The Lagos Chamber of Commerce and Industry (LCCI) has listed recommendations aimed at boosting the nation’s security architecture to engender investors’ confidence and ensure a more secure operating environment.
LCCI Director-General, Dr Muda Yusuf gave the recommendations in an interview on Thursday.
Yusuf said the alarming level of insecurity had affected the nation’s perception in the global investment community.
Yusuf said that the rising level of insecurity had significant implications on food production, youth unemployment, investment and economic growth.
He, therefore, urged government to put in place a national security dialling code for easy contact of security agencies as against what currently obtains in the country.
According to him, the use of mobile numbers in emergency situations should be discontinued as the numbers were too lengthy to be easily remembered or dialled in most emergency cases.
Yusuf advocated the use of community policing, or a policing structure not totally dependent on the federal structure.
“Nigeria was faced with escalated level of insecurity in year 2020 with incidences of killings, kidnapping, vandalism of public and private properties, ethno-religious conflicts, and bandit attacks.
“No rational investor would commit their resources in an insecure environment.
“Concerted efforts in creating mass awareness on the need for community security alert should be put in place to engage the citizens in efforts at ensuring a safe country.
“There is also a need to have a concrete and sustainable means of reducing the high youth unemployment rate in the country through employment schemes and programmes that provide income-earning opportunities,” he said.
Yusuf reiterated the chamber’s urge for fiscal and monetary authorities to promote growth-enhancing and confidence-building policies that would encourage influx of private capital into the economy.
Yusuf stressed that to accelerate the pace of economic recovery, an investment-led growth strategy is critical to inclusive and sustainable growth and economic growth.
“Genuine commitment in implementing key reforms will not only boost output recovery but will also put the nation on a path of macroeconomic stability.
“To have this achieved, a review and the unification of the foreign exchange management framework and rates must be prioritised.
“Sale or privatisation of government’s idle and dead assets will help the economy to unlock domestic and external liquidity needed for strong economic growth and improved revenue mobilisation,” he said.