The Lagos Chamber of Commerce and Industry (LCCI) has urged the Federal Government to prioritise naira stability and adopt more strategic reforms to rebuild investor confidence, stimulate domestic production, and tackle the rising cost of living in Nigeria.
Speaking at the LCCI’s state-of-the-economy briefing in Lagos, the Chamber’s President, Gabriel Idahosa, criticised what he described as “statistical optimism” by government officials, stressing that economic realities such as high inflation, a weakening naira, and rising energy costs are worsening poverty levels across the country.
Idahosa called on the government to “move from statistical celebration to strategic economic transformation,” stating that stabilising the naira must be a key focus.
“The government must restore foreign exchange confidence, boost non-oil exports, and support domestic production. This is the only way to strengthen the naira and protect Nigerians from further hardship,” he said.
The naira is currently trading around N1,530/$, despite marginal gains in the official market. The LCCI attributed the slight appreciation to the Central Bank of Nigeria’s (CBN) improved transparency in forex policies and growing investor confidence. However, the Chamber warned that declining external reserves, which dropped by $1.1 billion to $37.21bn in Q2 2025, pose a risk to exchange rate stability.
Idahosa urged the government to address oil theft and vandalism and boost local refining to strengthen external reserves.
While inflation slowed to 22.22% in June, food inflation climbed to 21.97%, a trend the LCCI described as “alarming” in a country where most household spending is on food.
The Chamber called for urgent action to improve food security through subsidies, storage facilities, and logistics improvements. It also advocated for support for Micro, Small, and Medium-sized Enterprises (MSMEs) via affordable financing and the full implementation of the 2025 Nigerian Tax Reform Act.
The Chamber criticised the CBN’s decision to retain the Monetary Policy Rate (MPR) at 27.5%, describing it as “a depressing burden on businesses.” Idahosa argued that raising rates alone would not curb inflation, insisting that agriculture and manufacturing must be fixed to address structural issues.
Idahosa also raised concerns about Nigeria’s rising debt stock, which hit N149.39tn as of March 2025, warning that it was becoming unsustainable. He advised the government to diversify revenue, reduce waste, and improve spending efficiency.
The LCCI also flagged the repeated rollover of the 2024 capital budget into 2025, describing it as a threat to budget credibility.
The Chamber hailed the recently introduced Nigeria First Policy, which mandates government agencies to prioritise local procurement, but warned that local production must improve for the policy to succeed.
It also welcomed the Nigerian Tax Reform Act, particularly its provisions exempting small businesses from multiple taxes and introducing a Tax Ombuds Office. However, it called for transparent enforcement and robust taxpayer education.
Referencing the World Bank and IMF projections of 3.6–4.1% GDP growth in 2025, the Chamber stressed that Nigeria must commit to deeper reforms in infrastructure, energy, and services to achieve growth targets.
Idahosa concluded with a strong warning:
“Nigerians want results, not just reforms. The government must deliver tangible economic relief to rebuild public trust.”