LCCI seeks policies supporting business decisions

President, Lagos Chamber of Commerce and Industry (LCCI) Mr Gabriel Idahosa, has called on the Federal Government to make policies that will support businesses in making policy-decisions that promote economic growth.

Idahosa made the call on Wednesday during the ‘Special Day’ with the Dangote Group at the ongoing Lagos International Trade Fair in Lagos, with the theme, ‘Connecting Businesses, Creating Value.’

He noted that Nigeria needed a positive national orientation to navigate the stormy waters of policy directions.

The LCCI president urged the government to effectively communicate its plans to Nigerians and businesses, for them to be sure of what near-term achievements were possible.

Idahosa said that the direction would help in building certainty to support business planning and decisions.

“The Dangote Refinery, a $19 billion project, is one of Africa’s most ambitious private sector investments.

“Set to produce 650,000 barrels per day (bpd), which is now a game changer, reducing Nigeria’s dependency on imported petroleum products, and saving the country billions in foreign exchange annually.

“The Dangote Fertilizer Plant, the largest in Africa, has already begun exporting fertilizer across the continent, with the recent production figures highlighting an annual capacity of 3 million metric tons.

“These projects are redefining Nigeria’s industrial landscape and will soon position the country as a net exporter of refined oil and fertilizers.

“Operating in Nigeria, the Dangote Group faces several challenges, including fluctuating foreign exchange rates, limited access to energy, inflationary pressures, and an evolving regulatory landscape,” Idahosa said.

He said that the ability to adapt and thrive in such a complex environment was a testament to Dangote Group’s operational resilience and strategic foresight.

According to him, Dangote Group’s commitment to backward integration, where inputs were sourced locally whenever possible, has reduced its exposure to foreign exchange volatility and spurred local industry development.

He said that Dangote Cement sourced a large portion of its raw materials locally, which helped mitigate foreign currency risks while empowering local communities through job creation and skill development.

Idahosa explained that the Group’s investment in self-sustaining energy sources, particularly in the fertilizer plant, was a proactive step toward reducing dependency on an unreliable national power grid.

Also, Group Executive Director, Commercial Operations, Dangote Group, Fatima Aliko-Dangote, said the firm had its focus on manufacturing, for diversification of Nigeria’s economic growth.

Fatima, represented by Director, Depot and Logistics, Dangote Cement, Mr Dolapo Alli, said the theme, ‘Connecting Businesses, Creating Value,’ resonated with Dangote Group’s vision.

She said businesses needed connections at various levels, including business-to-business, distributorship, and ultimately with the final consumers.

“At Dangote Group, our focus is on manufacturing. As a manufacturer, we rely on a network of suppliers and service providers for inputs and materials that we cannot source on our own.

“As a conglomerate driving the diversification of Nigeria’s economy, while we produce critical household items, some of our other products serve as either feedstock or raw materials for other manufacturers.

“Our recent flagship project, the Dangote Refinery and Petrochemicals, has commenced operations with the rollout of Premium Motor Spirit (PMS), Automotive Gas Oil, JET A1, polypropylene, and other products.

“We are optimistic that many new manufacturing outfits will emerge relying on both the products and byproducts of the petroleum complex as feedstock in their production processes,” she said.

She explained how the interdependence of various industrial value chains on Dangote’s products was revolutionising Nigeria’s economy, and explained how the export of Dangote products, including petroleum and fertiliser, had increased income for the nation.

The group executive director said Dangote’s innovations in the construction sector had improved transport conditions, and concrete roads constructed with an estimated lifespan of 100 years.

She listed various brands of Dangote Group which had strengthened Nigeria’s position in regional and global trade.

She added that the firm had embarked on backward integration for sugar production and committed over $700 million to the project.

“Similarly, to support the government in food security, we are also investing in the agricultural sector,” she said.