By Seun Ibiyemi
As Nigeria marks 65 years of independence, the Lagos Chamber of Commerce and Industry (LCCI) has warned that high inflation and ongoing tax reforms could pose challenges to businesses, even amid signs of economic recovery.
In a statement on Tuesday, LCCI President Gabriel Idahosa noted positive trends, including accelerating growth, recovery in the oil and gas sector, currency appreciation, easing inflation, and stronger external reserves. He also highlighted the recent monetary policy rate cut to 27 per cent, the first easing since 2020, alongside significant tax reforms.
While exporters, manufacturers, and energy firms could benefit from a more stable naira and increased sector activity, Idahosa cautioned that inflation remains elevated, potentially reducing consumer purchasing power, and that new tax rules could temporarily raise business costs.
The LCCI urged the government to phase in the new tax framework, ensure transparency, and implement policies supporting local content, SMEs, and industrialisation. “As we celebrate 65 years of nationhood, LCCI reaffirms its commitment to constructive advocacy and partnerships for Nigeria’s economic transformation,” Idahosa said.