Embrace digital skill’ll to compete favourable in global economy, LCCI tell businesses
The President of Lagos Chamber of Commerce and Industry, Mr. Gabriel Idahosa has enjoined business in Nigeria to embrace digital transformation and sustainability to remain competitive in a rapidly evolving global economy.
Idahosa who made the statement in Lagos at the 2025 Economic Review and Outlook conference said the private sector remains the engine of growth and innovation.
He said opportunities in agriculture, manufacturing, and renewable energy abound, supported by government incentives such as the Pioneer Status Tax Holidays, import duty waivers, and tax reliefs.
He said the 2025 federal budget of N47.90 trillion represents a bold attempt to consolidate fiscal reforms while addressing critical developmental needs.
He said the budget allocation of N8 trillion to critical infrastructure projects such as roads, railways, and power, a 25 per cent increase from 2024, demonstrating a strong focus on closing the infrastructure gap.
Additionally, he said N5 trillion is designated for education and healthcare to enhance literacy and reduce maternal mortality by 20 per cent over two years.
He however said that the projected budget deficit of N11.3 trillion, a 3.4 per cent of GDP will rely on domestic and external borrowing, raising concerns about debt sustainability, adding that the government’s target is to achieve a GDP growth rate of 4.2 per cent in 2025 while reducing inflation to 15 per cent. He said that these projections hinge on successful policy implementation and global economic stability.
Reviewing the performance of the economy in previous year, he said the year 2024 was pivotal for Nigeria, marked by significant reforms across fiscal policy, energy, and trade, adding that structural economic challenges, such as low non-oil revenue generation, persistent inflation, and inadequate infrastructure necessitated these reforms.”
He said the Gross Domestic Product (GDP) growth rate for third quarter of 2024 closed at 3.46 per cent, the most since fourth quarter of 2023 and quickening from 3.19 per cent in the previous quarter.
He explained that the non-oil sector grew by 3.37 per cent accelerating from 2.80 per cent in the prior period, primarily driven by the services sector, which saw a 5.19 per cent increase and accounted for 53.58 per cent of overall GDP.
He listed financial and insurance services (+30.8%), information and communication (+5.9%), transportation and storage (+12.2%), trade (+0.7%), and construction (+2.9%) as key contributors to the GDP growth.
