Nigeria’s 65th Independence anniversary has drawn fresh economic commentary from the Lagos Chamber of Commerce and Industry,LCCI.
The chamber said key indicators had shown signs of growth, however, stressed that reforms must be sustained to prevent setbacks and ensure the gains translate into long-term stability.
Gabriel Idahosa, President of the LCCI, in a statement on Tuesday in Lagos, described the independence milestone as not only a time for celebration but also an opportunity for sober reflection on the state of the economy and the business environment.
He highlighted positive shifts in the macroeconomic landscape, noting accelerating economic growth, recovery in the oil and gas sector, easing inflation, currency appreciation, and stronger external reserves.
He added that the Central Bank of Nigeria recently eased its monetary policy rate to 27 per cent for the first time since 2020, while sweeping 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,” Idahosa said.
The LCCI president stressed that exporters and manufacturers stand to benefit from stronger reserves and a more stable naira, which will allow for better planning of foreign exchange exposure. He also said energy-related firms could gain from renewed activity in the oil sector.
At the same time, he cautioned that inflation, though easing, remains high enough to weaken consumer purchasing power and narrow business margins.
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He further warned that the transition to new tax rules would temporarily raise compliance costs and demand careful cash-flow management from enterprises.
The chamber urged government to ensure a transparent and phased rollout of the tax framework, with clear guidance to reduce uncertainty for investors.
It also called for fiscal measures targeting critical inputs to accelerate the disinflation trend without eroding reserves.
Idahosa pressed for policies that strengthen local content in oil projects, boost infrastructure investment, and ease the cost of doing business.
He emphasised that supporting Small and Medium Enterprises must remain a priority, describing them as the backbone of national economic transformation.
“As we celebrate 65 years of nationhood, LCCI reaffirms its commitment to constructive advocacy and partnerships in advancing Nigeria’s economic transformation.
With sustained reforms and collaboration between the public and private sectors, Nigeria can unlock its immense potential and secure a prosperous future for its people,” he said.
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