Lagos Chamber of Commerce and Industry (LCCI), FG reforms, manufacturing sector Nigeria don take center stage as Lagos Chamber of Commerce and Industry don call on Federal Government to act fast to fix major problems wey dey hold back manufacturing growth for the country.
According to LCCI President, Engr. Leye Kupoluyi, wey speak during quarterly media briefing for Lagos, the country dey suffer from weak fiscal management, poor budget implementation, and structural wahala wey dey affect productivity and economic growth.
He explain say although manufacturing sector contribution don increase, especially for tax revenue, many companies still dey struggle. For instance, VAT from the sector rise reach N1.17 trillion for 2025, while Company Income Tax also increase well. However, Kupoluyi talk say despite this progress, high cost of production still dey choke businesses.
Furthermore, he highlight say unstable electricity supply, expensive diesel, and poor distribution network dey reduce productivity. As a result, many manufacturers dey spend heavily on alternative power, which dey increase cost of goods.
In addition, LCCI complain about delays in government fund release, too much bureaucracy, and poor execution of capital projects. According to the chamber, these issues dey slow down infrastructure development and reduce private sector confidence.
Kupoluyi also point finger to high import duties on raw materials like paper and printing inputs, plus port delays and regulatory bottlenecks, as major challenges wey dey inflate production costs across industries.
Meanwhile, the chamber urge government to introduce balanced policies, including reduction of tariffs, faster port processes, and better support for local industries. Dem also advise investment in renewable energy and improved power grid management to reduce dependence on generators.
He further warn say the rollover of about N7.71 trillion unexecuted capital projects from 2025 show say serious gaps dey for government fiscal system. According to am, when contractors no get paid on time, businesses suffer and jobs dey at risk.
Finally, LCCI call on Federal Government to create better framework for capital budget releases and ensure proper funding of projects, noting say without urgent reforms, Nigeria manufacturing sector go continue to struggle to compete globally.
