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🇳🇬 Nigeria /Economy & Trade

LCCI: Manufacturing, Energy, Others Pivotal for Nigeria’s Sustainable Economic Expansion

From ThisDay · (11m ago) English

Summarized and contextualized by DistantNews.

TLDR

  • The Lagos Chamber of Commerce and Industry (LCCI) identified key sectors crucial for Nigeria's sustainable economic expansion by 2026, including manufacturing, energy, and agriculture.
  • LCCI called for decisive implementation of programs to scale agricultural value chains, reduce manufacturing costs, and accelerate infrastructure development through public-private partnerships.
  • The chamber highlighted the manufacturing sector's significant contribution to tax revenue in 2025 and urged increased government investment in productive infrastructure and growth-driving economic policies.

The Lagos Chamber of Commerce and Industry (LCCI) has laid out a clear roadmap for Nigeria's economic future, emphasizing the critical role of key sectors in achieving sustainable expansion by 2026. Our analysis underscores the need for robust implementation of targeted programs, particularly in agriculture and manufacturing, to unlock the nation's full potential.

Finally, the chamber emphasises the urgent need to accelerate economic diversification by prioritising manufacturing, reducing reliance on imports, and strengthening domestic productive capacity to build a more resilient, self-sustaining economy.

— LCCI PresidentThe LCCI President outlined the chamber's urgent call for economic diversification.

We at LCCI believe that by focusing on scaling irrigation and agro-value chains, and by actively working to reduce power and logistics costs for manufacturers, we can significantly boost domestic productive capacity. The recent performance of the manufacturing sector, as evidenced by its substantial contributions to Value Added Tax (VAT) and Company Income Tax (CIT) in 2025, demonstrates its growing importance to our economy. This strong growth is not just about revenue; it's about industrial development and building a more resilient, self-sustaining economy.

The manufacturing sector’s contribution to tax revenue collections in Nigeria maintained an upward trend in 2025, contributing a total of N1.17 trillion in Value Added Tax (VAT), an increase of 45.61 per cent over the N803.53 billion in 2024.

— LCCI PresidentThe LCCI President cited the manufacturing sector's strong performance in tax revenue as a reason for increased government investment.

Our call for accelerated economic diversification is paramount. Reducing our reliance on imports and strengthening domestic production are not mere policy suggestions; they are imperatives for national economic health. The LCCI remains hopeful that the 2026 revised budget, if executed with discipline and efficiency, will provide the necessary framework for consolidation and growth. However, we must address historical weaknesses in budget execution, such as delays in fund releases and bureaucratic bottlenecks, to ensure capital projects are effectively implemented and fiscal management is optimized.

The sector’s Company Income Tax (CIT) contribution rose to N881.29 billion, marking a 32.83 per cent increase from N663.46 billion recorded in 2024.

— LCCI PresidentThe LCCI President provided specific figures on the manufacturing sector's Company Income Tax contributions.
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Originally published by ThisDay. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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