{"id":5474,"date":"2015-08-07T20:33:54","date_gmt":"2015-08-07T20:33:54","guid":{"rendered":"http:\/\/newsroom247.com.ng\/?p=5474"},"modified":"2015-08-07T20:33:54","modified_gmt":"2015-08-07T20:33:54","slug":"buharis-lack-of-economic-blueprint-is-diminishing-investors-confidence-in-nigerias-economy-lcci","status":"publish","type":"post","link":"http:\/\/newsroom247.com.ng\/?p=5474","title":{"rendered":"Buhari’s lack of economic blueprint is diminishing investor’s confidence in Nigeria’s economy – LCCI"},"content":{"rendered":"

The Lagos Chamber of Commerce and Industry, LCCI, has called on President Muhammadu Buhari to immediately release the blueprint of his economic policy and constitute an economic team that will facilitate a new policy direction.
\nThe chamber also said it was not comfortable with the present approach of the Federal Government to economic issues, which has continued to diminish investors\u2019 confidence.
\nLCCI stated this in a communiqu\u00e9 issued at the end of its meeting in Lagos on Wednesday.
\nAccording the communiqu\u00e9 issued at the end of a meeting, presided over by its president, Mr. Remi Aluko, there was no clarity yet in the policy direction of the government in relations to the economy, which it described as a major factor in investors\u2019 confidence.
\n\u201cThe uncertainty that began in January this year seems to have lingered. Council urged the Buhari administration to make a clear pronouncement with respect to its fiscal policy, foreign exchange policy, tax policy, subsidy policy, trade policy, reform of oil and gas sector (upstream and downstream), the power sector, the 2015 budget, the auto policy, sectoral policies, etc. All these are necessary for investors to have a clear insight into the policy direction of the government and take strategic investment decisions,\u201d it stated.
\nOn the continued fall of the value of the naira, the LCCI acknowledged the efforts of the Central Bank of Nigeria, CBN, to protect the foreign reserves and stabilise the exchange rate, but disagreed with the bank\u2019s strategies.
\nIt said: \u201cThe current model of foreign exchange management by the CBN has profound negative consequences for investors\u2019 confidence and the stability of the foreign exchange market.
\n\u201cCouncil, therefore, calls for a more strategic framework for the management of the foreign exchange market. Council urged the President of the Federal Republic of Nigeria to quickly set up an economic team that will interface with the CBN, the organised private sector and the key economic ministries to come up with a sustainable model for the management of the foreign exchange market.\u201d\"Buhari\"<\/a>\"Delta<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Lagos Chamber of Commerce and Industry, LCCI, has called on President Muhammadu Buhari to immediately release the blueprint of his economic policy and constitute an economic team that will facilitate a new policy direction. The chamber also said it was not comfortable with the present approach of the Federal Government to economic issues, which […]<\/p>\n","protected":false},"author":2,"featured_media":5390,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"ngg_post_thumbnail":0,"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false},"categories":[1],"tags":[362,361,197,231],"class_list":["post-5474","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-cbn","tag-lcci","tag-mohammadu-buhari","tag-president-mohammadu-buhari"],"jetpack_featured_media_url":"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2015\/07\/Buhari.jpg","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p4oswh-1qi","_links":{"self":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/5474","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5474"}],"version-history":[{"count":1,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/5474\/revisions"}],"predecessor-version":[{"id":5475,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/5474\/revisions\/5475"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/media\/5390"}],"wp:attachment":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5474"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5474"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5474"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}