LCCI STATEMENT ON PRESIDENT TINUBU’S DEMOCRACY DAY SPEECH, 12TH JUNE 2025
President Bola Tinubu’s Democracy Day speech marked a pivotal moment for Nigeria, reflecting on the nation’s 26-year democratic journey and a roadmap for its future. His address, delivered today on the historic June 12th, underscores the government’s appreciation of democracy, economic development, security, and social cohesion.
We join all Nigerians to celebrate the peaceful transition and commitment to democratic values in the past twenty-six years. A stable political environment is very crucial for business success and for attracting investments. The government must stay committed to executing all its proposed programs and ongoing reforms to ensure Nigerians reap the benefits of democracy without further delay.
Specifically, the government should consider the following:
- Ensure clear and consistent communication about economic reforms and policies to businesses and the public, reducing uncertainty, building confidence, and establishing transparent mechanisms for tracking and reporting progress made through reforms.
- Provide targeted support to businesses to reduce their cost burdens related to energy, logistics, and regulatory compliance. We recommend non-cash interventions that can ease the harsh production environment.
- Expand social safety net programs to support households affected by high living costs and inflation during this transition period and increase funding for public services such as healthcare, education, and social welfare.
- Foster a collaborative environment between the government, businesses, civil society, and labor unions to ensure fair and timely negotiations on wages and working conditions, and implement continuous dialogue and conflict resolution mechanisms to prevent labor unrest.
- Implement programs that support strategic sectors pivotal to job creation, tax revenues, and infrastructure development. The oil and gas, power, and agriculture sectors require special attention as they offer catalytic support to the economy.
- Support MSMEs through targeted financing, energy access, and market reforms. Micro, small, and medium-sized enterprises (MSMEs) form the backbone of Nigeria’s economy but face limited access to credit and infrastructure.
- Remain sensitive to the concerns of and feedback from the Organized Private Sector (OPS) and engage in more consultations towards achieving better implementation of policies.
The Lagos Chamber of Commerce and Industry commends President Tinubu for the strategic reforms initiated so far. While acknowledging the short-term challenges, we remain optimistic about the long-term benefits of the proposed and implemented reforms.
President Tinubu’s Democracy Day speech reflects an ambitious and optimistic vision for Nigeria’s future. His focus on economic growth, improving security, and increasing funding for education, healthcare, and infrastructure promises improved economic performance in the near future.
As Nigeria reflects on the progress made and the path ahead, we urge the government to remain steadfast about implementing all the required reforms towards a more sustainable and resilient economy. We urge the government to work towards a nation built on the rule of law, justice, and social cohesion even in our diversity and political sophistication. Democracy places a big responsibility on the government to provide credible and adaptive leadership to sail the ship of governance.
Long live the Federal Republic of Nigeria!!!
DR. CHINYERE ALMONA, FCA
DIRECTOR-GENERAL
LAGOS CHAMBER OF COMMERCE & INDUSTRY
THURSDAY 12TH JUNE 2025
