FG must sustain power reforms to grow industries – LCCI

The Lagos Chamber of Commerce and Industry has called on the Federal Government to maintain power sector reforms and initiatives to boost electricity supply to industries.

The Director-General of the LCCI, Dr Chinyere Almona, called for increased efforts in developing the power sector, noting that as of July, there was a registered unmetered population of about 13.1 million.

Almona, in a statement from the chamber, commended the progress in the power sector including an increase in the provision of electricity meters to consumers by 3.3 per cent, on a month-on-month basis, from 5.9 million recorded in June to 6.1 million in July 2024.

Whereas the LCCI acknowledged Nigeria’s industrial sector’s 3.53 per cent growth in the second quarter of 2024, the chamber recommended that the Federal Government should sustain the momentum through targeted interventions.

Along with the power sector, the LCCI DG encouraged further government efforts in agriculture, oil and gas, trade and services

She said Nigeria’s agriculture sector needs import waivers for agricultural inputs and improved security around crop production sites, with enhanced rural infrastructure to reduce post-harvest losses and improve market access is crucial.

The LCCI noted that while the oil sector’s year-on-year growth is commendable, its quarter-on-quarter decline showed that the sector was vulnerable and needed stronger regulatory measures to address divestments, crude supply to local refineries, oil theft, and pipeline vandalism.

“The implementation of the Petroleum Industry Act is essential to resolving these regulatory challenges,” Almona added.

The LCCI noted the trade sector needs further boosts despite its positive performance of a 0.7 per cent year-on-year growth in Q2 2024 as it called for more investment in port infrastructure.

Further, the chamber called for strengthened regulatory frameworks to promote fair competition and consumer protection as crucial for sustaining growth in the services sector.

“The services sector remains the backbone of Nigeria’s GDP, particularly Information and Communication and Financial Services. Continued support for digital transformation, financial inclusion, and fintech innovations will be vital,” Almona said.