Independence: How to change Nigeria’s economic fortunes

As Nigeria marks its 66th Independence Anniversary, economic experts and the Lagos Chamber of Commerce and Industry (LCCI) have called for a decisive shift from economic stabilisation to production, productivity and job creation. They said Nigeria's economic challenges were rooted in decades of dependence on crude oil, inadequate infrastructure, inconsistent policies and underinvestment in productive sectors, and urged governments at all levels to create an environment enabling businesses to produce competitively and employ more Nigerians. In its Independence Day statement signed by President Engr. Leye Kupoluyi, the LCCI acknowledged that recent reforms had produced encouraging signs of macroeconomic stabilisation, including stronger GDP growth, moderation in inflation, improved external reserves and greater stability in the foreign exchange market. It warned, however, that macroeconomic gains would have to be sustained.

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