Nigeria @ 65: Economy Dey Call For Sober Reflection, LCCI Talk
Eiii Ghanafo! As Nigeria dey celebrate 65 years of independence, di Lagos Chamber of Commerce and Industry (LCCI) dey say make we all take time think deep about di economy situation, di business environment, and how we go take do better reforms wey go unlock Nigeria full potential.
LCCI President, Gabriel Idahosa, talk say even though some positive signs dey show, like di economy dey grow dey go, we no suppose dey jubilate too early. He point out say Q2 GDP growth rate dey 4.23 per cent, oil and gas sector dey recover, and inflation sef dey come down small to 20.12 per cent as of August. Di naira exchange rate dey appreciate too, dey trend below N1500/USD. Plus, external reserves don strengthen to above $42 billion.
For di first time since 2020, dem ease monetary policy rates to 27 per cent after dem don hike am plenty times because of inflation. And significant tax reforms dey go on. All dis one dey create business climate wey dey give hope, but e dey demand say government go dey disciplined and private sector go dey sharp.
Opportunities and Challenges
Idahosa talk say di economy situation get both opportunities and challenges for di business community. He say exporters and manufacturers fit take advantage of di strong reserves and stable naira to secure inputs and plan FX exposures well. But government must make sure say dem dey roll out di new tax framework transparently and in stages, and dem go give clear guidance to avoid confusion.
LCCI Dey Eye One Million Visitors for 2025 Trade Fair
LCCI dey target to attract one million visitors to dia 2025 trade fair. Dem also dey plan to spotlight di untapped economic potential of African creativity and di future through di 'Omolayole lecture'.
- Government must address key inflation drivers sharp sharp.
- Nigeria must continue to strive for economic stability and growth.
- Businesses must remain agile and innovative to thrive.