LAGOS, NIGERIA — The Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Government to urgently translate its macroeconomic stabilization gains into tangible relief for businesses and Nigerian households.
Responding to President Bola Ahmed Tinubu’s 66th Independence Day address, LCCI President Engr. Leye Kupoluyi noted that while the private sector welcomes the administration’s shift from economic stabilization to driving widespread prosperity, the true test of recent reforms lies in lowering the high cost of doing business and restoring consumer purchasing power.
While acknowledging positive economic indicators highlighted by the President—including over 4% GDP growth, improved foreign exchange stability, growing foreign reserves, and record non-oil export revenues exceeding $6 billion in 2025—Engr. Kupoluyi emphasized that macroeconomic metrics alone cannot define success.
Key Demands for Enterprise Competitiveness
To move from stabilization to sustainable growth, the LCCI outlined critical priority areas for the next phase of economic policy:
- Revitalizing Manufacturing: The Chamber called for rapid action to reduce industrial energy costs, improve power reliability, accelerate gas-to-industry projects, and address severe infrastructure deficits within industrial clusters.
- Immediate Cost-of-Living Interventions: To combat elevated living costs, the LCCI urged supply-side solutions, including temporary import duty waivers on critical agricultural inputs, enhanced farm-to-market logistics, improved storage infrastructure, and security in farming communities.
- Export-Led Growth & Value Addition: Building on recent non-oil export gains, the LCCI urged the government to shift focus from raw commodity exports to high-value processed goods, positioning Nigeria as a manufacturing powerhouse under the African Continental Free Trade Area (AfCFTA).
- Protecting Domestic Enterprises: The Chamber cautioned against the dumping of foreign goods into local markets and called for stricter oversight of expatriate retail activities to safeguard domestic SMEs.
Framework for Private Sector Partnership
To ensure policy decisions translate into practical economic relief, the LCCI recommended five pillars for government-private sector engagement: - Regulatory Predictability: Eliminating frequent, unannounced shifts in taxes, tariffs, and administrative charges that create investment uncertainty.
- Regulatory Efficiency: Focusing on quality over volume by streamlining agencies and administrative processes that inflate operational overheads.
- Productive Infrastructure: Treating roads, ports, power, rail, and broadband strictly as national assets designed to reduce transaction costs.
- Accessible Financing: Expanding long-term, low-interest credit tailored to the operational timelines of manufacturers and SMEs.
- Fair Competition: Establishing a transparent, level playing field where enterprises compete on efficiency and innovation rather than administrative access.
Engr. Kupoluyi reaffirmed the Chamber’s commitment to collaborating with the Federal Government to build a competitive, export-driven economy capable of generating mass employment as Nigeria enters its 67th year of independence.
The Lagos Chamber of Commerce and Industry is the premier voice of the private sector in Nigeria. Founded in 1888, the LCCI represents thousands of corporate members across all sectors of the Nigerian economy, promoting trade, investment, and policy advocacy.
