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Published On: Wed, Oct 1st, 2014

2015 transition key to Nigeria’s economy – LCCI, World Bank other

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World Bank logoThe Lagos Chamber of Commerce and Industry has urged politicians to make the 2015 general election peaceful, devoid of violence, kidnapping, rigging, thuggery and assassination of political opponents.

The President of the Chamber, Alhaji Remi Bello made this remark at the LCCI democratic transition lecture, held in Lagos with the theme, “Democratic Transition and the Nigerian Economy”.

LCCI President said the investors view democratic transition years with a great deal of anxiety and apprehension.

“There are concerns about violence arising from electoral disputes and other forms of post-election agitations; risk to stability of economic policies and other forms of hostilities inherent in the transition process. Most of the conflicts on the African continent have their roots in defective political transition processes”.

“Investors need to be assured that elections would be free and fair. They need to be assured that

there will be level playing field. They need to be assured that the major institutions of the state managing the electoral process will not be partisan as a strong economy driven by the private sector is imperative for wealth

creation, employment generation and stable democracy” On his part, the Lead Economist, World Bank, John Litwalk noted that poverty has declined in some parts of the country especially Lagos

State. He however noted that growth is not evenly distributed in Nigeria but added that the international community are excited about the future prospect of the country.

The Resident Representative of UNIDO, Dr Patrick Komarwa commended the Federal Government for developing Nigeria Industrial Revolution Plan.

He announced that UNIDO has developed staple crop processing zone in six states and this attracted $300 million investment by Federal Ministry of Agriculture and has spent N242 million on refrigerants to make sure

that the environment is habitable.

Senate President , Senator David Mark assured the investors that the next election would be free and fair as there is reasonable good transition in Nigeria so far.

While noting that investors cannot operate in an unsecured clime, the Senate President said the government is on top of the security challenge facing the country.

However, he enjoined the private sector players to participate in public hearing organized by the National Assembly as their contribution will assist in making quality bills that can stand the test of time.

Mark also used the occasion to reiterate the resolve of the current senate leadership to pass the Petroleum Industrial Bill (PIB) law. On PIB, Mark said, “PIB is just to update the existing laws,

the current laws in Nigeria’s oil and gas is too old to make impact” he buttressed.


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