Nigeria at 66: Private Sector Demands Jobs, Lower Production Costs as Next Reform Focus

Nigeria’s organised private sector has called on the Federal Government to turn recent macroeconomic improvements into tangible gains for businesses and households as the country marks its 66th Independence Anniversary.

The Lagos Chamber of Commerce and Industry (LCCI) and the Centre for the Promotion of Private Enterprise (CPPE) said the next phase of economic reforms should focus more directly on productivity, investment, production, exports and job creation.

LCCI President, Engr. Leye Kupoluyi, acknowledged what he described as encouraging signs of macroeconomic stabilisation following exchange-rate adjustments and monetary and fiscal reforms.

He, however, said stabilisation would have limited value if it failed to improve household purchasing power, reduce production costs and strengthen the competitiveness of Nigerian businesses.

“Macroeconomic stabilisation must ultimately translate into improved welfare, stronger purchasing power, lower production costs and more jobs. This remains the critical test of the economic recovery,” Kupoluyi said.

He noted that manufacturers and micro, small and medium-sized enterprises continue to face significant operating pressures, including high electricity and alternative-energy costs, expensive credit, logistics challenges, imported raw material costs, regulatory requirements and multiple taxes.

The LCCI president called for a comprehensive industrial competitiveness programme to address some of these challenges and create a more supportive environment for businesses to expand.

Among the measures proposed are dedicated power solutions for industrial clusters, wider access to credit guarantees and development finance, predictable trade and customs policies, and increased local production of industrial inputs.

He also urged the government to strengthen industrial and logistics infrastructure, arguing that lower operating costs are necessary for Nigerian businesses to compete more effectively and create sustainable employment.

The private sector’s position comes as Nigeria marks 66 years of independence, with businesses and households continuing to assess the impact of ongoing economic reforms. The groups are urging the government to ensure that macroeconomic gains ultimately translate into measurable improvements in production, investment, employment and living standards.