The Lagos Chamber of Commerce and Industry (LCCI) has commended President Bola Tinubu’s outing at the G20 Leaders’ Summit 2023, which ended two days ago in New Delhi, India.
In a statement on Tuesday, by LCCI’s President, Asiwaju Michael Olawale-Cole said that the participation of the President at the summit is a testament to his “strong leadership, as acknowledged by other world leaders. 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”.
LCCI noted that the engagements with leaders of the United States, Germany, and South Korea, alongside the Indian investors led to $14 billion commitment in direct investments “in critical sectors encompassing steel, petrochemicals, electricity, and agriculture”.
Olawale-Cole said that this has instilled a sense of pride in the organised private sectors and Nigerians at large, adding: “These proposed investments are certain to have positive impacts on job creation, economic development, and the diversification of the nation’s economy”.
The full statement: “The Lagos Chamber of Commerce and Industry (LCCI) has taken note of the Federal Government of Nigeria’s participation at the just concluded G20 summit in New Delhi, India, and wishes to commend President Bola Tinubu’s outing at the world leaders’ event. This is a testament to the President’s strong leadership, as acknowledged by other world leaders. 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.
“At the event, 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.
“The President maximised the opportunity of this meeting with the United Arab Emirates leader, Mohamed bin Zayed Al Nahyan, to equally advance his investment promotion objectives with high-level authorities in the public and private sectors of the United Arab Emirates. This 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.
“The outcome of the meetings President Bola Tinubu had with the leaders of the US, Germany, and South Korea, alongside the Indian investors, who have committed to providing a substantial sum of $14 billion in direct investments in critical sectors encompassing steel, petrochemicals, electricity, and agriculture, have instilled a sense of pride in the Organized Private Sectors (OPS) and Nigerians at large. These proposed investments are certain to have positive impacts on job creation, economic development, and the diversification of the nation’s economy.
“However, LCCI would appreciate it if the President’s team would follow the example of India, Saudi Arabia, and China by establishing dedicated websites that provide useful information on investments. These websites should include details on the areas in which investments are required and the funds needed for each project. 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 will 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 will function as reliable information and metrics for evaluating performance and as a foundation for developing policies aimed at incentivizing industries that lack investment interest.
“The chamber expresses its satisfaction with the bestowal of permanent member status upon the African Union by the G20, a development that will enhance the continent’s influence and participation in global governance.
“The President is on course in addressing issues confronting us as a Nation, and the Organized Private Sector in Nigeria supports these actions. The Chamber also congratulates the President on his 100 days in office and urges him to remain focused on his efforts to make both private and public sectors in Nigeria work well for the people”.
