LCCI urges FG to address economic challenges, warns of mounting fiscal pressures
The Lagos Chamber of Commerce and Industry (LCCI) has appealed to the Federal Government to address the country’s economic challenges in order to deliver meaningful democratic dividends to citizens and businesses.
Speaking at the chamber’s third-quarter news conference in Lagos, LCCI President Gabriel Idahosa described Nigeria’s macroeconomic policy environment as being at a crossroads, with reform efforts often slowed by delays in implementation and resistance from stakeholders.
He acknowledged progress in fiscal consolidation, digital governance, and moves towards regulatory harmonisation, citing the passage of the Nigeria Tax Act 2025 in June as a significant milestone.
The Act merges seven federal taxes into a unified framework, eliminates redundant levies at state and local levels, and mandates digital tax reporting through a centralised platform.
“These measures are expected to lower compliance costs, particularly for Micro, Small and Medium Enterprises (MSMEs) and digital service providers,” Idahosa said.
“For the reforms to succeed, enforcement must be guided by transparent regulations, broad stakeholder engagement, and sustained taxpayer education to rebuild trust.”
On fiscal sustainability, Idahosa expressed concern over Nigeria’s rising debt burden, advocating revenue diversification, improved spending efficiency, and robust debt management to reduce fiscal strain and restore macroeconomic stability.
Turning to the Information and Communication Technology (ICT) sector, he commended the resilience of Nigeria’s digital economy despite ongoing challenges.
He noted the government’s renewed commitment to advancing the National Artificial Intelligence Strategy, announced in April, and called for swift stakeholder consultations on the Blockchain Adoption Roadmap to cement Nigeria’s leadership in emerging technologies.
On power, Idahosa described the sector as severely fragile, with recurring system outages and transmission failures undermining industrial and household supply. He pressed for acceleration of Phase II of the National Mass Metering Programme and empowerment of sub-national governments to establish independent and hybrid mini-grids.
He also called for sweeping reforms in the ports and maritime industry, where average cargo dwell time at Apapa Port remains 26 days, compared with five to seven days in Ghana and South Africa.
Measures such as immediate implementation of the National Single Window Project, full automation of cargo clearance, and redeployment of digital cargo scanners are, he said, vital to cutting delays, curbing corruption, and elevating Nigeria’s port performance.
Addressing the real estate and construction sectors, Idahosa noted a slowdown driven by rising costs, with cement prices reaching N9,800 per 50kg bag and imported material costs soaring due to foreign exchange constraints.
He proposed creating a centralised digital platform for land titling and property registration and digitising Certificate of Occupancy processes nationwide.
“This will allow federally backed mortgage and guarantee schemes to deliver on rent-to-own models for middle-income households,” he concluded.