At the inaugural industrial symposium by the Lagos Chamber of Commerce and Industry (LCCI), business leaders emphasized the need for transparent, inclusive policy-making to revive Nigeria’s struggling economy. Industry representatives from LCCI’s Industrial, Export, and Financial Groups highlighted that engaging stakeholders in policy formulation will foster robust regulations, stimulate industrial growth, and boost economic development. Key speakers, including Mr. Ade Adefeko, Chairman of LCCI’s Industrial Group, called on the government to create a regulatory environment that supports business operations. Panelist Mr. Vivian Ikem of JTI Nigeria underscored the importance of fair, balanced regulations to ease business challenges, while LCCI President Gabriel Idahosa cited low credit access, regulatory inconsistencies, and infrastructure gaps as barriers to industrial expansion, stressing that collaborative solutions are urgently needed.
At the Lagos Chamber of Commerce and Industry’s (LCCI) first-ever industrial symposium titled Industries as the Catalyst for Growth and Economic Development, industry leaders stressed the need for greater transparency and inclusive policy-making to boost Nigeria’s industrial sector and broader economy. Held on October 24, 2024, the event saw key contributions from the LCCI’s Industrial, Export, and Financial Groups, urging the government to actively involve stakeholders in shaping policies that will support business growth.
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Mr. Ade Adefeko, Chairman of LCCI’s Industrial Group, highlighted the critical condition of the Nigerian economy, describing it as “in a state of comatose” and in need of revival. Adefeko advocated for a regulatory framework that encourages business operations, which would, in turn, strengthen economic resilience and industrial expansion.
Supporting this, JTI Nigeria’s Director of Corporate Affairs, Mr. Vivian Ikem, discussed how regulations could be made more inclusive and stable to create a conducive environment for business. Ikem noted that inconsistent regulations and inadequate engagement with stakeholders undermine the ease of doing business in Nigeria, adding that fair and balanced policies are essential for economic growth.
LCCI President Gabriel Idahosa further emphasized that access to low-cost loans, regulatory uncertainties, and foreign exchange constraints are significant barriers to industrial progress, noting that collaboration between government and industry is crucial for resolving these challenges.
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