How Nigeria can achieve 2026 growth projections — LCCI

The Lagos Chamber of Commerce and Industry (LCCI), says Nigeria can meet 2026 growth projections through coordinated reforms, stronger institutions, and deeper private-sector-driven economic expansion. The President, LCCI,  Leye Kupoluyi, said this on Thursday in Lagos at the chamber’s 2026 first quarter news conference.  This is coming against the backdrop of several projections for Nigeria’s […]

The Lagos Chamber of Commerce and Industry (LCCI), says Nigeria can meet 2026 growth projections through coordinated reforms, stronger institutions, and deeper private-sector-driven economic expansion.

The President, LCCI,  Leye Kupoluyi, said this on Thursday in Lagos at the chamber’s 2026 first quarter news conference. 

This is coming against the backdrop of several projections for Nigeria’s economy in 2026 with the World Bank recently projecting 4.4 per cent economic growth for Nigeria.

According to him, Nigeria must effectively leverage the opportunities presented by the global environment to exceed projected growth in 2026.

He noted that in 2025, the global economy demonstrated unexpected resilience amidst significant and persistent headwinds.

The LCCI President noted that 2025 was characterised by steady but slow global growth, constrained by geopolitical tensions, trade fragmentation, and structural weaknesses. 

He said while the global economy avoided a sharp downturn, growth remained below pre-pandemic levels.

“Effectively, leveraging these opportunities will require deliberate, coordinated policy actions, strengthened institutions, and robust private-sector-led growth strategies.

“There is also the need to improve competitiveness, boost investment, and foster inclusive and sustainable economic growth,” he said. 

On monetary policy, the LCCI president noted that the Monetary Policy Rate was maintained at 27.0 per cent during the period under review.

He said while the development strengthened anti-inflation efforts, it also heightened cost of borrowing, suppressed aggregate demand, slowed business expansion and exerted downward pressure on household consumption.

“These effects could weigh on economic recovery, particularly in interest-sensitive sectors such as manufacturing, real estate, and consumer goods,” he said.

He called for increased investments in agro-processing to boost non-oil exports and improve Nigeria’s foreign exchange earnings.

Kupoluyi said the country must move toward value-added, sustainable products and enhance export competitiveness to improve its foreign exchange earnings and reduce vulnerability to oil price volatility.

“In view of these trends, we strongly urge the government to intensify efforts to expand non-oil revenue, improve tax efficiency and compliance, and curb recurrent expenditure,” Kupoluyi said.

Kupoluyi identified flagship commodities like cocoa, cashew, palm oil, and sesame as key areas where Nigeria holds a competitive advantage but continues to underperform due to weak processing capacity and limited export competitiveness.

The LCCI noted that strengthening agro-processing would not only expand non-oil export earnings but also support exchange rate stability by reducing pressure on foreign reserves.

The Chamber said the country must accelerate a shift from exporting raw agricultural commodities to processing them into higher-value products to boost foreign exchange earnings and improve resilience.

It urged for more “leveraging on the African Continental Free Trade Area (AfCFTA) to scale non-oil exports”.

Kupoluyi, however, warned that sustaining stability would require diversifying export revenues beyond oil.

He noted that high borrowing costs and tight liquidity conditions also continue to limit investment across agro-value chains.

Kupoluyi urged policymakers to support agribusinesses through improved access to finance, stronger standards compliance, and better trade intelligence.