The Lagos Chamber of Commerce and Industry (LCCI) has called for ‘cautious optimism’, regarding the nation’s economic prospects for individuals and businesses, in Year 2025.
The Chamber, in its preview of the nation’s economy in Y2025, signed by its President, Mr. Gabriel Idahosa, on Monday, noted that the nation’s Gross Domestic Product (GDP) growth, projected at 3.2% in the new year, must be taken with caution, since such projection is hinged on the ongoing reforms, and more substantial contributions from the oil and non-oil sectors.
It called on the federal government to address the existing infrastructure gaps and come up with innovative funding models and enhanced public-private partnerships, to enable it to achieve some of the objectives outlined in the budget.
On the 2025 Appropriation Bill, the Chamber described the proposed expenditure of N49.7 trillion, significantly higher than the N28.8 trillion in 2024, as ambitious budget assumptions, that would require bold government action to achieve.
The LCCI, therefore, urged the Federal Government to prioritize key areas, to enable it unlock sustainable economic growth and improve the well-being of Nigerians in the year ahead.
It stressed the need for government to address the issue of inflation, and promote price stability, ensure fiscal sustainability and debt management, improve the ease of doing business, tackle unemployment, empower the youths, while also enhancing food and energy security.
The business advocacy group also advised businesses, desirous of staying relevant in the new year, to embrace innovation, digital transformation, and sustainability as growth strategies.
The Chamber also stressed the imperative of collaboration between the private and public sectors, describing it as critical to overcoming challenges and attracting investment.
“We need investments in the telecoms sector to drive the desired digital revolution, oil and gas investments to boost crude production levels, and the power sector to enhance power generation to support economic activities,” it stated.
The group also predicted a further reduction in the price of petrol, and ease in inflation, in the second quarter of 2025, as the price war in the downstream sector of the nation’s Oil and Gas continues.
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