The Lagos Chamber of Commerce and Industry (LCCI) has called on the federal government to implement a robust industrialization strategy to strengthen local manufacturing and drive sustainable economic growth.
LCCI Director General, Chinyere Almona, FCA, emphasized the need for policy reforms to sustain Nigeria’s economic momentum, following a GDP growth of 3.40% in 2024, up from 2.74% in 2023.
According to the National Bureau of Statistics (NBS), the GDP grew by 3.84% in Q4 2024, reflecting steady progress.
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Despite the improvement, LCCI raised concerns over the weak performance of the manufacturing and agriculture sectors, warning that Nigeria’s dependence on trade and services could hinder long-term economic stability.
The chamber also highlighted the minimal contribution of the oil sector, despite a slight recovery in the last quarter.
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