Nigeria needs to revise energy policy to cut production costs—LCCI
The Lagos Chamber of Commerce and Industry (LCCI) says Nigeria must change its energy policy to reduce production costs at factories.
Muda Yusuf, director-general, LCCI, stated this during the chamber’s 2016 Members’ Day/Exhibition and Business-to-Business Meeting held in Ikeja, Lagos.
“Gas is expensive; diesel is now very expensive. We need to see what we can do to amend the energy policy to bring down the costs,” said Yusuf, while fielding questions from journalists.
“There is also a wide differential between parallel market exchange rate and inter-bank rate. This has to be looked at,” Yusuf added.
It was an opportunity for the chamber to bring together businesses in different sectors to interact and engage each other on how to move forward in the face of recession. There were small-scale manufacturers in the foods and beverage industry, capacity building and accounting firms, raw materials dealers and traders.
“LCCI membership day is packaged to provide a cross- sectional business-to-business interaction platform, which is aimed at taking the gains from sectoral meetings and conferences to the next level,” said Nike Akande, president of LCCI, who was represented by Babatunde Paul Ruwase, deputy president, LCCI, said earlier.
“As the largest and most diversified private sector group in the country, we see great investment opportunities coming from stronger business integration among our members through a robust members’ day,” Akande said.
She stated that the chamber would continue to implement activities and best practices available in other jurisdictions to the benefit of LCCI’s members and the Nigerian business community in general.
Speaking in his own capacity, Ruwase said: “We believe strongly in this economy. We know Nigeria has a lot of potential, so we shouldn’t be dismayed. If the Chinese, the Indians and others are coming into Nigeria, then there is something they see that we are not seeing.”
On her part, Lola Akande, Lagos State commissioner for women’s affairs and poverty alleviation, said the programme organised by the chamber was worth everybody’s while.
The commissioner said her ministry had graduated some 6000 entrepreneurs the previous week, stating that Lagos State government was desirous of alleviating poverty among residents, while improving security.
“We believe that this is what we can do to increase the gross domestic product (GDP) of Nigeria and empower people. To the exhibitors and entrepreneurs, I can only say that the sky is not your limit. You can go beyond the sky,” she said.
Some of the exhibitors included Zevland Ventures, Crust Resources Nigeria Limited, Pitman Training School, Highbury College, Emalesson Limited, Genius Libra, and Spectra, among others.
ODINAKA ANUDU