Pace of economic reforms, too slow to tackle rising poverty — LCCI

The Lagos Chamber of Commerce and Industry (LCCI) has described the pace at which the present economic reforms are being implemented,  as too slow to tackle the rising poverty levels, in Nigeria, and deliver the much-needed structural transformation needed in the economy.

Director-General of the Chamber, Dr. Chinyere Almona, stated this while reacting to the World Bank’s recently-released Nigeria Development Update (NDU) 2025.

The Chamber, while aligning with the report which underscored the urgent need for Nigeria to accelerate economic reforms and tackle rising poverty levels, argued that it had become imperative  for the federal government to act fast, if Nigeria is to reap the gains of the reforms, restore investor confidence, stimulate sustainable growth, and improve living standards.

It argued that while the government had taken commendable steps in fiscal and monetary policy management, the slow pace of the reform implementation would not guarantee the structural transformation needed in the economy.

LCCI, therefore, called on the government to prioritize massive investment in agricultural value chains, agro-processing, and rural infrastructure to enhance productivity and ensure food security.

It added that reducing import dependence and supporting farmers with access to credit, inputs, and technology, would  go a long way in  bringing down food inflation and strengthening the nation’s currency, the naira.

The business advocacy group also urged the federal government to urgently address the twin issues of high cost of electricity and fuel, which, it argued,  had continued  to cripple industries and small businesses, in the country.

“LCCI also calls for urgent action to expand domestic energy generation, accelerate power sector reforms, and incentivize the adoption of renewable energy to make energy more affordable and reliable for manufacturers and households.

“The crisis of uncertainties and supply disruptions in the oil and gas sector is damaging and should be resolved. The regulators need to be more dynamic and make all stakeholders strictly follow the industry code of conduct,” it counselled.

While expressing confidence in the reform potential, and cautious optimism about its achievements so far, the Chamber urged the government to focus on the core areas of producing and supplying more food, working on the dynamics of local refining capacity to lower the cost of energy, and continuing with the reforms in the FOREX market for sustained stability.

It also argued that  cutting down on the cost of governance, and reactivating the fight against insecurity, through more funding and better use of advanced security technology and intelligence, would go a long way in enhancing the fortunes of the economy.