LCCI calls for improved fiscal management
The rollover of N7.71 trillion in unimplemented 2025 capital projects underscores the need for improved fiscal management, effective public-private partnerships (PPPs), and stronger collaboration between the executive and legislature to
The rollover of N7.71 trillion in unimplemented 2025 capital projects underscores the need for improved fiscal management, effective public-private partnerships (PPPs), and stronger collaboration between the executive and legislature to ensure timely project completion.
President, Lagos Chamber of Commerce & Industry (LCCI), Leye Kupoluyi spoke at the second quarterly press conference on the state of the economy in Lagos.
He argued the Chamber has followed budget defence sessions at the National Assembly and have noted concerning moments when Ministries, Departments, and Agencies (MDAs) disclosed that they received only a tiny fraction of the funds approved for capital projects in the 2025 fiscal year.
According to him when contractors are owed large sums of capital, their operations are stifled, and jobs within their domains are threatened. The Government must therefore create a new template for capital budget releases to ensure capital projects are adequately funded.
Commenting on the Oil & Gas production, he commended the Nigerian Upstream Petroleum Regulatory Commission for unveiling an ambitious reform agenda to boost crude oil production, restore investor confidence, and position Nigeria as a competitive global energy destination.
He said the agenda’s main focus is to deploy technology-driven regulation, accelerate approvals, and deepen transparency across licensing and compliance processes.
He urged the Commission to prioritize a fully digital regulatory ecosystem that eliminates bottlenecks, improves transparency, and aligns Nigeria with global best practices.
On the high prices of crude oil in the international market caused by the war in the Middle East, Kupoluyi noted the huge opportunities that can only be explored if we boost our local production and refining capacities to position ourselves as an alternative oil supply hub in Africa.
Speaking on the increasing Telecom infrastructure vandalism, Kupoluyi said there has been rising incidents of vandalism of telecommunications infrastructure across the country.
He stated that the trend is a serious threat to economic productivity, national security, digital inclusion, and investor confidence.
Read Also: Governors weigh options for state police’s financing
“Telecommunications infrastructure remains critical to modern economic activity, supporting banking services, e-commerce, education, healthcare, logistics, public administration, and millions of small businesses. Persistent attacks on fiber-optic cables, base stations, power systems, and related assets disrupt essential services, increase service providers’ operating costs, and reduce service quality for consumers and businesses”.
To address this challenge, he urged governments at all levels to treat telecommunications infrastructure as critical national assets that require stronger protection.
According to him this should include enhanced security surveillance, stricter enforcement of laws against vandalism, faster prosecution of offenders, and closer collaboration between security agencies, regulators, communities, and network operators.
The Chamber also called for improved right-of-way management, better coordination during road construction and urban works, and stronger public awareness campaigns on the economic damage caused by vandalism.
On high Import Duties on Paper and Printing Consumables, LCCI expressed concerns over the high import duties imposed on paper, printing materials, and related consumables, noting that the policy continues to increase production costs for businesses operating in the printing, publishing, packaging, education, advertising, and manufacturing value chains.
“This situation, combined with port delays, multiple regulatory checks, inconsistent tariff classifications, and administrative bottlenecks, significantly increases production costs and affects the prices of essential printed materials”.
He advocated for a review of import duties, full integration of regulatory agencies into the National Single Window, standardisation of tariff classifications, and deliberate efforts to reduce cargo clearance timelines without introducing additional costs.
In his words, the Chamber believes that a practical policy mix of moderate tariffs, support for local manufacturing, and stable macroeconomic conditions will strengthen the printing and packaging industries, lower business costs, and contribute to broader economic growth.
