The Lagos Chamber of Commerce and Industry (LCCI) has called for increased investments in digital transformation and energy transition to accelerate Nigeria’s economic growth in 2025.
In a statement responding to the President’s New Year address, the LCCI emphasized the critical role of infrastructure in achieving the government’s ambition of a one trillion-dollar economy.
Director-General of the LCCI, Dr. Chinyere Almona highlighted the need for targeted investments in the telecommunications sector to drive the government’s digital transformation agenda.
She also stressed the importance of substantial funding for the Compressed Natural Gas (CNG) initiative, which she identified as pivotal for Nigeria’s energy transition and industrialization goals.
“Both digital transformation and energy transition are vital to achieving the level of industrialization required to power a one trillion-dollar economy. These initiatives demand significant infrastructure investments,” Almona stated.
The chamber commended the President’s focus on economic reform and collaboration with the international community but cautioned that creating a business-friendly environment is essential to attract Foreign Direct Investment (FDI).
It urged the government to prioritize policies that enhance non-oil exports, enabling Nigeria to achieve trade surpluses in the coming year.
The LCCI also welcomed the announcement of the National Credit Guarantee Company, which it described as a transformative step toward improving access to credit for women, youth, and small-scale enterprises. However, it urged swift implementation and a transparent operational framework to prevent bureaucratic delays.
Addressing the President’s emphasis on ethical citizenship and shared values, the LCCI lauded the proposed National Values Charter and Youth Confab as tools for fostering social cohesion and patriotism.
It noted that a stable societal framework is foundational for sustained economic activity but underscored the rule of law as the cornerstone for justice, fairness, and human rights protection.
The LCCI also reiterated its concerns about persistent challenges such as inflation, high interest rates, power supply issues, and food production. It called for consistent policy reforms to alleviate business shutdowns, job losses, and other economic pressures.
While recognizing the ambitious goals set forth in the 2025 budget, the chamber emphasized the need for clear and actionable policies. “Let us do all within our power to chart a stable path for our policies, regulations, and budget implementation. The goals are achievable if we maintain focus and consistency,” Almona concluded.