By Yinka Kolawole  

The Lagos Chamber of Commerce and Industry (LCCI) has charged the federal government on key areas to prioritise in order to unlock sustainable economic growth in 2025.

In a statement, President of LCCI, Gabriel Idahosa, looking ahead to the New Year, expressed cautious optimism on the economy.

He also emphasised that businesses must embrace innovation, digital transformation, and sustainability as growth strategies, adding that collaboration between the private and public sectors is critical to overcoming challenges and attracting investment.

His words: “Looking ahead to 2025, cautious optimism prevails as GDP growth is projected at 3.2% by the IMF, driven by ongoing reforms and more substantial contributions from the oil and non-oil sectors. “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. 

“Closing infrastructure gaps remains a top priority, necessitating innovative funding models and enhanced public-private partnerships.

“The 2025 Appropriation Bill proposes an expenditure of N49.7 trillion, significantly higher than the N28.8 trillion in 2024, with key increases in Defence and Security, and Social Services.  

While ambitious, the budget assumptions demand bold government action to achieve targets.”  

On how to unlock sustainable economic growth and improve the well-being of Nigerians in the year ahead, Idahosa said the government should prioritise: “Addressing inflation and promoting price stability; Ensuring fiscal sustainability and debt management; Improving the ease of doing business; Tackling unemployment and empowering youths; Enhancing food and energy security; and Advancing trade and investment.”

He further stated: “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.  

“We expect to see some ease in fuel prices in the first quarter as the price wars continue and a possible easing in interest rates in the second quarter of 2025.”