The Lagos Chamber of Commerce and Industry (LCCI) has called on the federal government to ensure that the newly approved $500 million World Bank loan is transparently disbursed to small businesses and vulnerable communities as intended.
In a statement issued by LCCI’s Director-General, Dr. Chinyere Almona, the chamber acknowledged that the loan, granted under the Community Action for Resilience and Economic Stimulus Program, comes at a crucial time as Nigeria faces inflation, declining purchasing power, and rising debt.
Dr. Almona emphasized the need for a robust monitoring and evaluation framework to prevent misallocation, urging the government to prioritize concessional financing and ensure borrowed funds support economically viable projects. She stressed that long-term economic stability requires structural reforms, policy consistency, and improved infrastructure to create a business-friendly environment.
While acknowledging that the loan could provide short-term relief by boosting food security and strengthening community resilience, she cautioned against the growing debt burden. She warned that Nigeria’s external debt—of which the World Bank holds $17.32 billion—could erode investor confidence and limit the government’s ability to implement long-term economic reforms if not properly managed.
LCCI urged the government to tackle key economic challenges such as inadequate infrastructure, forex volatility, and multiple taxation. It also called for measures to improve power supply, reduce energy costs, and diversify the economy to ensure sustainable growth beyond short-term stimulus programs.
