The Lagos Chamber of Commerce and Industry (LCCI) has called on President Bola Ahmed Tinubu's administration to move Nigeria's economy beyond stabilisation into an era of shared and widespread prosperity. LCCI President, Engr. Leye Kupolokun, stated that the private sector shares the objective of delivering jobs, enterprise, industrial growth, and lower living costs. He noted that Tinubu's recognition of the shift in central economic task is significant.
LCCI emphasised that the transition from reform to prosperity must be measured by macroeconomic indicators and the extent to which Nigerian businesses can invest, produce, employ, compete, and expand. The business community is looking for the next phase of the economic programme to focus on reducing the cost of doing business, expanding productive capacity, and creating an environment for investment decisions. This, LCCI believes, will enable businesses to thrive.
According to LCCI, prosperity depends on lowering the cost of producing and moving goods, which remains elevated due to energy costs, transportation, multiple taxation, infrastructure gaps, financing costs, regulatory charges, insecurity, and logistics inefficiencies. The organisation stated that the next phase of government policy should place enterprise competitiveness at the centre of economic management. This will enable businesses to remain competitive.
LCCI wants to see a sustained moderation in the prices of food, transport, energy, and essential goods, and Gross Domestic Product growth records that generate productive employment and expand household incomes. The organisation argued that the stability of the foreign exchange market must ensure that businesses can access foreign exchange predictably and at costs that allow them to remain competitive. This will enable businesses to produce more at lower costs.
LCCI welcomed the President's commitment to bring factories to life using Nigeria's gas resources to power industries, improve access to infrastructure and finance, and promote Nigerian-made products. However, the organisation urged the Federal Government to move rapidly in reducing industrial energy costs, improving electricity reliability, and accelerating gas-to-industry projects. This will enable businesses to increase production.
LCCI also urged the government to expand affordable long-term financing for manufacturers, address the infrastructure deficit in industrial clusters, and improve access to working capital for SMEs. The organisation recommended reducing regulatory and administrative costs, strengthening local supply chains, and promoting exports of manufactured and processed Nigerian products. These measures will enable businesses to grow.
The ultimate test of the reforms, according to LCCI, will be whether businesses can produce more at lower costs and households can afford more with their incomes. The organisation emphasised that the government must take concrete steps to address the challenges facing businesses and ensure that the economy moves beyond stabilisation into an era of prosperity.
Key points
- LCCI urges Nigerian government to accelerate reforms to boost business and prosperity
- The organisation recommends reducing industrial energy costs and improving electricity reliability
- LCCI emphasises the need for a sustained moderation in prices of essential goods and services
