The Lagos Chamber of Commerce and Industry (LCCI) has urged the Nigerian government to shift focus from statistical optimism to real economic reform, following the release of rebased GDP data and the 3.13% real growth recorded in the first quarter of 2025.
While acknowledging that the rebasing exercise—updating the base year from 2010 to 2019—offers a more accurate and diversified representation of the economy, the Chamber warned that the gains reflected in the data are yet to translate into meaningful improvements in the lives of Nigerians.
LCCI President, Mr. Gabriel Idahosa, said the new figures, which place nominal GDP at ₦372.82 trillion, now better capture the roles of informal trade, tech enterprises, and services, but remain insufficient to address the rising poverty, inflation, and weak purchasing power affecting the broader population.
Idahosa highlighted the growing economic strain on households and businesses due to food inflation, high energy prices, and a naira that continues to depreciate—now above ₦1,530 per dollar. He said these conditions have led to worsening inequality and deepened financial hardship for many Nigerians.
The Chamber called for urgent policy interventions to stabilize the naira, promote non-oil exports, improve domestic production, and boost food security through logistics support and input subsidies.
It also emphasized empowering MSMEs and the informal sector by accelerating the implementation of the 2025 Tax Reform Act and leveraging digital tools, while advocating targeted job creation in agriculture, construction, and ICT. Idahosa warned that without tangible improvements, macroeconomic growth would remain disconnected from the daily realities of Nigerians.
The LCCI further noted that recent monetary policy actions—particularly the decision to retain the benchmark interest rate at 27.5%—have helped stabilize exchange rates and modestly reduce headline inflation, which eased to 22.22% in June 2025.
However, the Chamber stressed that interest rate tightening alone cannot address structural problems in agriculture, manufacturing, and food supply chains. It expressed concern that elevated interest rates continue to stifle business expansion and investment, calling instead for broader reforms that improve energy supply, fiscal governance, and policy consistency.
While supporting IMF and World Bank projections of stronger growth in 2025, LCCI insisted that achieving such growth would depend on the government’s ability to deliver inclusive policies, control inflation, and effectively manage the country’s rising debt stock, now at ₦149.39 trillion.
