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CBN should relax its tight monetary policy stance - LCCI
14/05/2012 21:36
A report by the Lagos Chamber of Commmerce and Industry (LCCI), has urged the Central Bank of Nigeria, to relax its tight monetary policy stance, in order to encourage banks to boost credit delivery to the Nigerian economy.
The report, which is LCCI's first quarter business environment report, periodically assesses the investment climate and highlights the implications for government policy.
It observed that the first quarter of the year, saw the economic sector hit by "an evident deterioration in power supply". This the report noted, took a heavy toll on businesses in Lagos, the country's commercial nerve center, and other parts of the country. This coupled with the partial removal of subsidy caused a sharp increase in operating cost due to high cost of diesel and PMS (gasoline).
The worsening security situation in the country also featured prominently in the report. According to the report, it caused a "declining investors' confidence across the broad spectrum of domestic, foreign and prospective investors in the economy", thus creating a "negative impact on image and perception of the country in the global community."
The maritime sector also came under the purview of the LCCI report. Rampant and arbitrary valuation of cargo by the Nigeria Customs Service, it noted, resulted in indiscriminate issuance of debit notes to importers and extortion, and more often than not, high demurrage charges by shipping companies.
As a way to contributing to economic development, the report also suggested steps that can be taken. The report noted that though an economy needs a measure of regulations for good peerformance, "too many regulatory agencies could be counterproductive."
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