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LCCI worried over impact of insecurity on businesses, offers suggestions



LCCI worried over impact of insecurity on businesses, offers suggestions

The Lagos Chamber of Commerce and Industry (LCCI) has revealed its concerns over the negative impacts of the current insecurity on businesses and the Nigerian economy.

This was contained in a statement issued by Dr Michael Olawale-Cole, President, LCCI who said, “the LCCI is concerned with the current insecurity crisis because of its impact on businesses and the economy.”

Olawale-Cole further asserted that the country needs order and an innovative security architecture, or security would suffer a serious blow whenever politics became the center of governance.

He emphasized that the incoming Nigerian president would face a big challenge in resolving the country’s security challenges.

With the devastating terrorist attacks on March 28, 2022, he believes Nigeria’s worsening security profile had reached a worrying level.

“Some gunmen launched a deadly attack on a Nigerian Railway Corporation (NRC) Abuja-Kaduna evening train.

“On behalf of the business community, the LCCI is concerned with the current insecurity crisis because of its impact on businesses and the economy.

“We are also very concerned because of the apparent threat to our forthcoming general elections in 2023 and, by extension, a threat to our democracy.

“In the absence of peace and security, it would be challenging to hold credible, free, and fair elections that would reflect the choices of the electorates about whom their leaders should be.

“Still, we must restore and preserve law and order in Nigeria today for us to be able to hold the elections next year.

“Majority of Nigerians still have confidence in President Muhammadu Buhari, being an accomplished and retired army general, to be well equipped to tackle the country’s daunting security challenges,” he said.

Insecurity was multifaceted and pervasive in Nigeria, according to Olawale-Cole.

Faced with these challenges, the LCCI president suggested that the country need a real-time surveillance infrastructure to respond to emergencies and foil planned crimes.

This, he argued, necessitated a greater use of technology to acquire intelligence, offer 24/7 responsive monitoring, and follow people’s movements and activities, particularly in difficult areas.

Read also: LCCI estimates cost from Twitter ban at N10.72trn

“Youth unemployment is a critical factor fuelling insecurity in Nigeria as this is a driving factor for the insecurity crises. We need more jobs to engage our youths productively.

“We must tackle gun control crises where unauthorised and unidentified people possess firearms without strict control. It is estimated that more than six million small arms are in the hands of civilian non-state actors.

“Drug abuse by our youth must be curtailed, and drug traffickers adequately prosecuted and punished as a deterrent.

“The huge amount of N2.41 trillion earmarked for the defence and security sector in the 2022 Federal Government budget may have reflected government’s commitment to resolving security challenges.

“We, however, need to be prudent with spending and put in place checks to prevent the diversion of funds to other uses like sponsoring political activities,” he said.

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