The Lagos Chamber of Commerce and Industry (LCCI) has emphasised the need for fiscal and monetary authorities to synergise to moderate domestic prices to a level conducive for sustainable and inclusive economic growth.
The chamber also lamented the high level of debt servicing which it noted was hindering robust investments in hard and soft infrastructure which are key to stimulating productivity and improving living standards.
President of the Chamber, Toki Mabogunje, made the disclosure at the briefing on the state of the economy, noting that both the state and Federal Government need to promptly address the issue of food wastage responsible for food supply gap in the country.
Commending the various interventions of the fiscal and monetary interventions in reflating and supporting the economy, Mabogunje urged that special attention be given to sectors severely impacted by the pandemic, positing that the federal and state governments need to expeditiously redirect attention to these sectors including aviation, hospitality, entertainment and manufacturing, to protect jobs, preserve investment and provide the much-needed liquidity required to revive the sectors.
Supporting the stance of the Monetary Policy Committee on the urgent need of a broad-based combination of fiscal and monetary policy measures to curb rise in inflation and contraction in output growth, the Chamber opined that both authorities also need to promote measures that would significantly de-risk the real economy to encourage financial institutions to provide credit at cheaper rates to the investing community.
She advised that dead assets should be released so that it could earn revenue for government, to improve investment in other infrastructure for fast development.