The Lagos Chamber of Commerce and Industry (LCCI) has highlighted the importance of achieving policy coherence and implementing institutional reforms to tap into Nigeria’s economic potential.
In a statement congratulating President Bola Tinubu on his second anniversary, the director-general of LCCI, Dr. Chinyere Almona, noted the significant policy shifts that have taken place over the past two years, including the removal of fuel subsidies, the liberalisation of the exchange rate, and initiatives aimed at increasing public revenue through tax reforms.
While these reforms are designed to promote long-term macroeconomic stability, Almona acknowledged the short-term challenges faced by businesses and households, particularly small and medium-sized enterprises (SMEs), which are vital to the Nigerian economy.
She described the current macroeconomic landscape as indicative of a nation in transition, where the government’s economic reform agenda—aligned with the Renewed Hope mantra—has successfully attracted investor interest, rejuvenated partnerships with multilateral institutions, and improved public financial management.
However, she also pointed out that inflation remains a concern, driven by factors such as high energy costs, food insecurity, currency fluctuations, and subdued industrial productivity. Almona raised important discussions around policy coordination, expressing that continued divergence between monetary and fiscal policies could dilute the effectiveness of economic measures and undermine investor confidence.
To foster a more conducive business environment, she urged the government to enhance policy coordination, improve the Ease of Doing Business framework, provide targeted support for SMEs, invest in infrastructure, expand social safety nets, promote local content and value addition, continue forex market reforms, and deepen engagement with stakeholders.
As the Tinubu administration marks its second anniversary, Almona framed this moment as not just a time for reflection but also an opportunity for action. With the right combination of policy coherence, institutional reforms, and collaborative efforts among stakeholders, Nigeria is poised to unlock its vast economic potential.
