Nigeria at 65: Momentous gains, cautious optimism- LCCI

The Lagos Chamber of Commerce and Industry (LCCI) says Nigeria’s key economic indicators currently shows renewed signs of growth as the country celebrates 65 years of independence.

Mr Gabriel Idahosa , President, LCCI, on Tuesday in Lagos in a statement, however, emphasised the need for cautious optimism in spite of the development.

He said the milestone celebration offered not only a moment of celebration but also a sober reflection on the state of economy and the business environment.

Idahosa added that it also showed the need for sustained reforms required to unlock the nation’s full potential.

“Key indicators are showing some positive trends worth highlighting such as accelerating economic growth, productive recovery in oil and gas sector, easing inflation, currency appreciation and strengthening external reserves.

“For the first time since 2020, the monetary policy authorities eased rates to 27 per cent after several hikes due to spiralling inflationary pressures anr significant tax reforms are underway.

“These developments create a cautiously optimistic business climate; one that offers opportunity but demands sustained policy discipline and private-sector agility,” he said.

Idahosa said the country’s macroeconomic backdrop presented both opportunities and challenges for the business community.

He stated that exporters and manufacturers could take advantage of more substantial reserves and a relatively stable naira to secure inputs and plan foreign-exchange exposures with greater certainty.

He added that energy-related firms, ranging from logistics providers to service providers, were well-positioned to benefit from the oil industry’s renewed activity.

“At the same time, inflation remains high enough to squeeze consumer purchasing power and margins, while the transition to new tax rules will temporarily increase compliance costs and require careful cash-flow planning.

“The chamber urges the government to ensure a transparent and phased rollout of the new tax framework, providing clear guidance that reduces uncertainty for investors,” he said.

The LCCI president advocated fiscal measures targeting critical inputs, in line with prudent monetary policy.

This, he said, could accelerate the disinflation trend without undermining reserves.

Idahosa called for policies that strengthened local content in oil-sector projects to help translate export gains into jobs and industrial development.

He urged the Central Bank of Nigeria (CBN) to continue to maintain open communication on foreign-exchange policy to sustain market stability.

Idahosa maintained that the way forward for the country at 65 included deepening structural reforms that ease the cost of doing business, prioritising infrastructure investments and accelerating industrialisation policies to boost manufacturing.

He added that the country must enhance policy consistency and regulatory compliance to build investor confidence and support Small and Medium Enterprises (SMEs) as the backbone of economic transformation.

“We expect to see the implementation of the 30 per cent Value-Addition Export Bill, passed by the National Assembly, and the Executive Order on Nigeria First Policy, to boost local manufacturing.

“As we celebrate 65 years of nationhood, LCCI reaffirms its commitment to constructive advocacy, partnerships, and thought leadership in advancing Nigeria’s economic transformation.

“We remain confident that, with sustained reforms and collaborative efforts between the public and private sectors, Nigeria can unlock its immense potential and secure a prosperous future for its people,” he said.