The Lagos Chamber of Commerce and Industry (LCCI) has expressed concerns over Nigeria’s proposed 12.2 per cent budget rate to Gross Domestic Product (GDP) for the year 2024, deeming it the lowest in Africa.
Dr. Chinyere Almona, the Director-General of LCCI, urged the government to address this issue, emphasizing the necessity for strategic investments and improvements in budget performance.
While commending the government for the N27.5 trillion ($33.4 billion) budget, representing a 21.4 per cent increase from the previous year, Almona highlighted the focus on defense, internal security, and job creation. However, she stressed the need for attention to daily oil production challenges.
Expressing concerns about the ratio of capital expenditure to recurrent expenditure, Almona emphasized the importance of investing in transport infrastructure to mitigate fuel costs and address logistical challenges. Additionally, she called for increased investment in non-oil exports, export infrastructure, and critical port reforms to boost forex earnings
