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Dike Onwuamaeze

The Lagos Chamber of Commerce and Industry (LCCI) has tasked the federal government to focus on policy implementation and long-term economic planning rather than rhetoric and short-term fixes.

This task was delivered by the President of LCCI, Mr. Gabriel Idahosa during the chamber’s “Mid-Year 2025 Economic Outlook Review” that he described as a significant platform for engaging critical thoughts and actions around Nigeria’s economic journey.

Idahosa said: “We must move from policy rhetoric to implementation, from isolated efforts to integrated strategies, and from short-term fixes to long-term planning.”

He said that it would take deliberate and coordinated efforts to unlock these potentials inherent in the country’s youthful population, abundant natural resources, entrepreneurial energy, and strategic location made Nigeria uniquely positioned to become a regional powerhouse in innovation, manufacturing, and agribusiness.

He said: “As stakeholders in economic development, we call for deeper collaboration between the public and private sectors. There is a need to strengthen investor confidence through predictable policy environments, legal clarity, and responsive governance.

“Regulatory agencies must avoid abrupt decisions that increase the cost and complexity of doing business. The government must also prioritise infrastructure financing, ease of tax compliance, digitisation of public services, and institutional reforms that enhance transparency and reduce the cost of governance.”

He added: “Despite the challenges confronting us, Nigeria remains a land of vast economic promise. The digital economy continues to offer exponential possibilities, especially in areas like health tech, education, logistics, and financial services.

“The African Continental Free Trade Area (AfCFTA) presents opportunities for regional trade expansion, value chain integration, and industrialization. Similarly, climate-smart investments and green financing present emerging avenues for sustainable economic growth.

“However, unlocking these potentials requires deliberate and coordinated efforts. We must improve broadband infrastructure, invest in vocational training, promote domestic manufacturing, and support innovation hubs nationwide,” adding that “local content development, diaspora engagement, and targeted investment promotion strategies are also critical.”