Idahosa emerges new chamber’s president
The immediate past president of the Lagos Chamber of Commerce and Industry (LCCI), Dr Michael Olawale-Cole, yesterday, lamented the high level of default under the Central Bank of Nigeria (CBN) Anchor Borrowers Programme (ABP), saying over 60 per cent of beneficiaries defaulted on repayment.
Speaking at the chamber’s 135th Annual General Meeting (AGM) held at the Commerce House in Lagos, he recalled that the International Monetary Fund (IMF) said just 24 per cent of loans disbursed under the Anchor Borrowers’ Programme of the CBN has been repaid.
He added that the agricultural credit has not increased productivity, adding: “The All-Farmers Association of Nigeria (AFAN) contended that the difficulty the CBN was having in recovering the loans was because the money was given to individuals who were in the association’s database. The committee recognised the programme as effective, but strongly abhor farmers’ apathy towards loan repayment.
“The consensus reached to avert future occurrence of non-payment of loans include a consistent advocate for open banking and credit rating policy, which promotes transparency and accountability of the borrowers.”
Olawale-Cole said intervention funds should target the organised private sector (OPS) that has adequate profiles of members and by implication can guarantee the loan or bring defaulting members to order.
Also, the Public Affairs and Advocacy Committee (PAAC) under the leadership of LCCI’s Vice President, Abimbola Olashore, decried the sharp drop in manufacturing growth in 2022, which slowed by 24.7 per cent to 6.93 per cent, compared to 31.66 per cent in 2021.
“Production was weakened by strong inflationary pressures and high energy costs. High import tariffs and the difficulty in obtaining raw materials are other problems that have hampered the performance of the sector,” he said.
Olashore said the exportation of unprocessed minerals should be discouraged and that LCCI was charged to advocate for the conversion of raw materials resources to either semi-finished or finished products.
He added that the twin effects of inflation that were amplified by the removal of subsidy and exchange rate depreciation have increased the burden on Nigerians as well as the cost of doing business. He advised that the NNPC should be fair enough to charge a market reflective price or else supply to the domestic market would be hampered and marketers might be prompted to prefer cross-border sales to the Nigeria market.
Meanwhile, LCCI has elected Gabriel Idahosa as President and Chairman of the Council of the advocacy body. This followed the expiration of Olawale-Cole’s tenure, having served the chamber in the capacity since 2021.
The chamber’s Director General, Dr Chinyere Almona, made the announcement yesterday, saying: “Idahosa emerged president after a duly conducted election at the chamber’s 135th Annual General Meeting (AGM) held at the Commerce House. Idahosa is a distinguished individual with a remarkable track record of leadership, dedication, and commitment to the growth and development of various organisations, particularly in the fields of professional services, trade promotion, and industry.”
In the last two years, Idahosa had served as deputy president of the chamber.
“We are pleased as he assumes the role of president. He has brought his extensive knowledge and experience to bear and has provided quality perspectives to deliberations at the chamber. We are confident that his presidency will enhance the chamber’s role as a leading advocate of best business policy and practice to promote and protect the interest of its members and the business community at large,” the DG added.
