The Lagos Chamber of Commerce and Industry has projected a high cost of doing business in 2020.
He said the performance of the trade sector in 2020 would be shaped by the direction of government policies. “We expect economic growth to remain subdued at around 2 per cent by 2020 as consumer demand, as well as private sector investment, will most likely remain weak. “As a sustainable solution, it is imperative to fix the fundamental issues of high cost of domestic production, the prohibitive cost of cargo clearing at the Lagos ports, prohibitive import tariffs, high cost of logistics within the economy, and border policy capacity,” he said.
“The CBN like it did in 2019, will maintain status quo by not relenting in supporting the sector with much-needed funds in ensuring that the wide gap between local demand for food and supply is bridged. He proposed the adoption of Visa Free Policy for nationals of selected advanced economies to facilitate the inflow of investment from such countries to Nigeria
“Investment is critical to the growth of any economy: this is even more so in an economy that is struggling with revenue and other resources.
Because this regime doesn’t know how to create prosperity or generate new employment , instead they are taxing the existing tax paying public to death thereby causing runaway inflation and cost of borrowing money. They need to enlarge the people in the tax bracket with employment
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