Yemisi Izuora
The Lagos Chamber of Commerce and Industry (LCCI) has said that foreign investors interest is waning following unclear policy direction of the current administration of Muhammadu Buhari.
At its meeting in Lagos today where it deliberated on the state of the nation, the council urged the president to make a clear pronouncements with respect to its fiscal policy, foreign exchange policy, tax policy, subsidy policy and trade policy.
The meeting chaired by Remi Bello, president of the LCCI also asked the president to make public his policy reform of oil and gas sector[upstream and downstream], the power sector, the 2015 Budget, the auto policy and other sectoral policies.
“All these are necessary for the investors to have a clear insight into the policy direction of the government and take strategic investment decisions” a communique issued at the end of the meeting advised.
The meeting which also deliberated on the state of the economy, the business and the economic conditions and the fiscal outlook of the country expressed deep concern over the fiscal outlook for all levels of government and the weak capacity of the governments to meet their financial obligations.
While it commended the intervention of the Federal government in mitigating the conditions of the States and Local government it noted that the current situation underscores the imperative of economic diversification and prudent management of state resources.
The Council also noted and commended the new administration on its efforts at blocking all fiscal leakages and recovery of looted funds but proposed that to complement these efforts, appropriate systems, structures and institutions should be put in place at all levels of government to sustain the integrity and transparency of Public sector transactions.
The LCCI therefore urged the Federal government to unveil its economic blueprints in order to stem the tide of declining investor’s confidence in the economy.
“Council notes that there is yet no clarity in the policy direction of the government and this is a major factor in the investor’s confidence” the communique stated.