LCCI highlights discipline, policy clarity as pillars for 2026 economic survival

As part of efforts aimed at accelerating job creation, boosting productivity and delivering sustainable economic growth, the Federal Government has soft-launched Nigeria’s National Industrial Policy (NIP).
  
This was as the Lagos Chamber of Commerce and Industry (LCCI) projected that 2026 would require disciplined policymaking, clarity of direction and heightened private sector resilience as the country continues to navigate persistent macroeconomic pressures.
  
Through the NIP, the Federal Government seeks to raise the sector’s contribution to the Gross Domestic Product (GDP) up to 25 per cent by 2030.This was revealed during the Nigerian Economic Summit Group’s 2026 Macroeconomic Outlook launch, entitled, ‘Consolidating Economic Stabilisation Gains: Pathway to Sustainable Growth in Nigeria’, marking what the government described as a turning point in the country’s industrial development strategy.
  
Speaking at the event in Lagos, Minister of State for Industry, Trade and Investment, John Enoh, said the new policy filled a longstanding gap in Nigeria’s economic architecture.
  
He noted that, for the first time in a while, the country has a clearly defined and nationally validated industrial policy. That absence, he said, made structured engagement on industrial development difficult and limited long-term planning.
  
The minister added that the policy would create jobs, reduce import dependence and improve competitiveness across sectors such as petrochemicals, automotive, pharmaceuticals, textiles and minerals; adding that with commitment, will and leadership, these goals are achievable.
  
Nigeria’s manufacturing sector recorded a stronger year-on-year performance in Q3 of 2025 as it grew by 1.25 per cent compared to 0.8 per cent in the same period of 2024. However, infrastructure gaps, particularly power and logistics, port inefficiencies and supply chain continue to limit the sector’s growth.
  
Enoh expressed optimism that this formal industrial framework would address some of these long-standing gaps.

Unlike previous policies, he said the NIP would be launched alongside a detailed implementation framework, with performance benchmarks, timelines, inter-ministerial coordination, and public reporting to rebuild trust amid widespread fatigue with unimplemented government policies.

THE LCCI projections emerged at the Chamber’s 2026 Economic Review and Outlook Conference, which gathered business leaders, economic analysts, policymakers and industry executives to assess the country’s 2025 financial performance and examine the prospects, risks and policy pathways for the New Year.
  
The chamber noted that sustainable economic growth in Nigeria must be private-sector-led, productivity-driven, and people-centred, stated the president of the chamber, Leye Kupoluyi, at the 2026 Economic Review and Outlook Conference.
  
He stated that the advocacy of the chamber would focus on “the improvement of the ease of doing business and regulatory efficiency; the strengthening of Micro, Small and Medium-scale Enterprises (MSMEs) as critical engines of employment, innovation and inclusion; the enhancement of trade facilitation, logistics and industrial competitiveness; and the promotion of digital transformation, skills development, and innovation.”
   
According to him, the business community needs economic intelligence and industry insights to inform decisions and take actions in the face of rising levels of uncertainty and disruptions in supply chains, tariff wars, geopolitical tensions, and oil prices staying below expectations, as well as the threat of food security crises.
   
Examining the major economic indicators from recent quarters of 2025, Kupoluyi said it was a “period of challenging reforms, including the removal of fuel subsidies, adjustments in the foreign exchange market, tighter monetary policy, and institutional restructuring.