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Dike Onwuamaeze

The Lagos Chamber of Commerce and Industry (LCCI) has identified agriculture, agro-processing, manufacturing, energy, infrastructure and human capital development as pivotal drivers for Nigeria’s sustainable economic expansion in 2026.

The LCCI said that unlocking these sectors would require decisive implementation of programmes and projects that would scale irrigation and agro-value chains, reduce power and logistics costs for manufacturers.

Other initiatives, according to the chamber, include accelerating the delivery of critical infrastructure through Public Private Participations (PPPs), sustaining oil and gas sector reforms, and aligning education and skills development with private-sector needs. It said: “Finally, the chamber emphasises the urgent need to accelerate economic diversification by prioritising manufacturing, reducing reliance on imports, and strengthening domestic productive capacity to build a more resilient, self-sustaining economy.”

These views were expressed by the President of LCCI, Mr. Leye Kupoluyi, when he addressed a press conference that reviewed the state of Nigerian economy last week. Kupoluyi also urged the federal government to resolve constraints in the manufacturing sector.

He said: “The manufacturing sector’s contribution to tax revenue collections in Nigeria maintained an upward trend in 2025, contributing a total of N1.17 trillion in Value Added Tax (VAT), an increase of 45.61 per cent over the N803.53 billion in 2024.

“The sector’s Company Income Tax (CIT) contribution rose to N881.29 billion, marking a 32.83 per cent increase from N663.46 billion recorded in 2024. “This strong year-on-year growth reinforces the sector’s expanding role in generating government revenue and in Nigeria’s industrial development. “Following these results, we call on the government to invest more in productive infrastructure and economic policies that drive growth through job creation, lower production costs, and fiscal interventions.”

Kupoluyi said that the chamber remained hopeful that the 2026 revised budget presented a credible framework for Nigeria’s economic consolidation and growth if it is followed up with disciplined execution, capital efficiency, revenue optimisation, and prudent debt management. He said: “While the budget provides significant opportunities to advance Nigeria’s productive sectors, safeguard macroeconomic stability, and stimulate job creation, careful monitoring of implementation, debt sustainability, and fiscal prudence will be essential. The LCCI said that delays in fund releases, bureaucratic bottlenecks, and inefficiencies remained critical challenges historical weaknesses in Nigeria’s budget execution capacity. It, therefore, said, “The rollover of N7.71 trillion in unimplemented 2025 capital projects underscores the need for improved fiscal management, effective PPPs and stronger collaboration between the executive and legislature to ensure timely project completion.”

The LCCI urged the government, in light of the current global economic crisis, to strategically. support domestic production in sectors where Nigeria could fill emerging supply gaps, particularly urea and ingots. It said, “Given Iran’s position as a major producer in these markets, disruptions could create new demand opportunities that Nigeria can leverage to boost non-oil export earnings and strengthen external reserves. The chamber also highlighted the strategic importance of Dangote Refinery in stabilising the domestic supply of refined petroleum products and cushioning the economy against external energy shocks.”

“The government is, therefore, encouraged to improve crude oil supply to the refinery, while strengthening support for other domestic industries and expanding production capacity in sectors where Nigeria has a comparative advantage. To maximise opportunities in the oil and gas sector, Nigeria must sustainably increase crude oil production, curb theft and leakages, and improve crude supply to domestic refineries to expand local refining and exports,” the chamber said.  

“It said that in the short term, improved crude supply to local refineries should be used to stabilize or moderate fuel prices to reduce pressure on households and contain inflation. “In the medium term, the government should encourage local refineries, including Dangote Refinery, to build strategic reserves of refined products, drawing lessons from countries such as the United States, where companies like ConocoPhillips, Chevron, and Mobil operate storage-supported refining systems,” it said.