LCCI Urges Reforms To Deepen 3.46% Economic Growth
The Lagos Chamber of Commerce and Industry (LCCI) has commended the Federal Government’s recent macroeconomic reforms for stabilising Nigeria’s economic outlook, citing a 3.46 per cent annual GDP growth and a notable 4.6 per cent expansion in the fourth quarter of 2024 as signs of renewed momentum.
However, the Chamber has called for deeper, inclusive, and targeted reforms to consolidate these gains, address persistent structural challenges, and translate stability into real improvements in livelihoods and enterprise productivity.
The Director-General, Dr Chinyere Almona, said the LCCI praised policy steps such as the removal of fuel subsidies, exchange rate unification, and fiscal tightening for laying the groundwork for macroeconomic stability.
These measures, the Chamber noted, have helped improve investor confidence and support fiscal sustainability.
Yet, despite these gains, the LCCI stressed that many micro, small, and medium-scale enterprises (MSMEs) and manufacturers continue to grapple with harsh economic conditions, including high inflation, rising energy costs, exchange rate volatility, and limited access to credit and infrastructure.
The Chamber warned that unless the benefits of reform are extended to the real sector through inclusive and job-creating strategies, the positive macro indicators may fail to yield widespread socioeconomic impact.
“The accurate measure of reform success must go beyond fiscal balance sheets and reflect in enterprise growth, employment creation, and improved living standards,” Almona stated. “We urge the government to convert macro stability into tangible relief by supporting struggling sectors, boosting consumer purchasing power, and investing in critical infrastructure.”
The Chamber also weighed in on Nigeria’s trade policies, aligning with recent comments by the World Bank on the country’s protectionist stance.
According to the LCCI, strategic liberalisation—executed in a phased manner over 12 to 36 months and tailored to specific sectors—could significantly enhance competitiveness, attract investment, reduce poverty, and improve market efficiency.
The organisation emphasised that such a policy shift must be paired with strengthened local industry support, modernised customs systems, and expanded social protection programmes to mitigate transitional shocks.
The LCCI noted that recent fiscal reforms, including savings from fuel subsidy removal and the effects of foreign exchange unification, have opened new opportunities for investment in high-potential sectors such as agribusiness, renewable energy, technology, logistics, and clean infrastructure.
However, it cautioned that these opportunities must be matched by deliberate policies aimed at strengthening human capital, enhancing market access, and reducing the cost of doing business.
With inflation still elevated at 23.71 per cent as of April 2025, the Chamber warned that inflationary pressures continue to undermine purchasing power, weaken business margins, and threaten long-term economic recovery.
It reiterated the need for sustained reform in the food production and distribution chain to achieve national food security, a key factor in easing inflation and stabilising household welfare.
Almona also called for smarter fiscal strategies, including phased increases in levies and wider consultations with stakeholders during policy formulation and implementation.
She urged the government to adopt an agile, inclusive approach to economic management—one that prioritises productivity, reduces dependence on imports, and aligns with both regional goals under the African Continental Free Trade Area (AfCFTA) and global competitiveness standards.
“Nigeria stands at a crossroads,” the LCCI said. “The choice is between continuing with a restrictive, high-cost economic model or embracing strategic openness, private sector-led growth, and fiscal discipline that lifts millions out of poverty.”
The Chamber concluded by reaffirming its support for the government’s ongoing reforms and encouraged authorities to “think big and act boldly” in the face of economic uncertainties and global disruptions.
According to the LCCI, only through comprehensive, well-implemented reforms can Nigeria transition from economic stabilisation to inclusive and sustainable prosperity.
LCCI Urges Reforms To Deepen 3.46% Economic Growth is first published on The Whistler Newspaper
