The Lagos Chamber of Commerce and Industry (LCCI) has called on the federal government to develop a comprehensive industrialization strategy to boost local manufacturing capacity, among other policies.
In a statement, Director General, LCCI, Dr. Chinyere Almona, argued that the country’s reliance on trade and services, at the expense of industries is not healthy for the economy.
“While the GDP growth figures indicate a positive trajectory, they raise critical concerns regarding real productivity and economic stability.
The disproportionate reliance on the services sector, with declining contributions from agriculture and manufacturing, poses sustainability risks.
“Economic growth driven largely by trade and finance must be complemented by robust industrial and agricultural expansion to create quality jobs, enhance value addition, and ensure food security,” he noted.
LCCI advised the federal government to “address structural bottlenecks that hinder productivity across key sectors,” in order to achieve “a sustainable and inclusive growth trajectory.”
It urged the government to consider the following to boost the economy: A comprehensive industrialization strategy should be developed to boost local manufacturing capacity.
Policies that incentivize domestic production, enhance the ease of doing business and facilitate access to finance for small and medium enterprises (SMEs).
Increased investment in mechanization, irrigation, and improved seed varieties is essential to boost agriculture and food security.Policies to enhance rural infrastructure, market access, and value chain development should be pursued aggressively.
Address Nigeria’s infrastructure deficit, particularly in power, roads, and ports,Expand public-private partnerships (PPPs) to bridge financing gaps in critical infrastructure projects.
Ensure exchange rate stability for investor confidence and economic planning. The Central Bank of Nigeria (CBN) should continue to adopt policies that facilitate liquidity, stabilize the naira, and encourage capital inflows.
Address insecurity, particularly in agrarian regions, and intensify efforts to curb banditry, kidnapping, and other threats that deter investments in agriculture, as reported by Vanguard.
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