As Nigeria celebrates its 64th Independence Day anniversary, the Lagos Chamber of Commerce and Industry (LCCI) has issued a call for the Federal Government to implement decisive measures aimed at stabilizing the economy and fostering sustainable growth. In a statement released on Monday, LCCI President Gabriel Idahosa addressed the country‘s heavy reliance on oil, urging the government to pursue a more diversified revenue strategy.
Idahosa emphasized that to achieve sustainable economic growth, Nigeria must focus on key areas such as infrastructure development, fiscal discipline, debt management, and human capital development. He noted that these factors are essential in creating a resilient economy capable of withstanding global market fluctuations.
Despite Nigeria’s status as a major oil producer, Idahosa pointed out that the nation has yet to fully capitalize on the potential benefits associated with its oil wealth. He highlighted the importance of diversifying the economy by investing in non-oil sectors, including agriculture, solid minerals, and natural gas. By fostering growth in these areas, Nigeria can reduce its dependence on oil revenue and create a more balanced economic landscape.
While commending the recent positive economic performance, with the Gross Domestic Product (GDP) growing by 3.19 percent in the second quarter of 2024 and the oil sector experiencing a significant 10.15 percent growth during the same period, Idahosa also expressed concern over persistent issues such as insecurity and oil theft. These challenges not only undermine economic stability but also hinder the country’s progress toward achieving its full economic potential.
The LCCI’s call to action serves as a timely reminder of the need for strategic planning and bold reforms to ensure Nigeria’s economic future is bright and sustainable. As the country navigates the complexities of its economic landscape, the focus must shift toward building a diverse and resilient economy that can thrive beyond oil dependency.
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