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- The Lagos Chamber has reacted to the latest Nigeria's Gross Domestic Product (GDP) maturation released by NBS
- LCCI President Gabriel Idahosa said the poorness is deepening arsenic ostentation and precocious surviving costs continue
- Experts accidental the rebased ostentation fig of 22.22% masks existent hardship, noting it could person deed 33% without the CPI adjustment
Legit.ng writer Dave Ibemere has implicit a decennary of acquisition successful business journalism, with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.
The Lagos Chamber of Commerce and Industry (LCCI) has shared its sentiment astir Nigeria's Gross Domestic Product (GDP) maturation of 3.13% year-on-year successful the archetypal 4th of 2025.
According to the chamber, contempt the maturation reported, economical conditions proceed to airs challenges for galore Nigerians.
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Speaking astatine their 3rd property league of 2025, Gabriel Idahosa, LCCI President, noted that portion the GDP figures suggest economical improvement, important portions of the colonisation are grappling with poorness exacerbated by inflationary pressures.
According to Idahosa, the Consumer Price Index (CPI), though showing a diminution to 22.22%, would person been arsenic precocious arsenic 33% without rebasing.
He, however, added that the rebasing from a 2010 to 2019 basal twelvemonth aligns Nigeria's economical information with the planetary standard
His words:
"Behind the optimistic figures lies our reality. Economic conditions person enactment a ample information of the colonisation into poverty, and inflationary pressures person weakened our purchasing power."Inflation remains unrelenting, particularly successful the nutrient segment, captious successful a state wherever food-related expenditures predominate household budgets."LCCI seeks authorities action
Idahosa urged strategical economical translation beyond statistical celebrations.
He asked the authorities to prioritise stabilising the naira done boosting non-oil exports, overseas speech and supporting home production.
He continue:
"Food information indispensable beryllium urgently addressed with input subsidies, improved retention systems, and logistics enhancements to combat ostentation and hunger."The LCCI president besides advocated for empowering Micro, Small, and Medium Enterprises (MSMEs) done enhanced fiscal entree and integer tools nether the 2025 Nigerian Tax Reform Act.
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More expert reactions
Also reacting to the Central Bank of Nigeria's determination to support cardinal monetary argumentation parameters, including the Monetary Policy Rate (MPR) astatine 27.50%.
analysts underscored persistent inflationary pressures driven by fiscal enlargement and insecurity undermining nutrient production.
Analysts from Cowry Assets Management and Coronation emphasised the request for sustained macroeconomic stableness and FX reforms to enactment economical recovery.
The analysts stated:
"Looking ahead, achieving Nigeria's extremity of a $1 trillion system by 2030 volition necessitate sustained GDP maturation and speech complaint stability."Top Nigerian institution predicts caller naira to dollar speech rates
Earlier, Legit.ng reported that Comercio Partners has projected that the naira could admit to beneath N1,400 per dollar in the Nigerian overseas speech market.
This was disclosed successful its 2025 H2 economical outlook study titled “reconfiguration: from planetary commercialized to quantum innovation – a caller economical epoch emerges."
The firm’s outlook comes arsenic the naira traded astatine N1,535.61 per dollar connected Wednesday, somewhat weaker than the erstwhile day’s complaint of N1,535.23 successful the authoritative market.
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Source: Legit.ng
