The Lagos Chamber of Commerce and Industry (LCCI) has said that despite the GDP figures, in the fourth  quarter, 2024, indicating a steady growth, real productivity and economic stability are still of critical concerns.

The Chamber, in a statement issued by its Director General, Dr. Chinyere Almona, noted that the disproportionate reliance on the services sector, with declining contributions from agriculture and manufacturing, as seen in the report, poses sustainability risks.

It argued that for such growth,  driven largely by trade and finance, to be sustainable, it must be complemented by robust industrial and agricultural expansion, to create quality jobs, enhance value addition, and ensure food security.

The Chamber noted that despite improvements in oil production, which averaged 1.54 mbpd in Q4 2024, the sector’s contribution to GDP remains limited; since  Oil sector volatility continues to expose the economy to external shocks, thereby underscoring the urgency of diversifying the revenue base.

The group argued that for the economy to achieve a sustainable and inclusive growth trajectory, Nigeria must address structural bottlenecks that hinder productivity across key sectors.

The Chamber, therefore, urged  the government to implement policies that incentivize domestic production, enhance the ease of doing business, and facilitate access to finance for small and medium enterprises (SMEs).

While calling for a comprehensive industrialization strategy that would   boost local manufacturing capacity, the Chamber also urged the government to invest more in mechanisation, irrigation, and improved seed varieties, since  agricultural sector’s role in employment and food security, remains critical.

“Addressing Nigeria’s infrastructure deficit, particularly in power, roads, and ports, is crucial to reducing production costs and enhancing competitiveness. Public-private partnerships (PPPs) should be expanded to bridge financing gaps in critical infrastructure projects,” the Chamber counselled.

On the proposed tax reforms, the group believed the policy  should be well communicated, and with a definite implementation strategy to support economic expansion without overburdening businesses.

It also called for a transparent and equitable tax regime that promotes investment and encourages compliance, adding that ensuring exchange rate stability is vital for investor confidence and economic planning.

The Chamber added that, while the Q4 2024 GDP report signals progress, sustaining and accelerating growth will require bold and strategic policy interventions.

It charged the government on the need to be committed to its economic diversification, fiscal discipline, and business-friendly policies,  since this, he added, will be key to achieving its ambitious goal of a $1 trillion economy, by 2030.