Follow Us on Google
The Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Government to intensify efforts to boost domestic food production through increased investment in agriculture, improved access to quality inputs, irrigation, mechanisation, and affordable financing.
Speaking at the Chamber’s 2026 Executive Summary on the State of the Nation press conference, LCCI President, Leye Kupoluyi, stressed the need to strengthen security in farming communities to restore agricultural activities, reduce supply disruptions, and moderate food prices.
He also urged the government to prioritise investments in roads, rail networks, storage facilities, and port infrastructure to lower transportation and distribution costs across agricultural value chains.
According to the Chamber, incentives should be provided to International Oil Companies (IOCs) and other investors to expand gas infrastructure and improve gas supply for local fertiliser production, while ensuring timely and affordable distribution of fertiliser to farmers.
The LCCI further emphasised that sustaining exchange rate stability, increasing crude oil production, and expanding non-oil export earnings are critical to reducing imported inflation and strengthening overall price stability.
The chamber also said Nigeria’s economy recorded modest growth in the first quarter of 2026, with real GDP expanding by 3.89 percent, driven mainly by the non-oil sector.
Other News
It noted improvements in inflation, which declined to 15.91 percent in June, and relative stability in the foreign exchange market, as the naira appreciated slightly and the gap between the official and parallel markets narrowed.
It also welcomed the Central Bank’s decision to retain key monetary policy rates to sustain price and exchange rate stability.
Despite these gains, the LCCI expressed concern over rising public debt, weak budget implementation, high debt servicing costs, and persistent structural challenges. It called for increased investment in agriculture, transport infrastructure, fertilizer production, and security in farming communities to boost food production and reduce inflation. The Chamber also urged the government to support local palm oil production, increase crude oil output, commercialise underperforming refineries, and create more jobs by backing productive sectors such as manufacturing, construction, agriculture, fashion, and entertainment.
The Chamber further advocated policies that promote a more competitive business environment, including improved access to foreign exchange for manufacturers, transparent fuel pricing, greater use of the naira in domestic petroleum transactions, support for indigenous printing firms and freight forwarders, regulatory reforms for MSMEs, and more efficient immigration services. It also called for policy consistency in agriculture, stronger enforcement of compulsory insurance, reforms in education financing, investment in artificial intelligence for tourism, and a review of import taxes on telecommunications infrastructure.
Overall, the LCCI urged the Federal Government to strengthen macroeconomic reforms, improve infrastructure, ensure policy consistency, encourage private sector investment, and implement measures that enhance productivity, create jobs, attract investment, and improve the welfare of Nigerians.
