The Lagos Chamber of Commerce and Industry (LCCI) has called on the federal government to develop a comprehensive industrialization strategy to enhance local manufacturing capacity, along with other key policies to sustain economic growth.
In a statement signed by LCCI Director General, Chinyere Almona, FCA, the chamber outlined policy recommendations to help the country maintain growth in its Gross Domestic Product (GDP). According to reports, Nigeria’s GDP recorded a growth of 3.40% in 2024, up from 2.74% in 2023.
The latest data from the National Bureau of Statistics (NBS) shows that the GDP grew by 3.84% year-on-year in the fourth quarter of 2024, an improvement from the 3.46% growth in the same quarter of 2023.
While acknowledging the overall growth, the LCCI expressed concern about the underperformance of the manufacturing and agriculture sectors, among others. The Director General noted that Nigeria’s heavy reliance on trade and services, rather than industrialization, is detrimental to the economy’s long-term health.
The chamber also recognized the limited contribution of the oil sector, despite a slight improvement in the last quarter.
