The Lagos Chamber of Commerce and Industry has advised the Federal Government to devise means of boosting local production in order to fix the lingering supply chain crisis that ensued in the wake of the Russia-Ukraine war.
The President of the chamber, Asiwaju Michael Olawale-Cole, stated this during his address at the LCCI quarterly state of the economy press conference held in Lagos.
Olawale-Cole said the war between Russia and Ukraine had unexpectedly lingered since February till date, fuelling deeper fears about worsening food scarcity and rising poverty. He added that supply chain disruptions might continue for the rest of the year.
According to him, the war paints a gloomier outlook for the global economy and especially Nigeria for obvious reasons. The most sustainable solution, he said, was for the government to boost local production of hitherto imported staples to levels that would meet local demand.
On Nigeria’s trade balance which stood at a surplus of N1.2trn, the chamber advised the Federal Government to invest more in export infrastructure, enhanced and automated port operations, tackling high production costs, and boosting the supply-side of the forex market to improve liquidity and ease access to forex.