NIGERIA FIRST: LCCI URGES STRATEGIC ACTIONS
The Lagos Chamber of Commerce and Industry (LCCI) acknowledges the Federal Government’s renewed commitment to the Renewed Hope Nigeria First Policy, aimed at promoting indigenous production, empowering local businesses, and reducing overdependence on imports. This policy direction is timely and aligns with our long-standing advocacy for an inclusive, self-reliant, and resilient national economy. With the policy well implemented, we expect to see the emergence of new opportunities for job creation, economic growth, reduced pressure on our FOREX spending, and robust revenue generation in the medium to long term.
However, while the intent of the Nigeria First Policy is commendable, the LCCI believes that its success depends on a bold, coherent, and well-coordinated execution strategy that addresses deep-rooted structural barriers. This policy should be grounded in economic realism, legal consistency, and institutional integrity.
The LCCI is therefore of the view that domestic industries must be supported to become competitive through targeted infrastructure investments, access to affordable credit, and an enhanced ease of doing business environment. Incentives such as tax reliefs, R&D grants, and backward integration support should be prioritized for sectors with strong local potential, especially agro-processing, manufacturing, and ICT. To ramp up local production, current challenges facing the manufacturing sector, like high cost of generating power, rising cost of logistics, high cost of credit, and a rather harsh regulatory environment, must all be resolved.
On the consumption side, the government must lead by example by strictly enforcing local content rules in procurement at all levels. Procurement processes must be transparent, merit-based, and inclusive of SMEs to avoid elite capture and ensure fair competition across the board. Policies should be backed by enforceable legislation and harmonized across ministries, departments, and agencies (MDAs) to avoid contradictions and regulatory loopholes. Unpredictable policy reversals and bureaucratic bottlenecks discourage investment and must be addressed decisively.
Strategic protection must be accompanied by initiatives that promote quality assurance and market expansion. The promotion of local content should not result in monopolies or the proliferation of substandard products. Quality control mechanisms and consumer rights must be safeguarded at all times.
The Nigeria First Policy needs to be complemented by large-scale investments in vocational training and digital skills to align with evolving market needs. Partnerships with academic institutions and the private sector are essential to bridge skill gaps and drive innovation within the local talent economy.
The Nigeria First Policy should align with regional and continental trade agreements, especially the African Continental Free Trade Area (AfCFTA). Strategic diplomacy and a focus on competitiveness—not protectionism—should define Nigeria’s trade approach in the global economy.
A multi-stakeholder implementation and monitoring framework should be instituted. This should include regular impact assessments and public reporting to ensure transparency, accountability, and continuous improvement of the policy over time.
The Nigeria First Policy has the potential to catalyze sustainable economic development, job creation, and national self-reliance. However, intent must now give way to implementation. The LCCI urges the government to engage the private sector as a critical partner in execution. We stand ready to collaborate in designing, refining, and monitoring frameworks that will ensure the Nigeria First Policy delivers meaningful and measurable impact for Nigerians.
Dr. Chinyere Almona, FCA
Director General
Lagos Chamber of Commerce and Industry (LCCI)
Friday 9th May 2025
