The President of the Lagos Chamber of Commerce and Industry (LCCI) has expressed optimism about Nigeria's economic trajectory, emphasizing the importance of transitioning from a consumption-driven economy to a more sustainable production-based model.
Speaking on the country's economic outlook, he noted that reducing transportation costs would significantly lower inflation, benefiting businesses and consumers alike.
He also highlighted Nigeria's growing recognition in the global market as a producer of refined petroleum products.
"We are now recognized worldwide as a producing country for refined petroleum products," he stated, underscoring the country's progress in industrial development.
His comments come at a time when Nigeria is grappling with economic challenges, including inflation and foreign exchange volatility.
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However, he stressed that with strategic policies, increased investments in local production, and infrastructural development, Nigeria could achieve long-term economic stability.
The LCCI president called for policies that encourage industrial growth, support small and medium enterprises (SMEs), and enhance manufacturing capabilities.
According to him, fostering a production-driven economy will not only create jobs but also improve Nigeria's self-sufficiency and global competitiveness.
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