The Lagos Chamber of Commerce and Industry (LCCI) has responded to President Bola Tinubu’s New Year address, commending the administration’s optimistic outlook for 2025 while emphasizing the critical need for consistent and results-oriented economic reform policies. The LCCI’s Director-General, Dr. Chinyere Almona, acknowledged the government’s efforts to address pressing economic challenges, such as high inflation, elevated interest rates, business closures, job losses, and inadequate power supply. However, she underscored the importance of policy consistency and tangible outcomes, particularly in curbing inflation and bolstering key sectors like food production and national security. The LCCI’s stance reflects a cautious optimism, recognizing the administration’s ambitions while stressing the need for concrete actions that translate into real economic improvements for businesses and the populace.
The LCCI specifically lauded the proposed National Credit Guarantee Company, designed to improve credit access for women, youth, and small and medium-sized enterprises (SMEs). This initiative, if implemented effectively and transparently, holds the potential to stimulate demand, enhance manufacturing capacity utilization, and generate employment opportunities in the medium term, the LCCI noted. The chamber’s endorsement underscores the importance of focused interventions that empower traditionally underserved segments of the economy and facilitate broader economic growth. However, the emphasis on transparency and streamlined processes suggests a concern that bureaucratic hurdles could impede the initiative’s effectiveness.
Addressing the President’s commitment to strengthening international partnerships, the LCCI urged the government to prioritize creating an attractive business environment to attract foreign direct investment. This includes focusing on strategic sectors like telecommunications and infrastructure development for the Compressed Natural Gas (CNG) initiative, both crucial for achieving the nation’s digital transformation and energy transition goals. The LCCI’s perspective highlights the importance of aligning policy with global best practices and fostering an environment conducive to foreign investment, recognizing its role in driving economic growth and technological advancement.
The LCCI also welcomed the proposed National Values Charter and Youth Confab, recognizing their potential contributions to fostering social cohesion and promoting ethical citizenship. However, the chamber emphasized that the rule of law remains the cornerstone of human rights protection and the foundation for a just and equitable democratic society. This perspective underscores the vital role of strong institutions and the consistent application of law in safeguarding fundamental rights and ensuring a fair and predictable environment for businesses and citizens alike.
The LCCI urged the government to prioritize policy clarity and effective budget implementation, essential for achieving the ambitious targets set forth in the 2025 budget. Avoiding policy controversies and ensuring regulatory certainty are crucial for building investor confidence and fostering a stable economic environment, the chamber argued. This call for consistent policy execution reflects the private sector’s need for predictability and stability to plan effectively and contribute meaningfully to economic growth.
President Tinubu, in his New Year address, reiterated his commitment to addressing the high cost of food and essential drugs by strengthening local food production and supporting the domestic manufacturing of pharmaceuticals and medical supplies. He set an ambitious target of reducing inflation from its current high of 34.6% to 15%. The LCCI’s response, while supportive of the administration’s broad goals, emphasizes the need for concrete, consistent policies and efficient execution to translate these aspirations into tangible results. The chamber’s call for transparency, a focus on key sectors, and the prioritization of the rule of law reflect the private sector’s perspective on creating a sustainable and inclusive economic environment. The interaction highlights the importance of ongoing dialogue between government and the private sector to ensure alignment on policy direction and implementation, ultimately contributing to the nation’s economic progress.
