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LCCI raises concern over business continuity

LCCI raises concern over business continuity

Madu Yusuf, LCCI Boss

The Lagos Chamber of Commerce and Industry has raised concern over economic sustainability and business continuity in the wake of the outbreak of coronavirus.

It also suggested some palliative measures which the government should implement.

These were contained in a statement signed by the Director-General, LCCI, Dr Muda Yusuf, on Monday, a copy of which was made available to our correspondent.

Yusuf called on the government to give a six-month import duty waiver to companies manufacturing raw materials and intermediate products.

He said, “One key lesson of the COVID-19 is the imperative of domestic production and building capacity for self-reliance.

“The global supply chain disruptions took a heavy toll on the manufacturing sector.  To accelerate a rebound of the sector, this incentive is necessary.”

Given the precarious nature of the nation’s health sector, it recommended zero import duty for the sector’s raw materials and equipment.

Yusuf also said the agro-processing inputs should enjoy import duty waiver for one year, while he called for the suspension of excise duty payment for manufacturers for one year.

The LCCI asked for greater commitment of government and its agencies to the patronage of made-in-Nigeria products by creating a strong monitoring framework to ensure compliance with the relevant executive order.

He added, “The government should give import duty waiver on machineries without need for any bureaucracy, for at least 12 months.

“This would facilitate the completion of ongoing projects by industrialists. The country needs growth as this would be key to project completion and encourage job creation.”

He commended the setting up of the Economic Sustainability Committee headed by theVice-President, Prof. Yemi Osinbajo.

However, he noted that it had become imperative to begin conversations about policy measures and reforms that needed to happen for the realisation of desired continuity outcomes.

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