LCCI urges FG to address difficulties and minimize suffering

The Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Government to tackle the country’s economic issues to deliver democratic dividends to Nigerian citizens and businesses.

LCCI President, Mr Gabriel Idahosa, made the appeal on Wednesday in Lagos during the chamber’s third quarter news conference.

Idahosa said Nigeria’s macroeconomic policy environment remained at a crossroads, with reform momentum frequently hindered by implementation delays and stakeholder resistance.

He, however, noted that progress had been recorded in key areas such as fiscal consolidation, digital governance, and steps toward regulatory harmonisation.

The LCCI President said that a significant milestone in 2025 was the enactment of the Nigeria Tax Act 2025, passed in June, which promised to simplify the hitherto complex tax system.

Idahosa said the Act consolidated seven federal taxes into a single unified platform, eliminated redundant levies at state and local levels, and mandated digitisation of tax reporting via a centralised system.

He noted that these measures were expected to lower compliance costs, especially for Micro, Small and Medium Enterprises (MSMEs) and digital service providers.

“However, for these reforms to succeed, compliance enforcement must follow clear regulations, broad stakeholder engagement, and sustained taxpayer education to rebuild trust in the system,” he said.

Addressing some of the country’s economic parameters, the LCCI president expressed concern about the sustainability of the country’s rising debt trajectory.

He urged the government to pursue revenue diversification, improved spending efficiency, and better debt management strategies to reduce fiscal pressure and restore macroeconomic stability.

On the Information and Communication Technology (ICT) sector, Idahosa said Nigeria’s digital economy continued to exhibit remarkable resilience and innovation, in spite of challenges and threats.

He acknowledged government’s renewed commitment to fast-tracking the National Artificial Intelligence Strategy, announced in April, and urged expedited stakeholder engagement on the Blockchain Adoption Roadmap.

On the power sector, Idahosa said Nigeria’s power sector remained intensely fragile and unable to meet industrial or household demand.

He said the recent frequent line tripping and system outages highlighted persistent instability in transmission infrastructure and generation shortfalls.

The LCCI president reiterated the urgent need to accelerate Phase II of the National Mass Metering Programme, empower sub-national governments to develop independent and hybrid mini-grids.

Idahosa said that the country’s port and maritime sector were in urgent need of structural reforms.

He noted that average cargo dwell time at Apapa Port was 26 days, far above the five to seven days average in regional peers like Ghana and South Africa.

The LCCI President called for the urgent implementation of the National Single Window Project, full automation of cargo clearance, and the redeployment of mobile and digital cargo scanners at the ports.

Idahosa also said real estate and construction sectors were facing a slowdown driven by multiple economic pressures.

The LCCI boss noted that key input costs had surged, with cement selling for N9,800 per 50kg bag, while the prices of imported materials continued to rise due to foreign exchange constraints.

He proposed the creation of a centralised digital platform for land titling and property registration to address some of the challenges and stimulate sectoral growth.

“This will ensure that federally backed mortgage finance and guarantee schemes deliver on rent-to-own models for middle-income households,” he slashed.(NAN)