By Yinka Kolawole
At the backdrop of the economic reforms of the federal government (FG), the Lagos Chamber of Commerce and Industry (LCCI) has projected the Nigerian economy to end this year on a positive note if the current reform efforts are sustained.
LCCI President, Gabriel Idahosa, expressed this optimism yesterday, in Lagos, at a media briefing on the state of the economy.
Idahosa, however, cautioned that sustained economic recovery will depend on a synergy between fiscal and monetary policy, adding that macroeconomic stability must lead to improved living standards of the citizens and more substantial competitiveness for our businesses.
He stated: “FX has been stable. The margin between parallel and official rates has closed significantly. Economic actors are now able to plan well.
“Some foreign investors have suggested that if these reforms can be sustained, more investors would be encouraged to come into Nigeria. The general consensus is that Nigeria has managed to maintain economic stability.
“We are going into the fourth quarter with a certain amount of confidence, seeing lower tendencies for speculations in the exchange rate management.
“Looking ahead, LCCI believes that sustained economic recovery depends on synergy between fiscal and monetary policy. Fiscal reforms must emphasize efficiency and accountability, while monetary policy should remain predictable and supportive of the real sector.
“Nigeria must diversify its economy beyond oil by expanding value-added activities in agriculture, manufacturing, and digital trade. Above all, institutional credibility and good governance remain the foundation of investor confidence and sustainable prosperity.
“The path forward is clear. We must pursue stability through discipline, growth through diversification, and prosperity through partnership. Our collective goal must be to translate macroeconomic stability into improved living standards for our citizens and more substantial competitiveness for our businesses.”
He noted that Nigeria’s fundamentals are showing cautious signs of improvement, but warned that while the economy is regaining momentum, the structural imbalance between the oil and non-oil sectors persists, underscoring the need for greater focus on non-oil revenue.
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