Stakeholders Call on Government to End Subsidies, Fix Power & Encourage Private Sector

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Stakeholders at the ongoing Lagos Chamber of Commerce(LCCI) Presidential Policy Dialogue want 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 activity.

Government must also encourage and incentivise the private sector, in a bid to deliver robust and inclusive economic growth, according to Nike Akande, president of the LCCI.

“We must think beyond the current recession and come up with big and audacious policy reforms to boost growth once again,” said Aig Imoukhuede, president of the Nigerian Stock Exchange.

“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,” Imoukhuede said.

Nigeria is in its second year of an economic recession after oil prices and production collapsed and acute fuel and power shortages dented business activity in 2016.

In the first three months of 2017, the economy contracted 0.5 percent, according to the National Bureau of Statistics.

Source: Business Day

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