The Director-General, Lagos Chamber of Commerce and Industry (LCCI), Dr Chinyere Almona, has said that for the government’s Nigeria First Policy to succeed, domestic industries must be supported to become competitive through targeted infrastructure investments, access to affordable credit and an improved ease of doing business environment.
 
She noted that incentives such as tax reliefs, research and development grants, as well as backward integration support, should be prioritised for sectors with strong local potential, especially agro-processing, manufacturing and ICT.
 
Noting that the policy is timely and aligns with the chamber’s long-standing advocacy for an inclusive, self-reliant and resilient national economy, she said with the policy well implemented, stakeholders expect to see new opportunities for job creation, economic growth, reduced pressure on FX spending and robust revenue generation in the medium to long term.
  
“While the intent of the policy is commendable, its success also depends on a bold, coherent and well-coordinated execution strategy that addresses deep-rooted structural barriers. This policy must be grounded in economic realism, legal consistency and institutional integrity,” she said.
  
Noting that the real sector is key to bringing the policy to fruition, she said to ramp up local production, current challenges facing the manufacturing sector, such as high cost of power, rising logistics cost, high cost of and inaccessible credit and the harsh regulatory environment, must be resolved first.
 
On the consumption side, she said the government must lead by example by strictly enforcing local content rules in procurement at all levels. “Procurement processes must be transparent, merit-based and inclusive of SMEs to avoid elite capture and ensure fair competition across the board. Policies must be backed by enforceable legislation and harmonised across ministries, departments and agencies to avoid contradictions and regulatory loopholes. Unpredictable policy reversals and bureaucratic bottlenecks discourage investment and must be addressed decisively,” she said.
 
“Strategic protection must be accompanied by initiatives that promote quality assurance and market expansion. The promotion of local content should not result in monopolies or the proliferation of substandard products. Quality control mechanisms and consumer rights must be safeguarded at all times.”
 
She added that the policy needs to be complemented by large-scale investments in vocational training and digital skills to align with evolving market needs, saying that partnerships with academic institutions and the private sector are essential to bridge skill gaps and drive innovation within the local talent economy.
 
She also went on to add that the policy must align with regional and continental trade agreements, especially the African Continental Free Trade Area (AfCFTA), as strategic diplomacy and a focus on competitiveness, not protectionism, should define Nigeria’s trade approach in the global economy.