Independence: How to change Nigeria’s economic fortunes
As Nigeria marks its 66th Independence Anniversary, economic experts and the Lagos Chamber of Commerce and Industry (LCCI) have called for a decisive shift from economic stabilisation to production, productivity and job creation to improve the fortunes of the country. They said Nigeria’s economic challenges were rooted in decades of dependence on crude oil, inadequate […]
Nigeria has marked its 66th Independence Anniversary with a call from economic experts and the Lagos Chamber of Commerce and Industry (LCCI) to pivot economic focus from stabilisation to production and job creation. The experts argue Nigeria's economic struggles stem from decades of reliance on crude oil, poor infrastructure, inconsistent policies, and insufficient investment in productive sectors.
They urge all levels of government to foster a business-friendly environment that encourages competitive production and job growth.
While recent economic reforms have brought some stabilisation, the LCCI warns these gains will only be meaningful if they lead to higher purchasing power, lower production costs, and more jobs. The Chamber notes that while inflation has eased, essential goods and services such as food, transportation, housing, healthcare, education, and energy remain expensive, consuming a larger share of household incomes.
The LCCI highlights that Nigeria's economic challenges are compounded by high costs of electricity, diesel, logistics, finance, imported raw materials, machinery, regulatory compliance, and multiple taxes. These structural costs are particularly burdensome for manufacturers and small to medium-sized enterprises. The chamber urges the government to pair the recent reduction in the policy interest rate with measures to make credit more affordable for businesses.
Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), echoes these concerns in his 66th Independence policy note. He points to Nigeria's heavy dependence on oil revenue, inconsistent policies, and lack of infrastructure investment as key factors behind the country's economic woes. Yusuf acknowledges the impact of petrol subsidy removal, exchange rate reforms, and revenue measures taken by the current administration, but argues these steps have not sufficiently translated into better conditions for households and businesses.
Prof. Ken Ife, Chief Economic Strategist at the ECOWAS Commission, traces Nigeria's economic difficulties to a decline in agriculture and manufacturing. He notes that Nigeria was once a major exporter of agricultural commodities in the 1960s but shifted focus to oil, which eventually disrupted other sectors. Ife stresses the need to invest in infrastructure to support production, including power, ports, logistics, agricultural production, and industrial competitiveness.
He also warns that excessive dependence on imports and the failure to build quality infrastructure are hindering Nigeria's economic growth.
Written by urgent.news from Daily Trust's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
