The Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Government to accelerate the creation of a more competitive business environment, warning that the success of Nigeria’s economic reforms should ultimately be measured by whether businesses can produce at lower costs, create jobs and improve the living standards of households.
Reacting to President Bola Tinubu’s address marking Nigeria’s 66th Independence Anniversary, the Chamber welcomed the government’s declaration that the country was moving beyond economic stabilisation towards what the President described as an era of shared and widespread prosperity.
However, the organised private sector body said improvements in headline economic indicators would not be sufficient unless they translate into conditions that allow Nigerian companies to invest, produce, employ workers, compete and expand.
The Chamber also stressed that households should begin to experience improvements in purchasing power and living standards.
The position was contained in a statement signed by LCCI President, Engr. Leye Kupoluyi, dated October 2, 2026.
LCCI Wants Reforms to Deliver at Household Level
The Chamber acknowledged economic developments highlighted by the President, including growth of more than four per cent, improved foreign exchange stability, stronger external reserves, moderation in inflation from its peak, reduced oil theft and record non-oil export revenues.
According to the LCCI, these developments are important for rebuilding macroeconomic confidence and establishing stronger foundations for investment.
But it said the business community now expects the next phase of the government’s economic programme to focus relentlessly on reducing the cost of doing business, increasing productive capacity and creating conditions in which investors can make long-term decisions with greater confidence.
For the Chamber, the critical test is no longer simply whether inflation is slowing or foreign exchange conditions are stabilising.
It argued that macroeconomic stability must begin to produce measurable improvements within factories, farms, businesses and households.
Energy, Transport, Taxes Keep Business Costs High
The LCCI identified the cost of producing and transporting goods as one of the most significant challenges confronting Nigerian businesses.
Manufacturers, farmers, logistics companies, retailers and small and medium-sized enterprises continue to contend with elevated energy and transportation expenses, multiple taxation, infrastructure deficiencies, financing costs, regulatory charges, insecurity and logistics inefficiencies.
The Chamber consequently called for enterprise competitiveness to be placed at the centre of economic management.
It said inflation moderation must eventually translate into sustained reductions in the cost of food, transportation, energy and essential goods.
Similarly, economic growth must generate productive employment and higher household incomes, while improvements in the foreign exchange market should provide businesses with predictable access to foreign currency at costs that allow them to remain competitive.
“The ultimate test of the reforms will therefore be whether businesses can produce more at lower cost and households can afford more with their incomes,” the Chamber stated.
Manufacturing Must Drive Employment
Manufacturing featured prominently in the LCCI’s recommendations.
The Chamber welcomed Tinubu’s commitment to reviving factories, using Nigeria’s gas resources to power industries, improving infrastructure and financing, and encouraging the consumption of locally manufactured products.
It argued that Nigeria would struggle to achieve mass employment and broad-based prosperity without a strong industrial and manufacturing base.
To achieve this, the LCCI urged the government to move quickly to reduce industrial energy costs and improve electricity reliability for productive businesses.
It also called for accelerated gas-to-industry projects, affordable long-term financing for manufacturers, better infrastructure in industrial clusters and improved working-capital access for SMEs.
Other recommendations include reducing regulatory and administrative costs, strengthening local supply chains, encouraging exports of manufactured and processed Nigerian products and avoiding policies that inadvertently increase production expenses.
According to the Chamber, a competitive manufacturing sector could simultaneously address employment, productivity, import dependence, export diversification, technology transfer and government revenue challenges.
Cost-of-Living Crisis Needs Supply-Side Response
The LCCI also addressed the pressure on Nigerian households.
It noted the President’s acknowledgement that millions of Nigerians continue to struggle with the cost of food, transportation, education, healthcare and other basic expenses.
While describing the acknowledgement as important, the Chamber argued that a sustainable response requires increasing the supply of affordable goods and services while expanding productive employment and household incomes.
It therefore urged the government to reduce the cost of transporting food from farms to urban centres, improve storage infrastructure and expand irrigation and mechanisation.
The LCCI also called for stronger action against insecurity in agricultural communities, consideration of import-duty waivers for critical inputs and the removal of avoidable bottlenecks across essential supply chains.
Businesses Seek Predictable Regulation
The Chamber said businesses could not deliver the government’s prosperity agenda without an enabling policy and institutional environment.
It consequently called for deeper and more structured engagement between the government and private sector, including regular consultations on policy implementation and mechanisms for tracking the impact of major government decisions on enterprises.
Among its priorities are regulatory predictability, regulatory efficiency, infrastructure delivery, affordable finance and fair competition.
The Chamber warned that frequent changes to taxes, tariffs, levies, regulations and administrative procedures create uncertainty and can discourage long-term investment.
It also urged government agencies to focus on better regulation rather than simply increasing regulatory requirements, particularly where administrative procedures impose costs on businesses without corresponding public benefits.
On financing, the LCCI said manufacturers and SMEs need longer-tenor funding at interest rates compatible with productive investment, adding that improvements in monetary stability should eventually translate into better credit conditions.
It also called for a level playing field where businesses compete on productivity, innovation and efficiency rather than access to administrative privileges.
Nigeria Must Compete for Investment
Beyond improving conditions for existing businesses, the Chamber said Nigeria must become more competitive in attracting and retaining domestic and foreign investment.
It argued that establishing and operating businesses should become easier, faster and more predictable.
The LCCI also called for safeguards against the dumping of foreign products in the Nigerian market and urged closer scrutiny of expatriate privileges, particularly where they affect local participation in retail activities.
LCCI Pushes Value-Added Export Strategy
The Chamber also backed a stronger export-led growth strategy.
It highlighted the President’s reference to more than $6 billion in non-oil export revenue in 2025, but argued that Nigeria should build on that performance by moving beyond exports of primary commodities towards products with greater domestic value addition.
The LCCI said achieving that transition would require investment in standards, certification, trade logistics, industrial clusters, trade finance, export infrastructure and international market access.
It identified the African Continental Free Trade Area (AfCFTA) as an important opportunity, arguing that Nigerian companies should not merely sell into African markets but position the country as a production base serving the continent.
Digital Infrastructure, Skills Also Critical
The Chamber further welcomed the government’s commitment to expanding digital connectivity and developing skills required by employers.
It said Nigeria’s youthful population could become a significant economic advantage if demographic growth is converted into productive human capital.
Achieving that would require stronger investment in digital infrastructure, technical and vocational education, science, technology, engineering and mathematics, entrepreneurship and industry-relevant skills.
The Chamber urged closer collaboration between government and businesses to ensure that skills-development programmes respond to actual labour-market requirements instead of merely producing certificates.
As Nigeria begins its 67th year of independence, the LCCI’s position is that the next stage of economic management should be judged increasingly by outcomes visible within businesses and households.
For the private sector, that means cheaper and more reliable energy, affordable finance, efficient infrastructure, predictable regulation and an environment where businesses can expand production and employment.
For households, the Chamber said the ultimate measure will be whether Nigerians can afford more with the income they earn.
