The Lagos Chamber of Commerce and Industry (LCCI) has appealed to the federal government to provide strategic relief measures for businesses, particularly in reducing costs tied to energy, transportation, and regulatory obligations.
In a statement marking 26 years of democracy in Nigeria, Chinyere Almona, the LCCI’s Director General, emphasised that political stability remains a cornerstone for sustainable economic growth and investment attraction.
Responding to President Bola Tinubu’s Democracy Day speech, the chamber suggested implementing non-monetary interventions to mitigate the challenges faced by producers in the current economic environment.
According to the LCCI, the president’s speech on June 12 was a significant milestone that reflected on the country’s democratic journey while setting a tone for future national development.
“His address, delivered on the historic June 12th, underscored the government’s appreciation of democracy, economic development, security, and social cohesion,” the chamber stated.
The LCCI also called for improved transparency and consistency in government communication regarding economic reforms, to boost investor confidence and help businesses navigate the transition period.
The chamber urged the administration to foster stronger collaboration between the government, private sector, civil organisations, and labour unions to facilitate fair wage discussions and prevent future industrial actions through structured dialogue and conflict resolution platforms.
Additionally, the LCCI advocated for increased backing of MSMEs, especially through better access to finance, stable energy supply, and favourable market conditions. The chamber pointed out that despite being critical to job creation and national income, these enterprises still struggle with poor infrastructure and limited financial access.
“Implement programs that support strategic sectors pivotal to job creation, tax revenues, and infrastructure development,” LCCI said, identifying oil and gas, power, and agriculture as priority areas that could deliver broad economic benefits.
It also urged a scaling up of social safety initiatives to help low-income households grappling with inflation and high living expenses. The chamber emphasised the need for more investment in public services, including health, education, and social welfare.
“Remain sensitive to the concerns of and feedback from the Organised Private Sector (OPS) and engage in more consultations towards achieving better implementation of policies.”
The LCCI acknowledged the administration’s reform efforts and encouraged a continued push toward governance anchored in justice, the rule of law, and national unity.
“Democracy places a big responsibility on the government to provide credible and adaptive leadership to sail the ship of governance,” LCCI said.
