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Economy: Government should urgently reorganise CBN, NNPCL for improved transparency, accountability –LCCI

*Stakeholders in the real sector, at end of 2023 Mid-Year Economic Review and Outlook, urge the Federal Government for ‘urgent institutional reorganisation’ in the Central Bank of Nigeria and NNPC Limited for improved transparency and accountability

Isola Moses | ConsumerConnect

Top stakeholders in the real sector of the Nigerian economy have urged an urgent reorganisation in  both the Central Bank of Nigeria (CBN) and NNPC Limited for improved transparency and accountability.

ConsumerConnect reports  the stakeholders stated this in a communiqué issued at the end of the 2023 Mid-Year Economic Review and Outlook, jointly organised by Lagos Chamber of Commerce and Industry (LCCI) and Cordros Capital to highlight opportunities for business growth and sustainability in the West African country and the global market.

Dr. Chinyere Almona, Director General of LCCI, in a communiqué Tuesday, August 22, 2023, stated: “Government should consider the urgent need for an all-encompassing economic and fiscal plan, full/partial divestment of state-owned real estate, improved transport sector, and energy assets as post-election priorities.

“The government must focus more on asset-based and equity offerings to improve revenue.”

Almona also said: “Institutional reorganisation is urgently needed in CBN and NNPCL to improve transparency and accountability.

“The operating environment of NNPCL is somewhat opaque, which is anti-competition.

“The oil sector will attract the desired investment, if the government liberalises fuel import licences and other vital activities in the midstream and downstream.”

The stakeholders noted the “government should unlock revenue from assets by complementing tax with rent, fees, dividends, and capital gains.

“Economies that optimise revenue through equities have recently offset the loss from declining commodity prices.

“The new administration is advised to borrow better to reduce debt costs by issuing a more asset-linked debt than IOUs.”

The Director General of LCCI stated: “The non-interest-bearing debt opportunities should be explored as emerging markets tilt towards project equity financing.

“Bureaux de Change (BDCs) should not be referred to as parallel or unofficial markets, because they are officially licensed to trade.”

Earlier on his opening remarks at the forum, Dr. Michael Olawale-Cole, President of LCCI, reportedly disclosed the half-yearly event reviews vital policy developments and macroeconomic performance in the Nigerian economy.

Olawale-Cole emphasised the forum also discusses the outlook and expectations for the next half while focusing on risks and opportunities.

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