The Lagos Chamber of Commerce and Industry on Thursday said the late passage of budgets was costing the country a lot in monetary terms, time and other resources, leading to about 13 per cent drop in the value of the Gross Domestic Product.
The chamber stated that this had become a big threat to achieving the Economic Recovery and Growth Plan targets and to Nigeria’s goal of becoming one of the top 20 economies in the world in the nearest future.
A director of the LCCI, Dr Vincent Nwani, stated this at a forum of business editors in Lagos on Thursday, adding that the implications of the late passage of the 2018 budget included a slowdown in the economic recovery process by postponing the multiplier effects of government spending and delay in the commencement of economic activities, among others.
Nwani, who represented the Director-General, LCCI, Muda Yusuf, called on business…
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