T he Lagos Chamber of Commerce and Industry (LCCI) has urged the Federal Government to prioritize crude oil refining and petrol exports to curb inflation and stabilize the naira.
LCCI President Gabriel Idahosa emphasized that the N54.99 trillion 2025 budget is insufficient to meet Nigeria’s ambitious economic goals, including achieving a $1 trillion economy by 2030 and reducing inflation to 15% from the current 34.8%.
While acknowledging the government’s inflation target as challenging, Idahosa stressed that disciplined policies, particularly in foreign exchange management, could make it attainable. He suggested stabilizing the naira at around ₦1,300 per dollar to help ease inflationary pressures.
He also highlighted the critical role of increasing domestic refining capacity and petroleum product exports, stating that reducing fuel imports and expanding non-oil exports such as fertilizers and cement would generate surplus foreign currency and support economic stability.
Refineries like Dangote and NNPC, he noted, are key to eliminating petrol imports and positioning Nigeria as a net exporter of refined petroleum products.
Idahosa further projected that inflation would decline as transportation costs drop, driven by the expansion of metro rail projects and the use of Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG) vehicles in major cities.
With Nigeria shifting from a consumption-based economy to a production-driven one, he expressed optimism about the country’s economic future, stating that a stronger naira and a more resilient economy would emerge through increased exports and industrial growth.
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