The Lagos Chamber of Commerce and Industry (LCCI) has applauded the Nigerian government’s economic reforms for stabilising the macroeconomic environment but warned that inflation and harsh business conditions continue to threaten the survival and growth of Micro, Small and Medium Enterprises (MSMEs).
In a statement issued in Lagos, the LCCI’s Director-General said the removal of fuel subsidies and the unification of exchange rates had restored some investor confidence and contributed to Nigeria’s 4.6 percent GDP growth in the last quarter of 2024 and an annual growth of 3.46 percent.
While describing these figures as signs of progress, she stressed that deeper, inclusive growth is urgently needed. According to her, reforms must go beyond fiscal stability and target real improvement in the lives of citizens by boosting local production, generating employment, and reducing poverty.
Despite the improved macro outlook, she noted that MSMEs and manufacturers are still burdened by inflation, weak consumer spending, and high operating costs. She called for increased infrastructure investment, better access to finance, and direct support for struggling sectors to ease the pressure on MSMEs.
She also criticised Nigeria’s protectionist trade policies, citing World Bank concerns and urging the government to adopt a more open trade approach. The LCCI supports a phased 12 to 36-month trade reform plan focused on specific sectors, backed by modern customs systems and safety nets to protect vulnerable populations.
While acknowledging that fiscal reforms have attracted new investment and improved sustainability, she pointed out that many Nigerians are still grappling with the effects of inflation and currency depreciation. She identified sectors like agriculture, technology, clean energy, logistics, and renewables as critical to driving inclusive growth.
To ensure shared prosperity, she urged the government to dismantle structural barriers, open markets, and prioritize skills development. She said Nigeria faces a choice between a closed economic model with high costs and a more open, private sector-led path to growth.
The LCCI reaffirmed its support for bold policy reforms that strengthen industry, reduce poverty, and promote long-term stability. It also encouraged the government to maintain momentum in food production reforms, implement tax and levy changes gradually, and involve key stakeholders in shaping future policies.
