LCCI urges consolidation of 2025 reforms, structural fixes in 2026

The Lagos Chamber of Commerce and Industry (LCCI) has urged the Federal Government to focus on solidifying the progress made from 2025 reforms and tackling structural issues that blocked inclusive growth in 2026.

The LCCI President, Mr Leye Kupoluyi, gave the advice in a statement issued on Wednesday in Lagos.

He described 2025 as a year of tough reforms, economic resilience and cautious stabilisation, marked by modest growth recovery, constrained fiscal execution and rising concerns over debt sustainability.

Kupoluyi said that although Gross Domestic Product (GDP) growth strengthened during the year, budget implementation was affected by transition-related execution pressures, while public debt dynamics continued to pose risks to fiscal resilience.

He listed major economic actions in 2025 to include GDP rebasing, Nigeria’s exit from the Financial Action Task Force (FATF) grey list, oversubscribed Eurobond issuance, and the introduction of tax and fiscal reforms.

On the real sector, Kupoluyi noted that the expansion of domestic crude oil refining capacity, led by the Dangote Refinery, significantly reduced fuel import dependence, eased pressure on foreign exchange and altered inflation dynamics.

However, he said Nigerian businesses continued to face significant challenges that constrained growth and competitiveness.

“In 2025, businesses grappled with high inflation, persistent foreign exchange volatility, widespread insecurity, high energy and logistics costs, inconsistent policies and multiple taxation.

“Economic growth showed only marginal improvement and remained insufficient to lift incomes or meaningfully reduce poverty.

“The 2025 budget also fell short of delivering the scale and quality of fiscal stimulus required to support recovery, while public debt remained a major concern,” he said.

Kupoluyi said the 2026 focus should be on consolidating reform gains while addressing structural bottlenecks to inclusive growth.

He stressed the need for sustained coordination between fiscal and monetary authorities to entrench disinflation and gradually ease interest rates to unlock private sector credit and stimulate investment.

He said special attention must be paid to food supply chains through improved security, targeted agricultural support and better rural infrastructure.

According to him, foreign exchange market confidence should be strengthened through export diversification, support for non-oil exporters and the sustenance of transparent, market-driven foreign exchange policies.

Kupoluyi also urged the government to prioritise infrastructure development, particularly in power, transport and logistics, through public-private partnerships to reduce the cost of doing business and enhance competitiveness.

He added that effective and transparent implementation of the tax reform Act was essential to simplify compliance, reduce the burden on productive enterprises and broaden the tax base without stifling growth.

“Policies must deliberately focus on inclusive growth by rebuilding household purchasing power, supporting pro-poor investments, strengthening social safety nets and accelerating job creation, especially for youths and small businesses.

“The LCCI believes 2025 marked a turning point from crisis management to cautious stabilisation.

“The challenge for 2026 is to move beyond stability and translate macroeconomic reforms into broad-based prosperity,” he said.