The Lagos Chamber of Commerce and Industry (LCCI) has urged the Federal Government to sustain power sector reforms and initiatives to improve electricity supply for industries.
Dr. Chinyere Almona, Director-General of the LCCI, emphasized the need for greater development in the power sector, highlighting that as of July, approximately 13.1 million people remained unmetered. In a statement from the chamber, Almona praised the sector’s progress, noting a 3.3% month-on-month increase in electricity meter distribution, rising from 5.9 million in June to 6.1 million in July 2024.
While acknowledging the industrial sector’s 3.53% growth in the second quarter of 2024, the LCCI recommended that the Federal Government maintain the momentum through focused interventions.
In addition to the power sector, Almona encouraged continued efforts in agriculture, oil and gas, trade, and services. She highlighted the need for import waivers on agricultural inputs, improved security for crop production areas, and better rural infrastructure to minimize post-harvest losses and enhance market access.
Although the oil sector’s year-on-year growth was commendable, Almona pointed out its quarter-on-quarter decline, stressing the need for stronger regulations to address issues like divestments, crude supply to local refineries, oil theft, and pipeline vandalism. She called for the full implementation of the Petroleum Industry Act to tackle these challenges.
The LCCI also noted that despite the trade sector’s 0.7% year-on-year growth in Q2 2024, further investments in port infrastructure were necessary. Moreover, the chamber advocated for stronger regulatory frameworks to foster fair competition and protect consumers, which would help sustain growth in the services sector.
“The services sector, particularly Information and Communication Technology and Financial Services, remains crucial to Nigeria’s GDP. Ongoing support for digital transformation, financial inclusion, and fintech innovations will be key to continued success,” Almona added.