The Lagos Chamber of Commerce and Industry forecasts significant economic growth for Nigeria in 2025, contingent on the formulation and execution of decisive policies to tackle persistent economic challenges.
This was disclosed by the LCCI President, Mr. Gabriel Idahosa, in the chamber’s New Year statement, which assessed Nigeria’s economic performance in 2024 and outlined projections for the country’s economic outlook in 2025.
Idahosa said, “The Nigerian economy experienced a tumultuous period marked by persistent rising prices, burdening interest rates, high cost of production, low demand, and an uncertain macroeconomic policy direction.
““It stands at a critical juncture, presenting hope for possible transformative growth, which requires decisive and strategic policy actions to address lingering challenges.
“Inflation is expected to ease as monetary policies take effect, with trade, agriculture, and manufacturing poised to drive job creation vital for addressing unemployment and poverty.”
He emphasized that addressing infrastructure gaps must remain a top priority for the government, requiring innovative funding models and strengthened public-private partnerships to achieve success.
Idahosa also urged the federal government to take further steps to improve the country’s business environment, aiming to attract more foreign direct investment, particularly in the power (including renewable and CNG projects), oil and gas, and telecommunications sectors.
He cautioned that while Nigeria’s public debt is projected to grow modestly in 2025, a careful balance must be struck between borrowing for growth and ensuring debt sustainability.
“Implementing fiscal discipline, diversifying revenue sources, and attracting private investments through public-private partnerships will be critical to managing debt while fostering economic development,” he noted.
He stated that the agricultural sector is expected to experience significant growth in 2025, driven by government initiatives to boost food security, improve rural infrastructure, and expand agricultural value chains.
“Strengthening climate resilience and ensuring access to affordable financing will be crucial to unlocking the sector’s full potential and ensuring its pivotal role in Nigeria’s economic diversification agenda,” he added.
The LCCI urged the federal government to prioritize price stability, ease of doing business, fiscal sustainability, and debt management to unlock sustainable economic growth and improve the well-being of Nigerians in 2025.
The chamber also called on the government to address unemployment, empower youths, strengthen food and energy security, and promote trade and investment.
