September 15, 2023
The Lagos Chamber of Commerce and Industry (LCCI) said it has taken note of the government’s participation at the just concluded G20 summit in New Delhi, India, saying it is a testament to the President Bola Ahmed Tinubu’s strong leadership, as acknowledged by other world leaders.
In a statement, LCCI president, Dr. Michael Olawale- Cole said: ” Nigeria’s invitation to the G20 Summit shows the nation’s strategic importance on the global stage and its capacity as the largest democracy and economy in Africa”.
” President Bola Tinubu expressed Nigeria’s commitment to play a significant role within the G-20 and contribute to shaping a more equitable world. He called for global unity and cooperation in tackling pressing challenges, fostering inclusiveness, and establishing a fairer world order, this is Leadership”.
He commended President Tinubu for maximizing the opportunity of the meeting with the United Arab Emirates leader, Mohamed bin Zayed Al Nahyan, to equally advance the nations investment promotion objectives with high-level authorities in the public and private sectors of the United Arab Emirates.
He said this statesmanship culminated in the lifting of the Visa ban on Nigerians by the UAE, which is commendable as it will open up opportunities and enhance the ease of business between the two nations.
Olawle- Cole also commended the outcome of the meeting which among others included direct investments in critical sectors encompassing steel, petrochemicals with the leaders of the US, Germany, and South Korea, alongside the Indian investors, who committed to providing a substantial sum of $14 billion in direct investments in critical sectors encompassing steel.
Others are in petrochemicals, electricity, and agriculture, which instilled a sense of pride in the Organized Private Sectors (OPS) and Nigerians at large.
According to him these proposed investments are certain to have positive impacts on job creation, economic development, and the diversification of the nation’s economy.
The LCCI boss however, advised the President’s team to follow the example of India, Saudi Arabia, and China by establishing dedicated websites that provide useful information on investments. These websites according to him should include details on the areas in which investments are required and the funds needed for each project. He said: “This strategy has the potential to provide global investment opportunities without necessitating excessive or unnecessary physical interactions/ movements. In addition, domestic players in each area should be provided with the chance to get accurate knowledge on the current industry status, including the projected number of agreements and investments in each sector”. Such platforms he stated should function as a reliable information and metrics for evaluating performance and as a foundation for developing policies aimed at incentivizing industries that lack investment interest.
The LCCI boss expressed its satisfaction with the bestowal of permanent member status upon the African Union by the G20, a development he said will enhance the continent’s influence and participation in global governance.