Industrial sector stakeholders have called on the Federal Government to shift greater attention from macroeconomic stabilisation to productivity, industrial competitiveness and improved living standards as Nigeria marks its 66th Independence anniversary.
The stakeholders made the call in separate statements in Lagos, while assessing the state of the Nigerian economy and the impact of ongoing reforms.
President of the Lagos Chamber of Commerce and Industry, Leye Kupoluyi, acknowledged improvements in some key economic indicators, including economic growth, inflation, foreign reserves and foreign exchange market stability.
He, however, said the gains from economic reforms should translate into tangible improvements in the lives of Nigerians and the operating environment for businesses.
According to him, lower inflation and other macroeconomic improvements would have greater impact if they resulted in reduced production costs, stronger purchasing power, increased investment and more employment opportunities.
Kupoluyi noted that the rising cost of essential goods and services continued to put pressure on households despite the recent moderation in inflation.
He identified food, transportation, housing, healthcare, education and energy as major areas consuming a significant portion of household income.
The LCCI president also listed electricity and alternative energy costs, diesel, logistics, financing, imported raw materials, regulatory requirements and multiple taxes among the challenges affecting businesses.
He called for measures that would make credit more affordable, particularly for micro, small and medium-sized enterprises and businesses in productive sectors.
Kupoluyi further advocated a comprehensive industrial competitiveness programme focused on reliable energy supply, long-term financing, predictable trade policies, local supply chains and improved industrial infrastructure.
He said Nigeria needed to increase domestic production, create more jobs and reduce its dependence on imported goods.
Similarly, the Chief Executive Officer of the Centre for the Promotion of Private Enterprises, Muda Yusuf, said Nigeria’s economic transformation remained incomplete despite reforms and investments in several sectors.
Yusuf acknowledged developments in telecommunications, banking, cement, fertiliser and refining but said infrastructure deficits, insecurity, high energy costs and logistics challenges continued to limit productivity.
He said real GDP growth increased from 3.38 per cent in 2024 to 3.87 per cent in 2025 and reached 4.43 per cent year-on-year in the second quarter of 2026.
He urged the government to prioritise electricity, security, ports and logistics, agricultural productivity, industrial competitiveness and skills development.
Yusuf also called for support programmes for industries to be linked to investment, efficiency and export performance.
An industrialist, Funlayo Bakare-Okeowo, raised concerns over the ability of existing manufacturers to benefit from the reported growth in the wider economy.
She called for stronger government intervention, particularly in providing affordable financing to manufacturers.
Bakare-Okeowo said attention should be given not only to attracting new factories but also to helping existing manufacturers survive, expand production and create employment.
The stakeholders maintained that stronger productivity and industrial capacity would be crucial to translating economic reforms into improved living standards, increased employment and more competitive Nigerian businesses.
