LCCI urges inclusive growth amid reforms
The Lagos Chamber of Commerce and Industry (LCCI) has commended the Federal Government for its recent economic policy decisions, which it says have helped stabilise Nigeria’s macroeconomic environment.
Dr Chinyere Almona, Director-General of LCCI, gave the commendation on Sunday in Lagos, noting that the removal of fuel subsidies and the unification of exchange rates had restored a degree of confidence among investors.
She pointed to these reforms as contributing factors to Nigeria’s 4.6 per cent GDP growth in the fourth quarter of 2024, as well as the 3.46 per cent growth recorded over the full year.
Almona, however, stressed that these gains must now be deepened through strategies that promote inclusive development, generate employment, support domestic industries and help reduce poverty.
Despite the positive economic indicators, she cautioned that micro, small and medium enterprises (MSMEs) and manufacturers continue to grapple with tough business conditions.
She called on policymakers to convert economic stability into tangible relief by assisting distressed sectors, improving infrastructure, and enhancing the purchasing power of consumers.
According to Almona, the true measure of reform lies not only in macro-level figures but in the creation of jobs, the expansion of businesses, and improved quality of life for Nigerians.
Referencing recent assessments by the World Bank, Almona noted that Nigeria’s protectionist trade policies had come under scrutiny. She said the global lender’s critiques demonstrate the potential benefits of carefully executed trade liberalisation.
She explained that the LCCI supports a phased trade reform plan spanning 12 to 36 months, focused on specific sectors and underpinned by strong safeguards for local producers.
This roadmap, she said, should also include modernised customs processes and expanded social protection schemes for vulnerable groups.
While acknowledging that the removal of subsidies and the unification of the foreign exchange market have bolstered fiscal sustainability and attracted new investment, Almona pointed out that MSMEs and consumers are still under pressure from inflation and currency depreciation.
She identified opportunities in agribusiness, clean energy, logistics, renewable resources, and technology as key sectors that could drive long-term growth if properly supported.
To achieve inclusive prosperity, Almona urged the government to address entrenched structural issues, open the economy to broader participation, and prioritise investments in human capital and productivity.
She said Nigeria must choose between persisting with a costly and inward-looking economic approach or transitioning to a more competitive, private-sector-led model.
The LCCI, she added, remains committed to reforms that foster economic stability, empower industries, alleviate poverty, and lay the foundation for sustainable growth.
She also underlined the importance of maintaining momentum in food production reforms as a pathway to achieving long-term food security.
Almona reaffirmed the Chamber’s support for bold and innovative policy approaches in the face of ongoing economic challenges. She urged the government to remain focused, introduce levies in a gradual and measured way, and engage stakeholders thoroughly to improve the design and impact of new policies.
