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LAGOS,Nigeria - The Lagos Chamber of Commerce and Industry (LCCI) has urged the federal government to formulate a thorough industrialization strategy to enhance local manufacturing capabilities, among other initiatives.
In a statement, Dr. Chinyere Almona, the Director General of LCCI, emphasized that the nation's dependence on trade and services, to the detriment of industrial growth, is detrimental to the economy.
“Although GDP growth figures show a favorable trend, they raise significant concerns about actual productivity and economic stability. The increasing dependency on the services sector, coupled with decreasing contributions from agriculture and manufacturing, presents risks to sustainability. Economic growth primarily fueled by trade and finance must be supported by strong industrial and agricultural growth to generate quality jobs, increase value addition, and guarantee food security,” he remarked.
LCCI recommended that the federal government “tackle structural obstacles that impede productivity in crucial sectors” to secure “sustainable and inclusive economic growth.”
It called on the government to consider the following measures to invigorate the economy: develop a comprehensive industrialization strategy to enhance local manufacturing capacity; implement policies that promote domestic production, improve the business environment, and provide access to financing for small and medium enterprises (SMEs); boost investment in mechanization, irrigation, and superior seed varieties to strengthen agriculture and food security.
Additionally, it suggested that policies should aim to significantly improve rural infrastructure, enhance market access, and advance value chain development.
The government should also resolve Nigeria's infrastructure shortfalls, particularly regarding power, roads, and ports, and expand public-private partnerships (PPPs) to address financing limitations for crucial infrastructure initiatives.
Stability in the exchange rate is vital for investor confidence and economic planning, and the Central Bank of Nigeria (CBN) must continue to implement policies that promote liquidity, stabilize the naira, and attract capital investments.
Finally, it is essential to confront insecurity, especially in agricultural areas, and intensify efforts to combat banditry, kidnapping, and other threats that hinder investment in agriculture.
