Stakeholders Seek Involvement in Policy Making Process

By Modupe Gbadeyanka

The government has been urged to always consider critical stakeholders in its policy-making process for economic growth.

This plea was made at the inaugural industrial symposium of the Lagos Chamber of Commerce and Industry (LCCI) on Thursday, October 24, 2024.

Participants agreed that regulations play a key role in improving the ease of doing business but emphasised that these policies must be inclusive, fair, and balanced to support business growth.

The event, put together by the Industrial Group in conjunction with the Export and Financial Groups of the LCCI, was themed Industries as the Catalyst for Growth and Economic Development.

According to the speakers, the involvement of stakeholders will lead to robust policies, transparency, and inclusiveness that will foster the growth of businesses and positively impact the nation’s economy.

Specifically, the chairman of the Industrial Group of LCCI, Mr Ade Adefeko, noted the economy, which is in a state of comatose, needs the input of everyone to revive it.

He stated that this was why the symposium was organised to deliberate on ideas that will enable businesses to thrive, calling on the government to foster a favourable regulatory framework that will boost business operations.

In his contribution, the Director of Corporate Affairs and Communication of JTI Nigeria, Mr Vivian Ikem, submitted that the non-involvement or engagement of relevant stakeholders in policy formulation and the inconsistency of some regulations and their enforcement have been a major challenge facing businesses.

Earlier in his welcome address, the President and Chairman of Council of the LCCI, Mr Gabriel Idahosa, averred that the event is one of the new steps of the organisation to strengthen business operations and to catch up with other emerging economies.

Mr Idahosa also stressed that lack of access to low-credit loans from the country’s financial institutions, regulatory uncertainties, foreign exchange challenges, and infrastructural deficits are some factors militating against industries’ growth, stating that there is an urgent need for solutions through collaboration.