The Director-General, Lagos Chamber of Commerce and Industry (LCCI), Dr Chinyere Almona, has urged the Federal Government to convert the macroeconomic stability the government says it has achieved so far into real economic relief.
 
It charged the government to direct support to struggling sectors, improve infrastructure and strengthen consumer purchasing power.
 
She noted that many businesses, especially micro, small and medium enterprises (MSMEs) and manufacturers, are faced with harsh realities, including high inflation, volatile exchange rates, energy cost spikes and limited access to credit and infrastructure.

She added that the World Bank rightly critiques Nigeria’s protectionist trade stance, showing the benefits of strategic liberalisation, including increased customs revenue, reduced poverty, lower cost of living and more efficient markets.   
 
“LCCI supports a phased trade reform agenda, 12–36 months by sector, paired with support for local industries, modernised customs infrastructure and expanded social safety nets. Such reform aligns with our AfCFTA goals and enhances Nigeria’s competitiveness in intra-African trade,” she said.

Almona noted that while subsidy savings and FX unification reforms might have improved fiscal sustainability and increased investments, currency devaluation and inflation have heavily impacted MSMEs and consumers. She said the accurate measure of reform success must now include job creation, enterprise growth and rising living standards.

“Emerging opportunities exist in agribusiness, renewable energy, technology, logistics and clean energy infrastructure. To transition from stabilisation to shared prosperity, Nigeria must address structural barriers, promote open markets, enhance human capital and align policies with global and regional competitiveness.
 
“Nigeria faces a critical choice between a restrictive, high-cost economic model and one that embraces strategic openness, fiscal efficiency and private sector-led growth. The LCCI advocates for the latter, reforms that stabilise the economy, empower industries, reduce poverty and foster long-term prosperity.
 
“With inflation still at a double-digit rate of 23.71 per cent as of April 2025, the threat of inflationary pressures on economic stability and growth remains.

We must stay the course on ensuring that the ongoing reforms in our food production chain are sustained until we attain food security for the Nigerian population,” she said.
 
She urged the government to focus on reforms, introduce phased increases in levies and consult more with critical stakeholders to ensure improved implementation of policies, noting that what remains important is boosting the productive sectors to create jobs.