Business
LCCI Urges FG To Front Manufacturing Reforms
The Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Government to spearhead reforms in the manufacturing sector by tackling the key cost drivers inhibiting the growth of the sector.
President of LCCI, Gabriel Idahosa, who made the call at a media conference on the State of the Economy in Lagos, highlighted several areas of possible intervention.
“In light of increasing global economic shifts, we urge the government to spearhead transformative reforms in the manufacturing sector by addressing critical cost drivers such as high inflation, interest rates, multiple taxation, and exchange rate volatility.
“Strategic measures should include instituting single-digit tax regimes for manufacturing entities, stabilising the naira through proactive foreign exchange policies, and leveraging public-private partnerships to reduce production costs”, he said.
Idahosa noted that the Micro, Small and Medium Enterprises (MSMEs) remain the backbone of the nation’s economy, adding that they are confronted with significant challenges, including inadequate access to finance and unreliable power supply.
According to him, “MSMEs remain the backbone of Nigeria’s economy, and we urge the government to expand access to credit at concessionary rates below the prevailing CBN MPR.
“Additionally, introducing technology-driven lending platforms and tailored financial literacy programs can empower MSMEs to scale operations effectively.
“These steps will mitigate the rising cost of production, safeguard employment, and improve the competitiveness of Nigerian products in regional and global markets.
“A 2024 survey by PWC revealed that 35% of businesses identified limited financing as their primary growth inhibitor, while 21% highlighted poor electricity as a major operational hurdle. These constraints stifle the growth potential of MSMEs, which are vital contributors to Nigeria’s GDP and employment.
“To support MSMEs growth, the government should facilitate access to affordable financing by collaborating with financial institutions to develop MSME-friendly loan products with lower interest rates and simplified application processes.
“Additionally, investing in reliable power infrastructure or providing incentives for alternative energy solutions can alleviate the energy challenges faced by small businesses, enabling them to operate more efficiently and competitively”.
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The Federal Government has approved a whooping $1bn credit facility to support Nigerian exporters and small scale businesses to take advantage of the African Continental Free Trade Area (AfCFTA) in order to boost production, competitiveness and intra-African trade.
The $1bn AfCFTA Adjustment Fund Credit Facility is also expected to address some of the financing gap being faced by Nigerian exporters and enhance the competitiveness of African businesses within the continental market.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, disclosed this during the second quarter 2026 meeting of the AfCFTA Central Coordination Committee held in Abuja.
According to a statement issued by the ministry’s Head of Press and Public Relations, Obilor-Duru Okechi, Oduwole said the financing facility represented a major opportunity for Nigerian businesses seeking to expand operations, modernise production processes and increase exports to African markets.
The statement partly read, “?The Federal Government has reaffirmed its commitment to accelerating Nigeria’s export-led growth agenda under the African Continental Free Trade Area, unveiling opportunities for businesses to access a US$1 billion AfCFTA Adjustment Fund Credit Facility aimed at boosting production, competitiveness, and intra-African trade.”
She noted that despite the progress Nigeria had made in implementing the continental trade agreement, many local businesses continued to face obstacles that limited their ability to take advantage of the single African market.
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“Many businesses still face challenges relating to export documentation, certification, standards compliance and market access,” the minister said.
She explained that the Federal Government was addressing these bottlenecks through enhanced trade facilitation measures, simplified AfCFTA guidance tools, stakeholder engagement programmes and stronger collaboration with institutions such as the Nigeria Customs Service and the Nigerian Export Promotion Council.
Oduwole stressed the need to strengthen Nigeria’s legal and regulatory framework by domesticating key AfCFTA protocols, particularly the Digital Trade Protocol, to position the country as a major player in Africa’s growing digital economy.
The minister also highlighted some of the gains recorded in Nigeria’s AfCFTA implementation efforts.
According to her, the expansion of Nigeria’s Air Cargo Corridor Initiative to Rwanda, increased collaboration with development partners and private sector players, as well as sustained engagement with state governments, were helping to deepen awareness and participation in the continental market.
In her welcome address and first-quarter update, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office, Mrs Patience Okala, provided details of the financing initiative.
Okala said the $1bn AfCFTA Adjustment Fund Credit Facility was targeted at large African businesses with a minimum financing capacity of $10m.
She revealed that the National AfCFTA Coordination Office was working closely with fund managers to facilitate access for eligible Nigerian companies and had begun assembling a pilot group of businesses to ensure that Nigeria maximised the opportunities provided by the facility.
Nkpemenyie Mcdominic, Lagos
The National Inland Waterways Authority (NIWA) has advised Nigerians against boarding boats that require constant bailing of water in the interest of their safety.
NIWA Area Manager for Cross River and Ebonyi, Mr Stanley Onuoha gave this warning in an interview with Newsmen in Calabar.
Onuoha who spoke on waterway
safety, said that passengers should take responsibility for their safety by inspecting boats before embarking on any journey.
According to him, repeated scooping of water from a boat is a clear indication that the vessel may be leaking.
“If you are entering a boat and see people using a bailer to remove water, it is the first signal that the boat is leaking,” he said.
He urged passengers to check the integrity of boats, including seating arrangements and other visible safety features.
The Manager restated the importance of using safety jackets, saying that damaged jackets may fail during emergencies.
He further said that passengers should ensure that safety jackets were appropriate for their body sizes in order to guarantee effective flotation.
Onuoha reiterated the need for passengers to fill manifests before departure to aid accountability during emergencies.
The NIWA official further advised travellers to monitor weather conditions and avoid boarding boats when the weather is unfavourable.
According to him, poor weather conditions can trigger strong tidal waves capable of affecting small boats commonly used on inland waterways.
He said that waterway journeys should be embarked upon between 6.00a.m and 6.00p.m for clearer visibility.
Onuoha said the Authority had continued to sensitise riverine communities to the need for safety precautions during waterway journeys.
He stated that sustained awareness campaigns and enforcement measures had contributed to safety waterway safety in Cross River.
CHINEDU WOSU
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