The Lagos Chamber of Commerce and Industry has urged the Federal Government to uphold reforms and initiatives aimed at improving the power sector to enhance electricity supply for industries.
The Director-General of the LCCI, Dr. Chinyere Almona, emphasized the need for greater focus on power sector development, pointing out that as of July, around 13.1 million people remained unmetered.
According to The PUNCH, in a statement issued by the chamber, Almona acknowledged progress in the sector, highlighting a 3.3 per cent month-on-month rise in the number of electricity meters provided to consumers, which increased from 5.9 million in June to 6.1 million by July 2024.
The chamber recognized the 3.53 per cent growth in Nigeria’s industrial sector during the second quarter of 2024 but advised the Federal Government to sustain this momentum through targeted interventions.
Almona also called for government efforts to extend beyond the power sector to agriculture, oil and gas, trade, and services.
She pointed out that the agricultural sector would benefit from import waivers for inputs, improved security at crop production sites, and better rural infrastructure to reduce post-harvest losses and enhance market access.
While acknowledging the year-on-year growth in the oil sector, the LCCI highlighted the quarter-on-quarter decline, suggesting the sector’s vulnerability. Almona recommended stronger regulatory measures to tackle challenges such as divestments, crude supply to local refineries, oil theft, and pipeline vandalism, stressing that “the implementation of the Petroleum Industry Act is essential to resolving these regulatory challenges.”
In the trade sector, the chamber urged more investment in port infrastructure, despite the 0.7 per cent year-on-year growth in Q2 2024.
For the services sector, the LCCI called for strengthened regulatory frameworks to encourage fair competition and consumer protection to ensure sustained growth.
Almona noted, “the services sector remains the backbone of Nigeria’s GDP, particularly Information and Communication and Financial Services.”
She emphasized the importance of ongoing support for digital transformation, financial inclusion, and fintech innovation in driving future growth.
