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From our Reporter, Lagos

The Lagos Chamber of Commerce and Industry (LCCI) has fired a sharp warning shot at the Federal Government, declaring that Nigeria’s economy is sinking under the weight of slow reforms, mounting poverty, and policy indecision.

Reacting to the World Bank’s Nigeria Development Update 2025, the Chamber said the time for half-measures and bureaucratic platitudes is over; what the nation needs now is urgent, decisive action to stop the economic free-fall.

“Nigeria’s path to shared prosperity depends on credible, consistent, and transparent policy execution,” said Dr. Chinyere Almona, LCCI Director-General. “Businesses and households require clarity, stability, and confidence in the country’s economic direction.”

The Chamber praised the government’s recent fiscal and monetary policy efforts but warned that the pace of reform is “too slow to tame inflation, reverse poverty, or unlock growth.” It called on authorities to fast-track economic transformation across five critical fronts: agriculture, energy, infrastructure, security, and governance.

Agriculture: Feed the Nation, Not the Statistics

The LCCI said Nigeria cannot continue to depend on food imports while millions of farmers remain stranded without access to credit, technology, or basic infrastructure. It urged massive investment in agro-processing and rural development to tackle food inflation and rescue the naira from its downward spiral.

Energy: Industries Can’t Run on Darkness

On energy, the Chamber blasted the high cost of electricity and fuel that has crippled industries and small businesses, saying it is “unacceptable that manufacturers are running on diesel and prayers.” LCCI demanded accelerated reforms in the power sector, investment in renewables, and greater efficiency from regulators in the oil and gas industry.

Infrastructure: Roads to Nowhere

Poor road networks, according to the Chamber, remain a chokehold on productivity. It urged completion of major economic corridors and port access roads to cut logistics costs and revive trade. “A nation that can’t move its goods can’t move its economy,” the statement said pointedly.

Insecurity: Investors Flee, Farmers Die

LCCI said the security crisis has gone beyond headlines — it’s now a business and survival issue. The Chamber called for a national security strategy that uses modern surveillance and intelligence tools, stressing that “without safety, no investment will stay.”

Cost of Governance: Cut the Fat, Feed the People

Perhaps the most biting criticism was reserved for Nigeria’s bloated cost of governance. With government revenues hitting record highs, LCCI accused public officials of wasteful spending while citizens get poorer. “The government must demonstrate leadership by cutting waste, rationalizing agencies, and improving fiscal transparency,” Almona stated.

The message from the private sector powerhouse was unmistakable: the window for excuses has closed. With poverty deepening and investors growing restless, Nigeria’s economic managers must now prove that reform is not just another talking point — but a matter of national survival.

Find below full text of the LCCI press release

Please write a pungent story from this press release 

PRESS RELEASE

LCCI PRESS STATEMENT ON THE LATEST WORLD BANK DEVELOPMENT UPDATE ON THE NIGERIAN ECONOMY

October 9, 2025

The Lagos Chamber of Commerce and Industry (LCCI) presents a private sector perspective on the recently released Nigeria Development Update (NDU) 2025 by the World Bank, which underscores the urgent need for Nigeria to accelerate economic reforms and tackle rising poverty levels. The Chamber reiterates that the time for decisive action is now if Nigeria is to reap the gains of the reforms and thereby restore investor confidence, stimulate sustainable growth, and improve living standards.

The Chamber notes that while the government has taken commendable steps in fiscal and monetary policy management, the pace of reform implementation remains too slow to tackle the rising poverty levels and deliver the structural transformation needed in the economy. To this end, the LCCI urges the government to expedite reforms in the following critical areas:

1 Nigeria must prioritize massive investment in agricultural value chains, agro-processing, and rural infrastructure to enhance productivity and ensure food security. Reducing import dependence and supporting farmers with access to credit, inputs, and technology will help bring down food inflation and strengthen the naira.

2 The high cost of electricity and fuel continues to cripple industries and small businesses. LCCI 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.

3 Poor road networks and logistics inefficiencies continue to be significant constraints to business mobility and national productivity. The government should prioritize the completion of ongoing road projects, particularly those connecting key economic corridors, industrial hubs, and ports, to reduce transportation costs and enhance trade facilitation.

4 Insecurity continues to undermine agricultural production, mining, tourism, and investment across many regions. The Chamber calls for a coordinated national security strategy that leverages more advanced surveillance technology, intelligence, and local community collaboration to restore investor and consumer confidence.

5 The persistent high cost of governance continues to drain resources that could otherwise be allocated to support infrastructure, education, and healthcare. LCCI urges the federal and subnational governments to demonstrate leadership by cutting wasteful expenditures, rationalizing agencies, and improving fiscal transparency. With government revenues hitting record levels, the citizens deserve more dividends.

The Chamber reiterates that Nigeria’s path to shared prosperity depends on credible, consistent, and transparent policy execution. Businesses and households require clarity, stability, and confidence in the country’s economic direction.

While we express our confidence in the reforms potentials and cautiously optimistic about the achievements so far, we urge 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, continue with the reforms in the FOREX market for sustained stability, cut down on the cost of governance, and reenergize the fight against insecurity through more funding and more use of advanced security technology and intelligence.

Dr. Chinyere Almona, FCA

Director General

Lagos Chamber of Commerce & Industry