LCCI raises concern over threat to investors’ confidence

The Lagos Chamber of Commerce and Industry (LCCI), has expressed concern over the avoidable tension in the polity and the adverse implications for investors’ confidence.

In a communiqué issued at the end of the council meeting, the Director General of LCCI, Mr Muda Yusuf, said the council reviewed recent developments on the political landscape and expressed concern over the avoidable tension in the polity, stressing that the credibility and independence of the key institutions driving the electoral process and the political transition programme – INEC, Nigerian Police Force and the Judiciary is paramount in driving investors’ confidence.

According to him, the integrity of these institutions is critical to the realisation of a credible political transition and stable polity.

He urged all the actors in the political space to refrain from extreme partisan dispositions that could undermine the progress and stability of the Nigerian economy.
Yusuf expressed concern over the persistent challenges in the trade facilitation processes at the nation’s ports and its implications for the cost of doing business in the Nigerian economy, adding that most often, importers are compelled to pay huge demurrage charges for delays which were not of their own making.

He said, “There have been reports of delays arising from the Shipping companies, terminal operators and the Nigeria Customs Service. Invariably, the importers are compelled to pay for these short comings.

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Ajose Muftau

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