The Lagos Chamber of Commerce and Industry (LCCI) has praised the federal government for its bold economic reforms, stabilising the macroeconomic environment and stressed the need to deepen these gains through inclusive, job-creating strategies that support local industries and reduce poverty.
LCCI Director-General, Mrs Chinyere Almona, said on Sunday in Lagos that removing subsidies and unifying exchange rates helped rebuild investor confidence.
She noted that these reforms contributed to Nigeria’s 4.6 per cent GDP growth in the fourth quarter of 2024 and 3.46 per cent annual growth.
In spite of positive macroeconomic trends, she warned that micro, small and medium enterprises (MSMEs) and manufacturers continue to face challenging economic conditions.
She urged policymakers to translate stability into real relief by supporting struggling sectors, upgrading infrastructure, and boosting consumer spending power.
Mrs Almona said reform success must also be measured by job creation, enterprise growth, and improved living standards.
“The World Bank has rightly criticised Nigeria’s protectionist trade policies, showing how strategic liberalisation can bring benefits,” she said.
She added that LCCI backs a phased 12–36 month trade reform plan, with sectoral focus and strong support for local industries, noting this will include modern customs systems and wider social safety nets to protect vulnerable groups.
Mrs Almona noted that subsidy removal and forex unification have enhanced fiscal sustainability and attracted fresh investment.
“However, MSMEs and consumers are still reeling from inflation and currency depreciation,” she added.
She identified emerging opportunities in agribusiness, technology, clean energy, logistics, and renewables as growth drivers.
To ensure shared prosperity, Mrs Almona urged Nigeria to tackle structural barriers, open markets, and invest in skills and competitiveness.
“Nigeria must choose between a costly, restrictive model and a more open, private sector-driven economy,” she said.
She stated that LCCI supports reforms that stabilise the economy, empower industry, reduce poverty, and secure long-term growth.
Mrs Almona emphasised sustaining ongoing reforms in food production to achieve lasting food security.
She affirmed LCCI’s commitment to supporting bold, innovative policy solutions amid economic uncertainties and encouraged government to stay focused, phase in levies gradually, and consult stakeholders for better policy outcomes.