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By Merit Ibe
The Lagos Chamber of Commerce and Industry (LCCI) has urged the federal government to shift its focus from relying solely on economic statistics to prioritizing efforts that will boost production in key sectors. The call came in response to the latest unemployment report from the National Bureau of Statistics (NBS), which indicated a decline in Nigeria’s unemployment rate to 4.3% in the second quarter of 2024, down from 5.3% in the first quarter.
While acknowledging the decline in unemployment, LCCI emphasized the importance of translating these statistics into tangible economic benefits. Director-General of the chamber, Dr. Chinyere Almona, argued that the country’s GDP growth during this period was mainly driven by the services sector, particularly banking and ICT, which grew by 5.19% and contributed more than half of the GDP. However, LCCI expressed concern that the manufacturing and agriculture sectors, which are critical for long-term growth and job creation, continued to face severe challenges. LCCI highlighted that the constrained economic environment, characterized by high interest rates, inflation, energy costs, insecurity, and forex illiquidity, have made it increasingly difficult for businesses to thrive.
The group called for targeted fiscal interventions, including support for manufacturers and farmers, to ensure they can effectively contribute to economic growth. The Chamber further stressed the need for more sustainable interventions such as import waivers, tax exemptions, and efforts to reduce fuel imports. It also advocated for a fixed import duty exchange rate to help importers better plan their business activities. LCCI emphasized the need for a stable and predictable environment to increase overall production levels and strengthen Nigeria’s economic fundamentals. The chamber warned that without a substantial boost to production across all sectors, Nigeria’s economic recovery may remain fragile, regardless of improvements in unemployment or GDP growth figures.
