The hierarchy of the Lagos Chamber of Commerce and Industry (LCCI), has described the second anniversary of the President Bola Tinubu administration as a moment of reflection and a call to action in all ramifications.

Specifically, the LCCI affirmed that Nigeria stands at a pivotal juncture, where the right mix of policy coherence, institutional reforms, and stakeholder collaboration can unlock the nation’s vast economic potential, noting that reforms have led to short term hardship for businesses and household.

However, the Chamber congratulated President Tinubu on his administration’s second anniversary, saying the bold macroeconomic reforms taken have characterized the past year, aimed at correcting long-standing structural distortions.

The Director-General of LCCI, Dr. Chinyere Almona, made this known to Saturday Telegraph in Lagos.

While these reforms have come with significant short-term socio-economic costs, they offer the potential for long-term macroeconomic stability and inclusive growth if implemented effectively and supported by strong institutional backing.

Almona said: “Two years into the administration, Nigeria has undergone significant policy shifts; most notably, the removal of fuel subsidies, exchange rate liberalization, and attempts to shore up public revenues through tax reforms.

“While aimed at achieving long-term macroeconomic stability, these measures have also imposed short-term hardships on businesses and households, particularly small and medium-sized enterprises (SMEs), which remain the backbone of the Nigerian economy.”

While talking about the country’s public debt, Almona explained that “Public debt rose to ₦144.67 trillion, with debt service still consuming over 90 per cent of federal revenue.

“The government must consider cheaper sources of debt; deploy debt into the real economy to subsidize production.”