Lagos Chambers of Commerce and Industry says Nigerian economy in need of private investments

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Mr. Babatunde Ruwase, the President of Lagos Chambers of Commerce and Industry (LCCI) said Nigeria was in need of private investments, which will create jobs, diversify its economy and improve the welfare of the people.

Speaking at an international investment conference organised by the chamber in Lagos, themed: ‘Promoting Investment, Connecting Business’, he said it was a welcome development that government at all levels have realised the urgent need for economic diversification.

According to Ruwase, a non-oil economy was more inclusive, integrated and more growth-oriented, offering better job creation prospect that is characterised by high economic linkages. He commended the activities of the Presidential Enabling Business Environment Council (PEBEC), an initiative under the chairmanship of the Vice President, Prof. Yemi Osinbajo, for its various interventions.

He said “we appreciate the parley between the economic team led by the Vice president and the private sector. Since its inauguration, the consultation has been regular and consistent with the improved communication between the government and the private sector”.

Ruwase added that “it is evident we need to do more to attract private investment into the Nigerian economy and for this to happen, our policies must be right, and our institutions must be investment friendly. These conditions are very important to stimulate both domestic and foreign investment”.

The Lagos State Commissioner for Commerce and Industry, Mrs. Olayinka Oladunjoye commended the LCCI for its dedication to providing good leadership and ensuring consistent policy advocacy towards supporting business growth in Nigeria. She said investment promotion activities facilitate the flow of capital, create more jobs and promote export.

The National President of NACCIMA, Mrs. Alaba Lawson, emphasised the importance of encouraging investors while creating a network to sustain development. She noted that there should be synergy between the Nigerian government and the private sector, stressing it was important for investors to advantage of such an initiative to expand their business.


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