Nigeria at 66: LCCI pushes for predictable regulatory measures
by Tajudeen Balogun · The Eagle OnlineThe Lagos Chamber of Commerce and Industry has called for regulatory predictability that will facilitate clear, stable and transparent rules for businesses in the country.
LCCI President, Engr. Leye Kupoluyi, made the call in his reaction to President Bola Tinubu’s 66th Independence Anniversary national broadcast.
Kupoluyi expressed concern that frequent changes in taxes, levies, tariffs, regulations and administrative procedures increase uncertainty and discourage long-term investment.
Speaking on regulatory efficiency, LCCI President asserted that the objective here should not simply be to regulate more, but to regulate better, adding that government agencies should continuously review regulations and administrative processes that impose unnecessary costs on businesses without delivering commensurate public value.
Regarding infrastructure delivery, Kupoluyi stressed that roads, ports, power, rail, broadband and logistics infrastructure must be treated as productive assets, noting that infrastructure that lowers transaction costs increases the competitiveness of every business that uses it.
The LCCI boss called for access to affordable finance, saying that 77 Nigerian enterprises, particularly SMEs and manufacturers, need longer-tenor financing at rates compatible with productive investment, adding that monetary stability must ultimately be transmitted into improved credit conditions for businesses.
On fair competition, Kupoluyi explained that a dynamic private sector requires a level playing field in which businesses compete on productivity, innovation, and efficiency rather than on access to administrative privileges.
While noting the President’s emphasis on attracting investment and expanding Nigerian businesses is welcome, LCCI boss pointed out that the he next challenge is to ensure that Nigeria becomes sufficiently competitive to retain existing investors while attracting new domestic and foreign capital.
“Nigeria must therefore compete for investment by making it easier, faster, and more predictable to establish and operate a business. We must guard against the dumping of foreign products into our local markets and take a closer look at expatriate privileges to prevent foreigners from taking over our retail shops”.
“The President’s reference to more than $6 billion in non-oil export revenue in 2025 is significant. The next step should be to build on this momentum by moving beyond the export of primary commodities towards value-added exports. Nigeria has the scale, population, natural resources and entrepreneurial capacity to become a major production and export hub in Africa. But this requires deliberate investment in standards, certification, trade logistics, industrial clusters, trade finance, export infrastructure and market access.
“The African Continental Free Trade Area presents an important opportunity in this regard. Nigerian businesses should be positioned not merely to sell into the African market but to establish Nigeria as a production base for the continent”, Kupoluyi advised.
He hailed Tinubu’s commitment to expanding digital connectivity and developing the skills employers demand, adding that Nigeria’s young population can become a major economic advantage if the country succeeds in converting demographic growth into productive human capital.
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Still, Kupoluyi affirmed that the measure requires greater investment in digital infrastructure, technical and vocational education, STEM capabilities, entrepreneurship, and industry-relevant skills.
He tasked government to work closely with the private sector to ensure that skills-development programmes respond to actual labour-market requirements rather than simply producing certificates, assuring that as Nigeria enters its 67th year as an independent nation, “we aspire to build a stronger and more prosperous economy for businesses and citizens alike”.
The Eagleonline reports that President Tinubu on Thursday made a national broadcast, tilted: “From reforms to prosperity”. The address marked Nigeria’s 66th Independence Anniversary.
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