The Lagos Chamber of Commerce and Industry (LCCI) has called upon President Bola Tinubu to implement targeted support measures for businesses, aiming to alleviate their cost burdens, particularly those related to energy, logistics, and regulatory compliance. Dr. Chinyere Almona, Director General of LCCI, made these statements while reacting to the President’s Democracy Day address, underscoring the chamber’s solidarity with all Nigerians in celebrating twenty-six years of peaceful transition and commitment to democratic values. Almona emphasized that a stable political environment is paramount for fostering business success and attracting crucial investments.

The LCCI urged the government to remain steadfast in executing its proposed programs and ongoing reforms, ensuring that Nigerians can promptly realize the benefits of democracy. A key recommendation highlighted by the Director General was the necessity for clear and consistent communication regarding economic reforms and policies to both businesses and the general public. This transparency, she noted, would play a vital role in reducing uncertainty, building confidence, and establishing reliable mechanisms for tracking and reporting the progress of these reforms. The LCCI also recommended non-cash interventions designed to ease the challenging production environment faced by businesses.

Furthermore, Dr. Almona advocated for the expansion of social safety net programs to provide essential support to households grappling with high living costs and inflation during this transitional period. She also called for increased funding for vital public services, including healthcare, education, and general social welfare. To foster a conducive economic climate, the LCCI stressed the importance of a collaborative environment among the government, businesses, civil society organizations, and labor unions. Such collaboration, she argued, would facilitate fair and timely negotiations on wages and working conditions, while also implementing continuous dialogue and conflict resolution mechanisms to prevent labor unrest.

The LCCI specifically recommended the implementation of programs designed to bolster strategic sectors that are pivotal for job creation, tax revenues, and infrastructure development. The oil and gas, power, and agriculture sectors were highlighted as requiring special attention due to their significant catalytic support to the national economy. Additionally, the LCCI urged the government to provide robust support for Micro, Small, and Medium-sized Enterprises (MSMEs) through targeted financing, improved energy access, and market reforms. Acknowledging MSMEs as the backbone of Nigeria’s economy, the LCCI noted their persistent challenges, particularly limited access to credit and infrastructure.

Finally, Dr. Almona called on the government to remain sensitive to the concerns and feedback from the Organized Private Sector (OPS) and to engage in more extensive consultations to achieve better implementation of policies. While acknowledging the short-term challenges, she commended President Tinubu for the strategic reforms initiated thus far, expressing optimism about the long-term benefits these proposed and implemented changes are expected to yield. The LCCI remains hopeful for a Nigeria built on the principles of the rule of law, justice, and social cohesion.