LCCI tasks Tinubu govt on transparent FX regime over companies leaving Nigeria

The Lagos Chamber of Commerce and Industry (LCCI) has implored President Bola Tinubu’s government to create a more flexible and transparent foreign exchange policy to address scarcity issues.

LCCI Director-Genera Ms. Chinyere Almona said this Thursday in Lagos, in reaction to the recent announcement of Procter & Gamble to transition its Nigerian operations to an import-only model.

Procter & Gamble’s chief financial officer Andre Schulten had said this move would effectively dissolve its on-ground presence in the country.

Almona noted that over the last few months, there had been a consistent increase in exit plans or a reduction in involvement in the Nigerian market by multinationals, saying the trend was worrisome.

She stated that the country’s lingering foreign exchange scarcity, poor power supply, port congestion, multiple taxation, insecurity, and poor infrastructure, among others, had taken a toll on many businesses.

She recommended that the government implement measures to stabilise and ensure the availability of foreign exchange for businesses, particularly those operating in dollar-denominated environments.

“Further, the chamber urges the government to engage multinational corporations and the business community to understand their challenges and gather input and feedback on policy decisions to collaboratively develop solutions that would forestall the exodus of businesses from Nigeria.

“The Central Bank of Nigeria (CBN) should prioritise the stability of the country’s currency and adopt the right policy mix to ensure price stability,” she said.