The Lagos Chamber of Commerce and Industry (LCCI) has released a statement commemorating Nigeria’s 64th independence anniversary, highlighting the country’s economic achievements and challenges.
LCCI President Gabriel Idahosa acknowledged Nigeria’s progress since gaining independence in 1960 but emphasized the need for economic diversification, infrastructure development, and fiscal discipline.
“Nigeria’s economy has undergone significant transformations, but our dependence on oil revenues remains a concern.
“We must develop other sectors like solid minerals, gas, and agriculture to reduce our reliance on oil.” Idahosa said.
The statement noted the country’s economic growth, with a 3.19% GDP growth rate in the season quarter of 2024, but cautioned that inflation, insecurity, and high interest rates pose significant risks.
To address these challenges, the LCCI recommended revenue diversification, infrastructure development, fiscal discipline, and innovative debt management.
The statement also emphasized the importance of human capital development, security architecture, and financing, as well as supporting small businesses and entrepreneurship.
Idahosa urged the government to prioritize investments in food and livestock production, transport infrastructure, and renewable energy, and to create a more enabling environment for public-private partnerships.
As Nigeria celebrates its 64th independence anniversary, the LCCI reiterated its commitment to advocating for policies that drive economic growth, create jobs, and improve citizens’ quality of life.
“Nigeria has come a long way and is too big to fail. Let us recommit to the vision of a prosperous Nigeria that offers hope and opportunity for generations to come.” Idahosa said.
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