To achieve a sustainable and inclusive growth trajectory, Lagos Chamber of Commerce & Industry (LCCI) has said Nigeria must address structural bottlenecks that hinder productivity across key sectors.
LCCI acknowledged the latest Gross Domestic Product (GDP), indicating an overall growth of 3.40 per cent in 2024, with a fourth quarter (Q4) growth rate of 3.84 per cent.
The Chamber said this marks a notable acceleration from the 2.74 per cent recorded in 2023, demonstrating economic resilience despite prevailing macroeconomic and structural challenges.
The director-general of LCCI, Dr. Chinyere Almona stated that “while the GDP growth figures indicate a positive trajectory, they raise critical concerns regarding real productivity and economic stability. The disproportionate reliance on the services sector, with declining contributions from agriculture and manufacturing, poses sustainability risks.
“Economic growth driven largely by trade and finance must be complemented by robust industrial and agricultural expansion to create quality jobs, enhance value addition, and ensure food security.”
She urged, “the government to implement policies that incentivize domestic production, enhance the ease of doing business, and facilitate access to finance for small and medium enterprises (SMEs), saying that a comprehensive industrialisation strategy should be developed to boost local manufacturing capacity.
Almona added that “given the agricultural sector’s critical role in employment and food security, increased investment in mechanization, irrigation, and improved seed varieties is essential. Policies to enhance rural infrastructure, market access, and value chain development should be pursued aggressively.
“Addressing Nigeria’s infrastructure deficit, particularly in power, roads, and ports, is crucial to reducing production costs and enhancing competitiveness. Public-private partnerships (PPPs) should be expanded to bridge financing gaps in critical infrastructure projects.
“Ensuring exchange rate stability is vital for investor confidence and economic planning, while addressing insecurity, particularly in agrarian regions, is critical for sustained growth.”
LCCI DG also said “while the Q4 2024 GDP report signals progress, sustaining and accelerating growth will require bold and strategic policy interventions. The government’s commitment to economic diversification, fiscal discipline, and business-friendly policies will be key to achieving the ambitious goal of a $1 trillion economy.
“The decline in the rebased inflation to 24.48 per cent in January 2025 from 28.92 per cent in December 2024, must not be taken as real evidence that we are succeeding in curbing rising prices.
“The government must remain focused on fighting the factors pushing prices upwards. Upward review of port charges that can make imports more expensive should be reconsidered in these fragile times. We need to allow the economy to sustain some green shoots we are seeing and be stabilized.”
She reiterated the Chamber call for a phased implementation of additional charges like the four per cent Customs Import Charge, the 15 per cent NPA levy, and even the latest intention to raise the Value-Added tax (VAT) from 7.5 per cent to 15 per cent, all happening almost at the same time when we are also looking to launch an all-embracing tax reform.
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