The President of the Lagos Chamber of Commerce and Industry (LCCI), Gabriel Idahosa, has said the nation’s key economic indicators are showing renewed signs of growth as the country marks its 65th independence anniversary, dahosa, however, in a statement yesterday, warned that the outlook required cautious optimism and sustained reforms.
He said the milestone offered both a moment of celebration and sober reflection on the nation’s economy and business environment.
‘Key indicators are showing some positive trends worth highlighting such as accelerating economic growth, productive recovery in the oil and gas sector, easing inflation, currency appreciation and strengthening external reserves,’ he said.
He noted that for the first time since 2020, the monetary authorities had eased interest rates to 27 per cent after a series of hikes triggered by inflationary pressures, while significant tax reforms were underway.
‘These developments create a cautiously optimistic business climate; one that offers opportunity but demands sustained policy discipline and private-sector agility,’ he added.
The LCCI president observed that the country’s improving macroeconomic backdrop presents both opportunities and challenges for businesses.
According to him, exporters and manufacturers can take advantage of stronger reserves and a relatively stable naira to manage foreign exchange exposures with greater certainty. Energy-related firms, he said, also stand to benefit from renewed activity in the oil sector.
‘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,’ Idahosa cautioned.
He urged the government to ensure a transparent and phased rollout of the new tax framework to reduce investor uncertainty. He also called for fiscal measures that target critical inputs, complementing prudent monetary policy to accelerate disinflation without eroding external reserves.
Idahosa said the country must strengthen local content in oil-sector projects to translate export gains into jobs and industrial development. He urged the Central Bank of Nigeria (CBN) to maintain open communication on foreign exchange policy to sustain market stability.
On the way forward, he emphasised the importance of deepening structural reforms to ease the cost of doing business, prioritising infrastructure investments, and accelerating industrialisation policies to boost manufacturing.
‘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,’ he said.
According to Idahosa, enhancing policy consistency, regulatory compliance, and SME support would build investor confidence and drive economic transformation.
‘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 added.