The Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Government to implement bold measures to stabilize the economy and ensure sustainable growth as Nigeria celebrates its 64th Independence Day.
LCCI President, Gabriel Idahosa, highlighted the country’s over-reliance on oil exports, insecurity, weak infrastructure, and policy inconsistencies as major challenges facing the economy.
Idahosa commended Nigeria’s economic performance, citing a 3.19% GDP growth in Q2 2024, but emphasized the need for:
- Revenue diversification
- Infrastructure development
- Fiscal discipline
- Debt management
- Human capital development
- Security
He also stressed the importance of addressing insecurity, oil theft, and policy inconsistencies to optimize oil production and attract investors.
“The growth of key sectors, such as agriculture, manufacturing, and trade, is hampered by insecurity, exchange rate volatility, and high interest rates,” Idahosa said.
The LCCI urged the Federal Government to:
- Promote renewable energy adoption
- Stabilize the power sector
- Address policy inconsistencies in taxes, import restrictions, and foreign exchange market operations
By tackling these challenges, Nigeria can achieve sustainable economic growth and development.
