Unstable political environment, risky for business—LCCI

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The Lagos Chamber of Commerce and Industry has cautioned against tendencies that might undermine the credibility of the  forthcoming elections in Nigeria, warning that an unstable political environment will escalate the risk of investment in the country.

The chamber pointed out  that there could be no meaningful investment in an environment where there was a breakdown of law and order.

The President, LCCI, Mr Paul Ruwase, stated this on Thursday in Lagos,during a media briefing on the state of the economy.

He said, “The political transition and electoral process in the country has far reaching implications for the economy. This is because political and social stability are critical factors that drive investors’ confidence. Thus, it is important to guard against the tendencies that may undermine the credibility of the electoral process.

“The risks associated with this period include security risks, governance and policy risks and risk to existing contractual obligations. We urge the Independent National Electoral Commission, security agencies and the judiciary to be independent and fair to all parties.  It is important to guard against the tendencies that distract state institutions from governance.”

The LCCI president pointed out that there was a strong nexus between political instability and economic progress, saying, “An unstable political environment naturally escalates the risk of investment; it creates anxiety and undermines the confidence of investors.

“We urge political actors to demonstrate restraint and refrain from activities that could undermine the stability of the polity and create avoidable social tension. This has become very important as political and electioneering activities gather momentum.

“No meaningful investment can take place where there is breakdown of law and order.”

Ruwase urged political parties, their candidates, support groups and other stakeholders to play by the rule in order to ensure the integrity of the forthcoming general elections.

“The quality of the electoral process and the conduct of the major players in the political space are critical to earn the confidence of the citizens , the investors, the stakeholders and international community in the electoral process,“  he said.


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