LCCI Lists 10 Priority Actions To Deliver Competitive Business Environment

The Lagos Chamber of Commerce and Industry (LCCI) has listed 10 priority actions the federal government must take to deliver a competitive business environment that supports enterprise prosperity.

In its reaction to President Bola Tinubu’s 66th Independence Day address, the president of LCCI, Engr. Leye Kupoluyi, said while macroeconomic stability is improving, the next phase must focus on reducing the cost of producing and moving goods.

He welcomed the President’s commitment to bringing factories back to life, using Nigeria’s gas resources to power industries, improving access to infrastructure and finance, and promoting Nigerian-made products.

“Manufacturing is the heart of economic prosperity. A competitive manufacturing sector will simultaneously address several of Nigeria’s challenges: employment, productivity, import dependence, export diversification, technology transfer and government revenue,” he said.

To achieve this, he urged the federal government to move rapidly from announcement to implementation by reducing industrial energy costs and improving electricity reliability, accelerating gas-to-industry projects, and expanding affordable long-term financing for manufacturers.

Kupoluyi also called for addressing infrastructure deficits in industrial clusters, improving working capital for SMEs, reducing regulatory costs, strengthening local supply chains, promoting manufactured exports, and preventing policies that unintentionally raise production costs.

He noted that for manufacturers, farmers, logistics operators, retailers and millions of SMEs, the cost structure remains elevated by energy costs, transportation, multiple taxation, infrastructure gaps, financing costs, regulatory charges, insecurity and logistics inefficiencies.

He added that macroeconomic improvements highlighted by the President, including over fou percent growth, forex stability, stronger reserves, lower inflation and over $6 billion in non-oil export revenue in 2025, must now translate into lower production costs and more affordable goods for households.