Two years into President Bola Tinubu’s bold economic reforms, the Lagos Chamber of Commerce and Industry (LCCI) has stepped forward with a clear message: turn policy into practice.
As the nation grapples with the growing pains of subsidy removals and tax overhauls, the chamber is urging the National Assembly to fully implement recently approved tax reforms to ease the burden on businesses and unlock Nigeria’s growth potential.
Tax And Policy Changes Under The Spotlight
In a statement issued by Director General Chinyere Almona, the LCCI challenged the government to act swiftly on the tax and policy reforms recently passed by the National Assembly.
Although the administration introduced bold measures—such as removing fuel subsidies and liberalising the exchange rate—these decisions have directly increased pressure on businesses and households.
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Reducing Regulatory Burdens
To ease this burden, the LCCI urged the government to cut regulatory red tape, abolish multiple taxation, and rapidly digitise government services.
These steps, it argued, would immediately reduce compliance costs and improve the ease of doing business—especially for SMEs.
Promoting Local Production
Furthermore, the chamber encouraged policymakers to promote local production by offering tax incentives, supporting exports, and enforcing policies that prioritise value addition and reduce import reliance.
The LCCI also pushed the government to actively back the “Nigeria First” policy by empowering local manufacturers to meet domestic demand.
Prioritising Infrastructure Development
In addition, the chamber highlighted infrastructure as a national priority.
It praised projects like the ₦20 trillion Renewed Hope Infrastructure Fund and the Lagos-Calabar Coastal Highway, but called on the government to ensure these initiatives create jobs, lower costs, and involve the private sector.
Supporting SMEs And Financial Institutions
Finally, the LCCI recommended launching targeted loan schemes for agro-processing and tech sectors.
It urged authorities to properly fund development finance institutions and coordinate monetary and fiscal policies to manage inflation without stifling growth.
