LCCI Urges Policy Alignment, Reforms to Unlock Nigeria’s Economy

Samuel Mobolaji

The Lagos Chamber of Commerce and Industry (LCCI) has called for stronger policy coherence and institutional reforms to fully harness Nigeria’s economic potential, as President Bola Tinubu marks two years in office.

In a statement congratulating the president, LCCI Director-General, Dr Chinyere Almona, acknowledged recent reform efforts including the removal of fuel subsidies, exchange rate liberalisation, and new revenue-generation initiatives through tax reforms. While these steps are aimed at ensuring long-term macroeconomic stability, she noted they have triggered short-term challenges for businesses and households, particularly small and medium-sized enterprises, which form the backbone of the Nigerian economy.

Almona described the current economic conditions as a reflection of a country in transition. She said the administration’s reform agenda under the Renewed Hope initiative has attracted fresh investor interest, strengthened ties with multilateral institutions, and improved the management of public finances.

Despite these gains, inflation continues to undermine progress, fuelled by high energy costs, food insecurity, currency volatility, and weak industrial output.

Almona stressed the urgent need for better coordination between monetary and fiscal policies, warning that persistent divergence could weaken the effectiveness of government measures and shake investor confidence.

She urged the government to prioritise reforms that enhance the business climate, including improved policy coordination, targeted SME support, infrastructure investment, deeper forex market reforms, and stronger engagement with private sector stakeholders. She also advocated for an expanded social safety net and greater emphasis on local content and value addition.

Almona said the administration’s second anniversary should serve not only as a moment of reflection but also a catalyst for decisive action. With the right policy alignment and institutional reforms, she said, Nigeria can unlock sustainable growth and realise its vast economic promise.