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Nigeria: LCCI VP Okeowo assures businesses of incentive policies

The recently appointed Vice President of the Lagos Chamber of Commerce and Industry (LCCI), Princess Layo Bakare Okeowo, has revealed that the new executive committee will prioritize incentive policies. These policies aim not only to propel businesses but also to foster the growth and development of the country’s economy, particularly in the face of existing macroeconomic challenges.

In her role as the Managing Director of FAE Limited and Vice President of the Lagos Chamber of Commerce and Industry (LCCI), Princess Okeowo emphasized that the new executive committee is committed to enhancing advocacy efforts. As a prominent member of the Organized Private Sector (OPS) in Nigeria, they plan to strengthen networking, collaboration, and liaison with both the Federal and State governments, as well as other pertinent government agencies. The objective is to provide support and relief to businesses across the country during the current administration.

She expressed the committee’s willingness and readiness to collaborate on practical ideas, suggestions, and inputs that can propel businesses forward. This commitment is particularly crucial given the delicate state of the country’s economy. Simultaneously, their aim is to sustain the momentum in advocating for the growth and development of SMEs in the nation.

She expressed the committee’s willingness and readiness to collaborate on practical ideas, suggestions, and inputs that can propel businesses forward. This commitment is particularly crucial given the delicate state of the country’s economy. Simultaneously, their aim is to sustain the momentum in advocating for the growth and development of SMEs in the nation.

The renowned industrialist stated that government at all levels need to do more to support businesses, especially the manufacturing sector and micro, small and medium-size enterprises (MSMEs), with bailout funds and incentives that will leapfrog them out of the current quagmires in the economy at the moment.

“I’m very excited to be the vice president of this great chamber and happy to be working with President Gabriel Idahosa, a well-respected leader. We are determined to improve the chamber in its advocacy policies and intervene positively in moving businesses forward and the Nigerian economy as a whole.”

Speaking on the state of the country’s manufacturing sector, she said, “Currently, manufacturers are bleeding and we just need the federal government to give us support like bailouts and incentives that will help us with our businesses. There is no FX for the importation of raw materials or manufacturing of goods.

With the current situation, it has dawned on everybody that we must take backward integration seriously as a way to bail out the economy from this dire strait. I know everything has to be gradual, but what is happening now in the economy is affecting the real sector negatively. Manufacturing is the bedrock of any economy. We need urgent assistance, and God and the federal government’s help to alleviate our sufferings and hardships in this sector,” she said.

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