The Lagos Chamber of Commerce and Industry (LCCI) has said Nigeria can meet and even exceed its 2026 economic growth projections if it implements coordinated reforms, strengthens institutions, and deepens private-sector-led expansion across the country.
The President of the LCCI, Mr Leye Kupoluyi, stated this on Thursday in Lagos at the chamber’s first-quarter 2026 news conference. He said Nigeria must strategically leverage opportunities in the global economy to outperform growth expectations in 2026.
Kupoluyi noted that the global economy in 2025 showed unexpected resilience despite persistent challenges, including geopolitical tensions, trade fragmentation, and structural weaknesses. While a sharp downturn was avoided, global growth remained below pre-pandemic levels.
He stressed the need for sustained reforms, enhanced international cooperation, and policies that boost investment, productivity, and inclusive growth, adding that the global environment presents Nigeria with both risks and strategic opportunities.
According to him, effectively harnessing these opportunities would require deliberate and coordinated policy actions, stronger institutions, and robust private-sector-driven growth strategies aimed at improving competitiveness, attracting investment, and fostering sustainable development.
On monetary policy, Kupoluyi said the retention of the Monetary Policy Rate at 27.0 per cent helped curb inflation but increased borrowing costs, weakened aggregate demand, slowed business expansion, and reduced household consumption. He warned that these effects could slow recovery in sectors such as manufacturing, real estate, and consumer goods.
He urged the government to remain focused on addressing inflation driven by high energy costs, elevated interest rates, and currency pass-through effects, while sustaining policies that support food production and fuel supply. He added that businesses and citizens should begin to experience relief through reduced costs of doing business and more stable prices.
On the foreign exchange market, Kupoluyi acknowledged relative exchange rate stability in 2025, attributing it to improved transparency and stronger policy credibility. He noted that external reserves rose to $45.5 billion by the end of 2025, enhancing the Central Bank’s capacity to manage liquidity, boost confidence, and absorb external shocks.
He commended the emphasis on production-oriented spending in the 2026 budget, with capital expenditure of N26.08 trillion exceeding non-debt recurrent spending of N15.25 trillion. However, he cautioned against relying solely on debt for deficit financing, urging consideration of equity financing and other lower-cost funding options.
Kupoluyi described the 2026 budget as a credible opportunity to transition Nigeria from recovery to expansion, noting that its success would depend more on execution discipline, capital efficiency, and sustained support for productive sectors than on allocation size.
On public debt, he said Nigeria’s debt stock of N152.40 trillion remained a concern, particularly regarding sustainability, servicing costs, and high borrowing rates. He called on the government to diversify financing options beyond debt.
He also urged intensified efforts to expand non-oil revenue, improve tax efficiency and compliance, curb recurrent expenditure, strengthen fiscal discipline, close leakages, and improve public financial management.
Commenting on the new tax regime, Kupoluyi encouraged businesses to remain compliant, describing the reform as necessary to modernise the fiscal framework, enhance competitiveness, and boost revenue. He stressed that successful implementation would require clarity, transparency, collaboration, and business-friendly execution.
He identified agriculture and agro-processing, manufacturing, infrastructure, energy, and human capital development as key growth drivers for 2026, noting that unlocking these sectors would require lower power and logistics costs, expanded irrigation, and stronger agro-value chains.
Kupoluyi also called for faster infrastructure delivery through public-private partnerships, sustained oil and gas reforms, alignment of education with private-sector needs, deeper value addition, increased non-oil exports, and improved infrastructure governance.
He further urged the Federal Government to deliberately position Nigeria as a regional hub for artificial intelligence through coordinated policies, infrastructure development, human capital investment, and strong private-sector participation.