The Lagos Chamber of Commerce and Industry (LCCI) has called on President Bola Tinubu and the Federal Government to prioritise cutting debt costs, revitalising agriculture and improving power supply to help Nigeria meet its 2026 economic growth targets.
In a statement, LCCI Director-General Dr. Chinyere Almona welcomed the early presentation of the 2026 budget but warned that high debt servicing remains a major fiscal burden, limiting funds for productive investments. The chamber said decisive action is needed to unlock key growth sectors such as agriculture, manufacturing, infrastructure, energy and human capital development.
The LCCI urged government to reduce power and logistics costs for businesses, scale irrigation and agro-value chains, and strengthen public-private partnerships. It also flagged risks in the budget’s macroeconomic assumptions especially regarding oil price, production and exchange rates which could strain revenue if not met.
The 2026 Appropriation Bill, estimated at about ₦58.47 trillion, was recently passed by the Senate for second reading. It projects a fiscal deficit of roughly 4.28% of GDP, with significant allocations for debt service and capital projects aimed at driving growth.
The Chamber says urgent reforms and collaboration between government and the private sector will be key to translating fiscal planning into jobs, increased output and broader prosperity in 2026 and beyond. Visit www.jocomms.com for more news.