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LCCI traces lull in economy to none constitution of Boards of MDAs

Rising from it National Economic Strategy meeting in Lagos, the leadership of the Council of the Lagos Chamber Of Commerce and Industry (LCCI), has linked observed sluggishness in government economic activities to the none constitution of Boards of several Ministries, Departments and Agencies (MDAs).

In a communiqué at the end of the meeting, LCCI therefore called on the Presidency and the National Assembly (NASS) to put their differences aside, and do the needful to save the ailing economy.

According to the Chamber, the absence of the board of the MDAs which serve as a critical component for the smooth running of the economy is hurting the economy.

Parts of the communiqué signed by the Director-General, Mr. Muda Yusuf, said: “The Council noted that the board of some Ministries, Departments and Agencies critical to the smooth functioning of the economy are yet to be constituted, and this has been undecided for some time.

“For instance, the Central Bank of Nigeria (CBN), suspended its first Monetary Policy Committee (MPC) meeting in 2018 scheduled for January 22 – 23, due to the apex bank’s inability to form a quorum as a result of non-confirmation of the newly appointed MPC members by the Senate.

“Also, the board of NAICOM and PENCOM are not in place.  This situation is beginning to take its toll on the economy”.

LCCI averred further that “The Council urged the Presidency and the National Assembly to put the interest of the economy above their differences and constitute the board of the MDAs without further delay,” the communiqué added.

The Council made it clear that the growing level of insecurity across the country gives cause for concern to the growth of businesses and investors, stressing that “The incidence of criminality, such as terrorist activities of Boko Haram in the North East, Herdsmen attacks and destruction of farms, kidnapping, armed robbery and cultism are impacting adversely on businesses”.