By: Tijani Salako.
The Lagos Chamber of Commerce and Industry (LCCI) has welcomed President Bola Ahmed Tinubu’s 66th Independence Day address, particularly his declaration that Nigeria has moved beyond economic stabilization into an era of shared prosperity, but said the transition must be measured by enterprise growth and household living standards.
In a press statement on Friday, LCCI President, Engr. Leye Kupoluyi, said the President’s recognition that the central economic task has shifted from reforms to delivering jobs, industrial growth and lower cost of living is significant and aligns with private sector objectives.
President Tinubu had highlighted growth of over 4 per cent, improved foreign exchange stability, stronger reserves, easing inflation, reduced oil theft and record non-oil export revenues.
Kupoluyi said while these are important for restoring macroeconomic confidence, the next phase must be defined by reducing the cost of doing business, expanding productive capacity and restoring investor confidence.
“For manufacturers, farmers, logistics operators, retailers and millions of SMEs, the cost structure remains elevated by energy costs, transportation, multiple taxation, infrastructure gaps, financing costs, regulatory charges, insecurity and logistics inefficiencies,” he said.
He said beyond inflation deceleration, government must deliver sustained moderation in food, transport, energy and essential goods prices, while GDP growth must translate to productive employment and household incomes, and forex stability must guarantee predictable access at competitive rates.
LCCI welcomed the President’s commitment to reviving factories, using gas to power industries and promoting Nigerian-made products, saying mass employment cannot be achieved without a strong manufacturing base.
The Chamber urged government to rapidly move to reduce industrial energy costs, improve electricity reliability, accelerate gas-to-industry projects, expand affordable long-term financing for manufacturers, fix infrastructure deficits in industrial clusters, improve working capital for SMEs, cut regulatory costs and strengthen local supply chains.
On cost of living, LCCI said the most sustainable solution is increasing supply of affordable goods while expanding employment and incomes, calling for measures to reduce cost of moving food from farms to cities, improve storage, expand irrigation and mechanization, address insecurity in farming communities and eliminate supply chain bottlenecks, including consideration of duty waivers for critical inputs.
It also called for deeper government-private sector partnership, with structured engagement and a mechanism for tracking policy impact on enterprises.
LCCI listed five priorities: regulatory predictability, regulatory efficiency, infrastructure delivery, access to affordable finance, and fair competition where businesses compete on productivity rather than administrative privileges.
The Chamber said Nigeria must become more competitive to retain existing investors and attract new domestic and foreign capital, urging government to make it easier and more predictable to establish and operate businesses, while guarding against dumping and checking expatriate privileges in retail trade.
It also said export-led growth should become a national priority, urging a shift from primary commodities to value-added exports to build on the $6 billion non-oil export revenue cited by the President in 2025, and positioning Nigeria as a production base under the African Continental Free Trade Area.
LCCI equally welcomed the commitment to digital connectivity and skills development, calling for greater investment in digital infrastructure, technical and vocational education and industry-relevant skills aligned with labour market needs.
“As Nigeria enters its 67th year as an independent nation, we aspire to build a stronger and more prosperous economy for businesses and citizens alike,” Kupoluyi said.
