The Lagos Chamber of Commerce and Industry has called on the Federal Government to ensure that its economic reform policies are consistent and results-driven, as it aims to tackle inflation and create a more conducive business environment in 2025.

In a statement responding to President Bola Tinubu’s New Year address, LCCI Director-General, Dr. Chinyere Almona, commended the administration’s optimism and outlined the critical steps needed to achieve the President’s vision of a $1tn economy.

Almona noted the urgency of addressing persistent economic challenges, including high inflation, soaring interest rates, business shutdowns, job losses, and inadequate power supply.

She said, “While we commend the government’s efforts so far, we reiterate our concerns about the consistency of policies and the reforms currently driven by the government. We expect these reforms to deliver tangible results in easing inflation and improving key sectors like food production and national security.”

The chamber praised the proposed National Credit Guarantee Company, which is expected to improve access to credit for women, youth, and small-scale enterprises.

“If implemented effectively and efficiently, this initiative can boost demand for goods, enhance capacity utilisation for manufacturers, and create more jobs in the midterm,” Almona asserted, emphasising the need for a transparent framework to avoid bureaucratic delays.

On the President’s pledge to deepen international collaborations, the LCCI urged the government to prioritise creating an attractive business environment to drive foreign direct investments.

The LCCI DG highlighted key sectors requiring urgent investment, including telecommunications and infrastructure for the Compressed Natural Gas initiative, necessary for the country’s digital transformation and energy transition goals.

The LCCI also welcomed the proposed National Values Charter and Youth Confab, emphasising their roles in fostering social cohesion and ethical citizenship.

However, Almona stressed, “Beyond the commitment to a charter of shared values, the rule of law remains the most important guarantee of human rights protection and the best template for justice and fairness in a democratic state.”

The chamber concluded by urging the government to ensure policy clarity and effective budget implementation.

“Let us do all within our means to avoid controversies and uncertainties by charting a sure path for our policies, regulations, and budget execution,” Almona advised, describing the 2025 budget assumptions as ambitious but achievable.

On January 1, President Tinubu reaffirmed his commitment to intensifying efforts to lower the cost of foods and drugs by boosting food production and promoting local manufacturing of essential drugs and other medical supplies, stating, “We are resolute in our ambition to reduce inflation from its current high of 34.6 per cent to 15 per cent.”