Economy Thrives In A Country With Rule Of Law – Almona Tells FG

The Director General of the Lagos Chamber of Commerce and Industries (LCCI), Dr. Chinyere Almona, has praised President Bola Tinubu’s New Year speech.

Mrs. Almona said the President’s speech was right, especially the policies he highlighted in the speech.

She, however, said only efficient and effective implementation can make the policies impact businesses and citizens.

In an interview on Thursday, with Arise News, Almona pointed out that the federal government must embrace the rule of law and guarantee fundamental human rights for the economy to thrive.

She noted that President Tinubu’s policies if implemented would boost the demands from agro-producers and industries.

“The National Credit Guarantee Company announcement represents a critical step toward unlocking access to credit, particularly for women, youth, and small-scale enterprises.

“If implemented effectively and efficiently, it can boost demand for goods from agro-producers and industries, and this can improve the capacity utilization of manufacturers and the capacity to create more jobs in the mid-term.

“We, however, emphasize the need for swift operationalization and a transparent framework to avoid bureaucratic bottlenecks,” she said.

LCCI DG advised the President to boost foreign trade, particularly non-oil exports. She emphasized the need for the government to invest in telecommunication.

“All our diplomatic efforts should be geared towards boosting foreign trade, especially when we can boost our non-oil exports to the levels of recording trade surpluses in 2025.

“We need critical investments in the telecommunications sector to boost the digital transformation agenda of this government.

“Similarly, the Compressed Natural Gas (CNG) initiative requires huge investment in infrastructure. Both digital transformation and energy transition are quite critical to achieving the level of industrialization required to power a one trillion economy,” she stated.

Mrs. Almona further called for a more business-friendly environment and strong respect for the rule of law.

“For the business community, a stable and cooperative societal framework is foundational for sustained economic activity.

“Beyond the show of commitment to a charter of shared values, we believe that the rule of law remains the most important guarantee of human rights protection and the best template for justice and fairness in a democratic state,” she added.