The Lagos Chamber of Commerce and Industry (LCCI) has  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.

 

 

 

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.

 

 

 

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 made the prediction, in its preview of the nation’s economy in Y2025, signed by its President, Mr. Gabriel Idahosa.

 

 

It stated 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 achieve some of the objectives outlined in budget.

 

 

On the 2025 Appropriation Bill, the Chamber described the proposed expenditure of ₦49.7 trillion, significantly higher than the ₦28.8 trillion in 2024, as ambitious budget assumptions, that would require bold government action to achieve.

 

 

It,  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.

 

 

The Chamber 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.