“CONNECTIVITY of domestic economic agents would suffer a deceleration. The tempo and momentum of economic activities would experience a slow down as the velocity of business transactions would be adversely affected.”
This reaction was made by Lagos Chamber of Commerce and Industry, LCCI, yesterday, warning that this would also take a toll on the huge and vibrant informal economy in the state.”
In a statement, LCCI asserts that the enforcement of the traffic law in its current form in Lagos would have profound social, economic and political costs.
“Commuters would suffer untold hardship as there is no immediate alternative to fill the gap which the wide-ranging restriction would create.
“There is also the investment effect on emerging innovative investments in the commercial motorbike sector some of which have invested billions of naira in the sector,” said Dr. Muda Yusuf, Director-General, LCCI.
LCCI recommends that the current wide-ranging routes covered by the restriction should be reviewed to cover only major road corridors. This would give some room for the ordinary citizens to commute.
“The tolerance and latitude for operation of tricycles should be expanded as they play vital complementary roles to other forms of transportation. They are affordable, scalable, divisible, flexible and less of a nuisance than the motorbikes,” said LCCI.