LCCI urges FG on policy, reforms consistency to achieve $1trn economy goal
The Lagos Chamber of Commerce and Industry (LCCI) has called on the federal government to ensure consistent policies and reforms as Nigeria pursues its ambitious goal of becoming a $1 trillion economy.
This appeal was made by the Director-General of the LCCI, Dr Chinyere Almona, in response to President Bola Tinubu’s New Year address, where he outlined his administration’s strategies for economic growth and international collaboration.
Dr Almona commended the President’s commitment to creating a more globally relevant economy and improving the business environment for the private sector but stressed the importance of addressing critical structural challenges.
“The President’s New Year address highlighted significant opportunities and challenges. As we work towards a $1 trillion economy, the government’s reforms in 2025 must ease inflation, reduce high interest rates, prevent business shutdowns, and address job losses,” she said.
Almona emphasised the need for reforms targeting power supply, national security, and food production. She highlighted the National Credit Guarantee Company, introduced by President Tinubu, as a pivotal initiative to enhance access to credit for women, youth, and small businesses.
“This scheme, if implemented efficiently, could drive demand for agro-producers and industries, improve manufacturing capacity utilisation, and create jobs,” she noted. However, she cautioned that bureaucratic delays must be avoided, and a transparent framework is essential for its success.
Almona also pointed out that fostering an attractive business environment was crucial to increasing foreign direct investment (FDI).
“For Nigeria to leverage opportunities in international relations, we must make our business environment appealing enough to boost FDI. Diplomatic efforts should focus on enhancing foreign trade, particularly non-oil exports, to achieve trade surpluses by 2025,” she stated.
The LCCI DG underlined the importance of critical investments in telecommunications and energy infrastructure to support Nigeria’s industrialisation and economic growth.
“Digital transformation and energy transition are essential to achieving industrialisation at the scale required for a $1 trillion economy. Investments in the telecommunications sector and the Compressed Natural Gas (CNG) initiative are crucial in this regard,” Almona added.
Almona praised the President’s focus on ethical citizenship, social cohesion, and shared values through initiatives like the National Values Charter and Youth Confab.
“For the business community, a stable and cooperative societal framework is foundational for sustained economic activity. However, the rule of law remains the most important guarantee for justice and fairness in a democratic state,” she said.
Concluding her remarks, Almona urged the government to avoid policy uncertainties and ensure the consistent implementation of economic reforms.
“The budget assumptions are ambitious but achievable if we consistently drive our economic agenda towards our set goals. Policy consistency and regulatory clarity are the keys to realising our vision for a $1 trillion economy,” she stated.
