The President of Lagos Chamber of Commerce and Industry (LCCI) Toki Mabogunje, said that achieving key development outcomes such as job creation and poverty reduction in the country will remain elusive in the light of a fragile recovery.
She stated that the 2.7 percent population growth estimate by the World Bank for Nigeria was an indication that the economy is not growing fast enough to create new opportunities for its rapidly-growing population.
The Chamber president made this known at the third quarterly press briefing on state of the economy held in Lagos, today.
Mabogunje emphasised the need for policymakers to pursue critical reforms to bolster confidence in the economy, accelerate post-pandemic recovery and alleviate poverty.
While these factors appear somewhat realistic, she opined that the Chamber believes rising insecurity, lingering forex illiquidity, low vaccination rate and lack of will to follow through critical reforms constitute major downside risks to the country’s growth outlook.
The LCCI boss recommended that both fiscal and monetary policymakers should be well-coordinated in promoting growth-enhancing and confidence-building policies that would encourage private and foreign capital inflows into the economy.
