Trading

Lagos Chamber of Commerce seeks to revive business forum

The Lagos Chamber of Commerce and Industry, LCCI, has called for the revival of the Presidential Quarterly Business Forum.

President of the LCCI, Mrs. Toki Mabogunje, stated this on Friday while speaking with State House correspondents after he led a delegation of the chamber to a meeting with Vice President Yemi Osinbajo.

The quarterly business forum has died a bit over the years but the vice president has promised us that it will be revived and that will be a good opportunity for the business community to rub minds with him on issues of the economy, she stated.

APAPA GRIDLOCKS

Mrs. Mabogunje said that the meeting also looked at the gridlock at the Apapa Port, and got an update on the progress of the ongoing work to clear to clear it.

We have been told that the rail link to the port should be ready by the middle of this year.

We are very happy to hear that, but we talked about other things that could be happening around port operations and relieving of the stress on the road for commuters.

According to Mrs. Mabogunje, other issues discussed at the meeting included private sector participation in the fixing of Nigeria’s infrastructure and the infrastructure fund that has been set up by the federal government.

She said that the increase in Nigeria’s value added tax through the Finance Act should be channeled towards filing the infrastructure gap in the country.

VAT issue that has just come is an attempt by the government to raise more capital for itself.

However, we feel that money should be directed towards filling that infrastructure gap, that infrastructure deficit, that if that money is now taken and applied towards that.

Mrs. Mabogunje also said that exemption of businesses whose capital is N25 million or below from tax, would encourage the growth of small and medium enterprises in the country.

Source: Voice of Nigeria