The Lagos Chamber of Commerce and Industry (LCCI) has urged the Federal Government to accelerate its economic reforms and move Nigeria beyond stabilisation towards stronger, broader-based prosperity.
The call comes as businesses continue to deal with high operating costs, financing challenges, infrastructure gaps and other pressures despite signs that economic activity is gradually improving.
The LCCI said the government’s next priority should be ensuring that the gains from its reforms translate into tangible improvements for businesses and households. The chamber stressed that economic recovery should not only be measured by macroeconomic indicators but also by increased production, job creation, investment and improved purchasing power for Nigerians.
The development comes against the backdrop of recent data showing that Nigeria’s business activity remained in expansion territory in September. However, household confidence has weakened as many Nigerians continue to feel the impact of inflation and high living costs.
For businesses, the LCCI has continued to advocate policies that can reduce the cost of production and make the Nigerian economy more attractive to investors. Issues such as taxation, access to credit, electricity costs, infrastructure and regulatory uncertainty remain important concerns for the private sector.
The chamber’s position also comes after President Bola Tinubu used his Independence Day address to argue that the country had moved beyond the most difficult stage of his economic reforms and was entering a new phase focused on prosperity.
The LCCI is now calling for that next phase to produce more visible results, particularly through industrial growth and the revival of businesses that have either shut down or reduced their operations.
According to the chamber, faster implementation of reforms could help create more jobs, encourage investment and improve productivity.
The call highlights the growing pressure on the government to ensure that Nigeria’s improving economic indicators eventually translate into better living conditions and stronger opportunities for ordinary Nigerians.
