The Lagos Chamber of Commerce and Industry (LCCI) has described the 22 years of Nigeria’s uninterrupted democracy as beneficial to the country’s economy.
Dr. Muda Yusuf, Director-General, LCCI, made the assertion in an interview with the News Agency of Nigeria (NAN) on Saturday in Lagos.
Yusuf said the nation’s many years of democratic experience had engendered investors’ comfort due to their preference to operate in a democratic environment.
According to him, all tiers of government should ensure that core democratic values such as institutions, separation of powers, inherent checks and balances are entrenched in it.
“There should also be accountability by the political leadership, transparency in the management of public finance, rule of law, citizen engagements in the democratic process, and entrenchment of the ideals of federalism.
“The 22 years of uninterrupted democracy in Nigeria is a good commentary for the stability of our democracy.
“The concept of military regimes has been consigned appropriately and enduringly to history.
“The economy has benefited from the stability of our democracy as investors are generally more comfortable with a democratic environment.
“The reality is that the Nigerian democracy is still a work in progress but it is crucial to recognize the importance of these democratic ideals in the sustenance of our democracy.
“It is remarkable as well that the military has over the last 22 years demonstrated absolute loyalty, respect, and submission to the constituted democratic authorities,” he said.
The LCCI DG urged political leaders at all levels to ensure they create enabling environment for private sector development.
Yusuf noted that development could be achieved by streamlining the democratic structures for cost-effectiveness and better economics and reducing the cost of doing business.
“This can be done through the provision of critical economic infrastructure,” he said.
He also urged the government to strengthen the macroeconomic fundamentals of the Nigerian economy through transparency and accountability in conducting government businesses and developing human capital.
“Citizens should constantly engage players in the political space for quality governance,” he added. (NAN)
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