The Lagos Chamber of Commerce and Industry (LCCI) has projected that Nigeria’s economy could end the year on a positive trajectory if the Federal Government sustains its ongoing economic reforms.
LCCI President, Gabriel Idahosa, expressed this optimism during a media briefing on the state of the economy held on Thursday in Lagos.
Idahosa, however, stressed that the sustainability of the current economic recovery depends on effective coordination between fiscal and monetary policies. He added that macroeconomic stability must ultimately translate into improved living standards for Nigerians and greater competitiveness for businesses.
“Foreign exchange has been stable. The margin between parallel and official rates has closed significantly. Economic actors are now able to plan well,” he said. “Some foreign investors have suggested that if these reforms can be sustained, more investors would be encouraged to come into Nigeria. The general consensus is that Nigeria has managed to maintain economic stability.”
He noted that the LCCI is entering the fourth quarter of the year with confidence, given the reduced speculation around exchange rate management. According to Idahosa, fiscal reforms should focus on efficiency and accountability, while monetary policy must remain predictable and supportive of the real sector.
The LCCI president also emphasized the need for economic diversification, urging the government to expand value-added activities in agriculture, manufacturing, and digital trade. He maintained that institutional credibility and good governance are crucial to sustaining investor confidence and long-term prosperity.
“The path forward is clear,” Idahosa stated. “We must pursue stability through discipline, growth through diversification, and prosperity through partnership. Our collective goal must be to translate macroeconomic stability into improved living standards for our citizens and more substantial competitiveness for our businesses.”
While acknowledging that Nigeria’s economic fundamentals are showing “cautious signs of improvement,” Idahosa warned that structural imbalances between the oil and non-oil sectors persist. He urged policymakers to intensify efforts toward expanding non-oil revenue sources to ensure lasting growth.