The Lagos Country Club has called for deeper private sector investment in local manufacturing to tame inflation, ease cost pressures on households and businesses, and reduce reliance on policy outcomes that continue to strain the economy. The club said Nigeria must tackle structural barriers, including high energy tariffs and unstable power supply, if the local industry is to grow competitively.
The message was delivered during the Lagos Country Club Business Forum 2.0 in Lagos, where speakers agreed that private sector resilience rather than government policy had sustained economic activity in recent months. Discussions highlighted how inflation, currency volatility and rising borrowing costs have tested businesses, yet some industrial groups continue to inject capital, creating economic value and jobs.
Speakers argued that Nigeria is applying policy approaches unsuitable for its economic environment, resulting in weak outcomes. They warned that industry would suffer further if private sector voices remained silent as energy costs rise, infrastructure gaps widen and interest rates push investment beyond reach. Many stressed that lending costs above thirty percent make profitability nearly impossible for productive enterprises, particularly MSMEs already battling inflationary pressures.
Participants urged businesses to invest strategically despite policy uncertainties and to replicate models that have succeeded in driving industrial capacity. They argued that private funds must remain active in building value chains, especially in manufacturing and raw material processing, to boost supply, create employment and stabilise prices.
Economists at the forum maintained that tackling inflation requires supply-side solutions rather than reliance on monetary policy alone. They insisted that access to affordable power remains the most decisive factor in reviving production, strengthening output and lowering long-term prices. They added that structural weaknesses, insecurity, distortions in food pricing and logistical bottlenecks continue to fuel inflation, much of which they described as man-made.
Government representatives highlighted ongoing interventions in Lagos, including skill development initiatives, enterprise support programmes and funding access for small businesses through state-backed funds. They said such investments help firms scale operations and strengthen purchasing power among households despite rising costs.
However, the club emphasised that while the government provides an enabling environment, the burden of innovation still rests heavily on industry. It called for a more outspoken private sector that actively challenges policies eroding value and drives backward integration to reduce import dependence.
The forum attracted industry professionals, policy actors and business leaders who examined inflation trends, consumer strain and strategies for building resilience. The Lagos Country Club said it will continue to provide platforms that shape economic conversation, support national development and equip citizens with practical guidance for survival and growth in a high-cost economy.
