Nigeria First: LCCI cautions on monopolies, proliferation of substandard goods

The Lagos Chamber of Commerce and Industry (LCCI) has warned that, commendable as the federal government’s Nigeria First Policy is, it should not be used to advance monopolies or proliferation of substandard goods in the nation’s market.

The Director-General of the Chamber, Dr. Chinyere Almona, gave the warning in a statement issued over the weekend.

Describing the policy direction as timely, the LCCI DG, noted that, if well implemented, the policy will see the emergence of new opportunities for job creation, economic growth, reduced pressure on the nation’s FOREX spending, and robust revenue generation.

The Chamber commended the federal government on the intent of the policy, but warned that its success would depend on a bold, coherent, and well-coordinated execution strategy that addresses deep-rooted structural barriers.

It therefore stressed the need for the policy to be grounded in economic realism, legal consistency, and institutional integrity.

The group also called on the federal government to urgently address the present challenges, such as: high cost of generating power, rising cost of logistics, high cost of credit, and a harsh regulatory environment, facing the manufacturing sector, to enable it ramp up local production.

“The LCCI is therefore of the view that domestic industries must be supported to become competitive through targeted infrastructure investments, access to affordable credit, and an enhanced ease of doing business environment.

“Incentives such as tax reliefs, R&D grants, and backward integration support should be prioritised for sectors with strong local potential, especially agro-processing, manufacturing, and ICT,” it stated.

On the consumption side, the Chamber stressed the need for the government to lead by example, by strictly enforcing local content rules in procurement at all levels.

“Procurement processes must be transparent, merit-based, and inclusive of SMEs to avoid elite capture and ensure fair competition across the board,” it added.

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