INVEST IN EXPORT INFRASTRUCTURE: LAGOS CHAMBER OF COMMERCE TELLS FG.
Written by AIGBOKHAEBHO OKHUELEIGBE on October 13, 2022
The Lagos Chamber of Commerce and Industry (LCCI) has urged the Federal Government to invest in export infrastructure and other mechanisms to sustain the country’s trade surplus of N1. 97 trillion recorded in the second quarter of this year.
Addressing a press conference on the state of the economy today in Lagos, LCCI president, Michael Olawale-Cole said that sustaining the trade surplus would require enhanced and automated port operations, tackling high production costs, and boosting the supply side of the foreign exchange market to improve liquidity and its easy access.
He said the country also needs to diversify its exports by boosting local crude refining capacity, production of petrochemical products, and accelerating reforms in the oil and gas sector to attract more foreign investments in the coming months.
Olawale-Cole added that as the Central Bank of Nigeria takes steps to check inflation, it should ensure that targeted concessionary credit to the private sector is sustained for Micro, Small, and Medium Enterprises (MSMEs).
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