The Lagos Chamber of Commerce and Industry has acknowledged the Federal Government’s renewed commitment to the Renewed Hope Nigeria First Policy, advocating for strategic actions.
This was contained in a press release signed by the Lagos Chamber of Commerce and Industry Director General, Dr Chinyere Almona, on Friday.
The policy, according to Almona, is aimed at promoting indigenous production, empowering local businesses and reducing overdependence on imports.
She pointed out that the policy direction is timely and aligns with the country’s long-standing advocacy for an inclusive, self-reliant, and resilient national economy.
LCCI DG added that “With the policy well implemented, “we expect to see the emergence of new opportunities for job creation, economic growth, reduced pressure on our FOREX spending, and robust revenue generation in the medium to long term”.
However, she reasoned that while the intent of the Nigeria First Policy is commendable, the LCCI believes that its success depends on a bold, coherent, and well-coordinated execution strategy that addresses deep-rooted structural barriers, adding that the policy should be grounded in economic realism, legal consistency, and institutional integrity.
Almona disclosed that the LCCI is of the view that domestic industries must be supported to become competitive through targeted infrastructure investments, access to affordable credit, and an enhanced ease of doing business environment.
She affirmed that incentives such as tax reliefs, R&D grants, and backward integration support should be prioritized for sectors with strong local potential, especially agro-processing, manufacturing, and ICT, adding: “to ramp up local production, current challenges facing the manufacturing sector, like high cost of generating power, rising cost of logistics, high cost of credit, and a rather harsh regulatory environment, must all be resolved”.
The statement reads in part: “On the consumption side, the government must lead by example by strictly enforcing local content rules in procurement at all levels. Procurement processes must be transparent, merit-based, and inclusive of SMEs to avoid elite capture and ensure fair competition across the board. Policies should be backed by enforceable legislation and harmonized across ministries, departments, and agencies (MDAs) to avoid contradictions and regulatory loopholes. Unpredictable policy reversals and bureaucratic bottlenecks discourage investment and must be addressed decisively.
“Strategic protection must be accompanied by initiatives that promote quality assurance and market expansion. The promotion of local content should not result in monopolies or the proliferation of substandard products. Quality control mechanisms and consumer rights must be safeguarded at all times.
“The Nigeria First Policy needs to be complemented by large-scale investments in vocational training and digital skills to align with evolving market needs. Partnerships with academic institutions and the private sector are essential to bridge skill gaps and drive innovation within the local talent economy.
“The Nigeria First Policy should align with regional and continental trade agreements, especially the African Continental Free Trade Area (AfCFTA). Strategic diplomacy and a focus on competitiveness – not protectionism – should define Nigeria’s trade approach in the global economy.
Also Read
- Nigeria, others affected as UK clamps down on care worker visas
- El Clasico: Barcelona beat Real Madrid in seven-goal thriller, close in on title
- Nigerian Army arrests 12 terrorists suspects in Kwara
- Kalada Kienka, Effiong Ejehi shine at NNPC/SNEPCo tennis tourney
- Bank customers to ditch SMS alerts for email amid rising charges
“A multi-stakeholder implementation and monitoring framework should be instituted. This should include regular impact assessments and public reporting to ensure transparency, accountability, and continuous improvement of the policy over time”.
LCCI established that the Nigeria First Policy has the potential to catalyze sustainable economic development, job creation, and national self-reliance.
Still, it said the intent must now give way to implementation, urging the government to engage the private sector as a critical partner in execution.
“We stand ready to collaborate in designing, refining, and monitoring frameworks that will ensure the Nigeria First Policy delivers a meaningful and measurable impact for Nigerians” Almona reiterated.
Follow The Eagle Online Channel on WhatsApp
