policy will be greatly enriched if this happens. This is the time to accelerate reforms, ensure fiscal consolidation, enthrone a market driven foreign exchange policy and promote a trade policy regime that is in consonance with the potentials and competitiveness of the Nigerian economy.