Cut costs, support MSMEs — LCCI tells FG

The Lagos Chamber of Commerce and Industry (LCCI) has called on President Bola Tinubu to provide targeted support to businesses, especially Micro, Small, and Medium Enterprises (MSMEs), in light of rising operational costs and ongoing economic reforms.

Reacting to the President’s Democracy Day address, LCCI Director General, Dr. Chinyere Almona, emphasized the need for immediate government intervention in key areas including energy, logistics, and regulatory compliance, which she identified as major cost drivers affecting Nigerian businesses.

> “We recommend non-cash interventions that can ease the harsh production environment,” Dr. Almona stated. “Support for MSMEs through targeted financing, energy access, and market reforms is crucial. These enterprises form the backbone of our economy but face limited access to credit and infrastructure.”



While commending President Tinubu for his reform efforts, Almona stressed the importance of clear and consistent communication regarding policy changes to reduce uncertainty and build business confidence. She also urged the administration to ensure transparent tracking of reform progress.

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Key Recommendations from the LCCI:

Reduce business costs in energy, logistics, and regulation.

Expand social safety nets for households hit by inflation and rising living costs.

Increase funding for healthcare, education, and welfare programs.

Prioritize strategic sectors like oil and gas, power, and agriculture.

Foster collaboration among government, businesses, labor, and civil society.

Engage the Organized Private Sector (OPS) in policy implementation discussions.


The chamber also advised the government to institutionalize continuous dialogue with labor unions to prevent unrest and ensure timely negotiations on wages and working conditions.

> “The economic reforms are commendable, and though they present short-term challenges, we remain optimistic about their long-term benefits,” Almona added.



As Nigeria marks 26 years of uninterrupted democratic governance, the LCCI highlighted the critical link between political stability and economic prosperity, urging the federal government to stay committed to its reform agenda while protecting the interests of businesses and citizens alike.