GDP Growth: Enough of statistical celebration, LCCI tells FG

The Lagos Chamber of Commerce and Industry (LCCI) has charged the Federal Government to move from what it called ‘statistical celebration’ to strategic economic transformation. The body acknowledged the recent release of Nigeria’s rebased Gross Domestic Product (GDP) figures and the Q1 2025 economic growth data. “With a real growth rate of 3.13% and nominal […]

The Lagos Chamber of Commerce and Industry (LCCI) has charged the Federal Government to move from what it called ‘statistical celebration’ to strategic economic transformation.

The body acknowledged the recent release of Nigeria’s rebased Gross Domestic Product (GDP) figures and the Q1 2025 economic growth data.

“With a real growth rate of 3.13% and nominal GDP now recorded at ₦372.82 trillion, this development offers a more comprehensive and contemporary reflection of the Nigerian economy, capturing vibrant informal activities, tech-driven enterprises, and service-oriented sectors that were previously under the radar,” LCCI President, Gabriel Idahosa, said while addressing newsmen on the state of the economy.

According to him, the rebasing from the 2010 to 2019 base year brings Nigeria closer to global statistical standards and reveals a more diversified economy, where real estate, trade, telecoms, and crop production now dominate, while oil’s share continues to decline.

Idahosa, however, said behind the ‘optimistic figures’ lies the nation’s reality.

He said economic conditions have put a large portion of the population into poverty, with inflationary pressures weakening purchasing power as well as rising cost of living.

The LCCI President said inflation remains unrelenting, especially in the food segment, describing it as an “alarming indicator in a country where most household expenditure is food-related.”

He said, “The naira’s depreciation, now hovering above ₦1,530/$, has severely diminished real incomes, while energy costs, from petrol and diesel to cooking gas, remain painfully high. These pressures affect both households and businesses, worsening inequality and making daily survival a struggle for many.”

This, he said, is a call to action. “The government must move from statistical celebration to strategic economic transformation.”

He told the government that stabilizing the naira must be a top priority, as it requires “restoring FX confidence, boosting non-oil exports, and supporting domestic production.”

The LCCI President said food security must be urgently addressed through input subsidies, storage systems, and improved logistics to combat inflation and hunger.

“The government must intensify efforts to empower MSMEs and the informal sector through access to finance, aggressive operationalization of the 2025 Nigerian Tax Reform Act, and deployment of digital tools.

“We need targeted job creation programmes, especially in agriculture, construction, and technology, backed by aggressive skills development.

“Restore citizens’ confidence through transparency, social protection, and visible policy implementation,” he said.