Lagos Chamber of Commerce and Industry Urges Immediate Overhaul of Central Bank of Nigeria and Nigerian National Petroleum Corporation
President Bola Ahmed Tinubu has been urged by the Lagos Chamber of Commerce and Industry (LCCI) to take swift action in revitalizing both the Central Bank of Nigeria (CBN) and the Nigerian National Petroleum Corporation Limited (NNPCL). The call for action came from Dr Chinyere Almona, the Director General of LCCI, as conveyed through a statement following the conclusion of the 2023 Mid-Year Economic Review and Outlook.
Emphasizing the essential role of these institutions in Nigeria’s economic growth, Dr. Almona highlighted the urgent need for reorganization within the CBN and NNPCL. The Director General of LCCI emphasized that without the implementation of conducive policies that support the liberalization of critical establishments, businesses would continue to confront challenging circumstances.
Dr. Almona stressed, “Immediate institutional restructuring within the CBN and NNPC is imperative to enhance transparency and accountability. The operational landscape of NNPCL carries an air of opacity, which stands contrary to fair competition.”
Amidst these concerns, the National Bureau of Statistics reported a surge in the country’s headline inflation to 24.08 per cent in July. This surge has led to soaring prices of goods and services, further underscoring the urgency of addressing the structural issues within the CBN and NNPCL.