LCC Tasks FG On Economic Growth

The Lagos Chamber
of Commerce and Industry (LCCI) has advised the Federal Government to sustain its fight against all vices militating against the economy.
The LCCI’s Director-General, Mr Muda Yusuf, told the News men in Lagos on Wednesday that the shortfalls in domestic oil output called for the sustenance.
Yusuf said that the unfolding global market scenario posed a major threat to the 2013 budget.
“From 18.89 per cent in the first quarter of 2009, oil contribution to Gross Domestic Product has fallen to 14.7 per cent in the first quarter of 2013.
“It is disheartening that Nigeria currently records an estimated shortfall of $69 million about N10.5 billion daily due to oil theft, bunkering and rising insecurity.
Yusuf urged the National Assembly to pass the Petroleum Industry Bill, adding that although it might not entirely eliminate the problem in the sector, it would expand its investment opportunities.
He urged the government not to relent in its efforts to revive the power sector.
“There are profound concerns over the dwindling performance of the energy sector, which has been attributed to the structural gaps in regulatory and fiscal practices.
“It is important to curb corruption, pipeline vandalism, and other forms of fiscal leakages to stabilise the economy,” he said.