The Lagos Chamber of Commerce and Industry (LCCI) yesterday said economic diversification and creating an enabling environment were critical to attracting new investments into the country.
The LCCI President, Chief Mrs. Nike Akande, told the News Agency of Nigeria (NAN) in Lagos that it was pertinent for government to develop a sustainable economy through diversification and enabling environments for investors.
She said recent developments in the global economy had underlined the importance of diversification from a mono economy to other sectors for economic advancement.
“This year, oil price got to its lowest in two decades in the international market. This calls for major adjustments in both public and private sectors of the economy. It is imperative at this time to diverse into the non-oil sector of the economy. The non-oil economy is generally more inclusive and integrated.
It is also more growth-oriented, characterised by high economic linkages, more stable and above all, more sustainable.
“We need to appreciate these fundamental dynamics of the Nigerian economy in order to initiate policies that will ensure sustainable economic development,” Akande said.
According to her, the major challenge in the country’s quest for economic diversification is fixing the impediments to productivity and competitiveness in the economy.
“If we tackle these constraints; we will encourage domestic investment, attract foreign capital and facilitate the realisation of the enormous potentialities in the Nigerian economy,” the LCCI president said.
Akande said potentialities abound in the agricultural, industrial, gas-based industries, services, solid minerals, tourism, and distributive trade sectors.