LCCI Clamours for Credible Elections in Nigeria

The credibility and integrity of the 2011 elections scheduled to hold later in the year in Nigeria, have been described to be critical factors to the sustenance of foreign investor's confidence in the Nigerian market.

According to Otunba Femi Deru, president of the Lagos Chambers of Commerce and Industry (LCCI), the electoral process would also be critical for the modulation of business risks.

"Historically, election years come with an escalation of security and political risks in the investment environment," he said. "The degree and impact of these risks would depend to a large extent on the credibility and integrity of the electoral process.  It is thus very critical that the process is credible and seen to be so."  

Describing the year 2010 as one that witnessed severe credit squeeze, he noted that there was need, for the Central Bank of Nigeria (CBN), to inject funds to specifically support the manufacturing, aviation, Small and Medium Enterprises (SMEs), and the power sectors.

"The energy situation in the country did not improve in 2010 and actually worsened in the third quarter of the year. Although there were laudable steps taken to address the energy crisis through the power sector reform.  Many firms had great difficulty coping with the high energy cost in the course of the year. Quite a number closed shop," he said 

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