The newly elected President of Lagos Chamber of Commerce and Business (LCCI), Mr. Leye Kupoluyi, has dropped the trace that the chamber’s advocacy throughout his tenure can be focused at continental competitiveness of Nigerian corporations. Dike Onwuamaeze brings the excerpts:
What would be the course of LCCI’s advocacy underneath your management?
Thanks a lot for this query. As you realize advocacy is one in every of our main mandates as a chamber due to the completely different pursuits that we’re representing. Beneath my management we are going to keep on advocacy as standard as proof based mostly engagement on the right way to strengthen Nigeria’s productive capability and enhancing enterprise typically. Our advocacy can be for competitiveness of Nigerian companies past the borders of Nigeria. The chamber will concentrate on advocacy that can allow Nigerian corporations to be very nicely aggressive inside Nigeria and in Africa as a result of it’s now a borderless financial system.
Do you assume that Nigerian corporations have the muscle to push their competitiveness prolong past the nation?
If we don’t have the muscle then we’ve got to develop it. However really we’ve got the muscle to push it. Nigeria is the hope of Africa. Arguably Nigeria is the most important financial system in Africa. I don’t wish to go into the statistics of individuals saying which nation has the most important financial system as a result of there isn’t a nation in Africa that’s larger than Nigeria. Due to this fact, if we can’t take the lead in Africa then there isn’t a one to do it. There is no such thing as a doubt that Nigeria is the arrow head of Africa.
However the West African market is shrinking for Nigerian made items because of the exit of Burkina Faso, Mali and Niger Republic from ECOWAS?
There are challenges when it comes to organised authorized exports to those nations regardless that many of the manufactured items they require nonetheless come from Nigeria. However undoubtedly there are challenges when it comes to doing enterprise the way in which we all know it at this chamber, which is formal, authorized and bonafide commerce and never via smuggling. Informally, Nigerian items are reaching these nations however there are challenges with regards to formal commerce. And we all know that ECOWAS leaders are doing every little thing attainable to deliver these nations again into the fold.
With the good thing about hindsight what do you see because the positive factors and losses of President Bola Ahmed Tinubu’s administration’s financial reforms?
Thanks very a lot for this crucial query. President Tinubu proper on his first day in workplace declared that petrol subsidy is gone and merged the a number of alternate charges. He did these as a result of the fiscal alternative earlier than him at that second was extraordinarily restricted. The financial system was already on a life help system them and had he not taken these choices could also be that life help system may need been taken away from our noses. From the good thing about hindsight we now know that the President didn’t have many decisions to not have taken these choices. However what are the implications of these actions? The implication is that the reform has put extra money into the fingers of governments for them to offer the proper infrastructure.
The unified alternate price has eradicated those who simply benefit from the system to turn out to be billionaires in a single day. However the query now’s what are the odd folks gaining from these reforms? We want development and that’s the place investing on infrastructure is necessary. The odd folks wish to see good roads, help for agricultural inputs; help for the facility system in order that manufacturing can have cheaper and steady provide of electrical energy. We would like our industries to supply sufficient for native consumption and to export and earn international alternate. We want broadband. Lagos and different cities could also be okay however what in regards to the hinterlands? Nigerians ought to have the ability to keep at anywhere within the nation and nonetheless have web entry. The folks mustn’t solely be wanting on the indices that present that the financial system is transferring ahead. They must see these advantages on their eating desk as nicely.
What do you assume would be the fast affect of the implementation of the brand new tax legal guidelines from January 1, 2026?
Thanks very a lot. For each reform like Nigeria’s tax reform there have to be some shocks and advantages. However with the tax reforms we all know that the advantages can be greater than the shocks. It’s a excellent aid that the low earnings earners have been faraway from the tax web. The a number of taxations which were an epidemic in Nigeria’s enterprise surroundings for a few years can be taken care of. The tax reform should not be a burden to the folks. It should unlock numerous revenues for the federal government as a result of the tax web has been widened and strengthened. Additionally the harmonisation of taxes can be a aid to corporations which were paying over 16 taxes. The reform will make the surroundings predictable as a result of we are going to know the place we’re going. Its implementation can be clear as we transfer alongside and be useful to each the federal government and the tax payers. However we must always wait to see the way it goes in January. In our personal case we maintain enlightening our members and sending the suggestions to the federal government.
Nevertheless, there are many apprehensions relating to the implementation of the tax reform?
These of us within the orgnised personal sector are taking a look at it as a aid as a result of these a number of taxation will go, low earnings earners exempted, the tax web expanded and that the tax system made extra clear and harmonised. If these are achieved it’ll deliver huge aid to the organised personal sector.
What are your views on Nigerian enterprise surroundings and ease of doing enterprise?
The surroundings in Nigeria is sweet however we have to work extra to have a aggressive market the place Nigeria would be the first alternative with regards to international direct funding. Because of this we have to repair energy. We have to streamline our laws. There are many immense potentials in Nigeria. Certainly one of them is that we’ve got very forward-looking inhabitants. A big inhabitants of people who wish to excel is at all times a fertile land for improvement in any surroundings. Non-oil exports are what we ought to be specializing in. We now have to ensure that the one window for export works. Digitalising most of our operations will assist in positioning Nigeria as one of many main nations for funding choices.
How far has President Tinubu addressed the binding constraints within the Nigerian financial system?
Tinubu began addressing them proper from his first day in workplace by eradicating the petrol subsidy. The subsidy was a heavy constraint and a really heavy load that we might not carry. It’s one factor to have a load which you can carry and one other factor to have a load that you just can’t carry. One other constraint is the a number of alternate charges which he additionally took away. He’s additionally addressing infrastructure with highway constructions and decentralising the facility sector by empowering the sub-nationals to take cost of electrical energy of their areas. This can take away many individuals out of the nationwide grid in order that the grid can be focus on supplying energy to industries. The administration can be addressing the safety challenges to allow folks to farm and produce extra meals.
What does 2026 maintain for Nigerian financial system? 2026 can be a yr of development for Nigeria?
The previous two years tried our resilience however from all indications 2026 can be a yr of development.
