Tinubu’s one year: Economy in slow motion says LCCI

the Lagos Chamber of Commerce & Industry said the economy has been in an adjustment mode with several variables like stubborn inflation, persistent weakening of the Naira, supply chain disruption driven by insecurity, and weak production base, defining the outlook at any given time.

She said: “In attempts to curb flaring inflation, the Central Bank of Nigeria, through the instrument of rate hikes, has consistently increased the benchmark rate, the Monetary Policy Rate , within the last twelve months. This action has made borrowing costlier and constrained new credit for productive activities. This has continued to weaken our production base and impede new job creation in the economy.

On taxes and levies, she said: “We see a government trying to establish a better tax system that captures more people into the tax net and harmonises taxes to a single number.

In addition, she suggested the government incentivise agricultural processing and invest in vital infrastructure such as power and transportation.

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