The Lagos Chamber of Commerce and Industry (LCCI) has called on the federal government to intensify its efforts at  providing electricity meters to consumers in the power sector, as a way of enhancing confidence in the sector.

 

 

The Chamber, in a statement issued on Monday, by its Director General, Dr. Chinyere Almona, on the nation’s  2024 Second Quarter Economic Growth Indicator,  acknowledged the ongoing efforts of government, which have resulted in 3.3% increase on a month-on-month basis to 6.1million in July 2024 from 5.9million recorded in June, same year.

 

 

It however  argued that the  registered unmetered users of about 13.1million as of July, lends credence to the need for the government to put in more efforts in its bid to meter consumers in the sector.

 

 

The Chamber also urged the federal government  to fully  implement the Petroleum Industry Act (PIA), to enable it  resolve the myriad of regulatory issues, holding down the growth of the nation’s Oil and Gas sector.

 

 

The business advocacy group noted that the sector’s vulnerability calls for  more regulatory prowess in dealing with issues like divestments, crude supply to local refineries, resurfacing oil theft, and pipeline vandalism.

 

 

It, therefore, believed PIA has become the legal instruments to regulate the highly volatile and vulnerable sector, as evidenced in  its quarter-on-quarter decline, despite the sector’s impressive year-on-year growth.

 

 

The Chamber also commended moves by the federal government to hand over the Kaduna and Warri Refineries to private sector operators, and the eventual refining happening in the Port Harcourt Refinery,  describing it as critical to the performance of the sector.

 

 

Expressing delight at the robust performance of the nation’s Gross Domestic Product (GDP) in the second quarter of 2024, which recorded a 3.19% year-on-year growth in real terms,  LCCI, however, stressed the need for the federal government to remain proactive in addressing key areas, to enable it sustain and enhance economic growth in the remaining months of 2024.

 

 

“The industrial sector’s return to growth is encouraging, but sustaining this momentum requires targeted interventions. We urge the government to maintain the reforms and initiatives in the power sector to boost the electricity supply,” it stated.

 

 

The voice of the organized private sector also  urged the government to sustain the interventions introduced in the past months, such as the import waivers to agriculture inputs, and improving security around crop production sites, to fully harness the  potential of the sector, and drive more  production.

 

 

On Trade, which also grew by  +0.7% year-on-year in Q2 ’24 against the +1.2% recorded in the preceding quarter, the Chamber called for more investments in port infrastructure  so as to boost exports.