Nigeria’s Private Sector Urges Further Power Sector Reforms for Economic Growth
The Lagos Chamber of Commerce and Industry (LCCI) has emphasized the need for continued efforts to develop Nigeria’s power sector, citing concerns over the country’s unmetered population and industrial growth. As of July, there were approximately 13.1 million registered unmetered individuals, a significant hindrance to the sector’s development.
In a recent statement, Dr. Chinyere Almona, Director-General of the LCCI, commended progress in the power sector, including a 3.3% increase in electricity meter provision to consumers over the past month, bringing the total to 6.1 million by July 2024.
However, the LCCI noted that Nigeria’s industrial sector, which grew by 3.53% in the second quarter of 2024, still faces challenges. The organization recommends that the Federal Government maintain power sector reforms and targeted interventions to sustain growth momentum.
The LCCI also emphasized the importance of progress in other sectors, such as agriculture, oil and gas, trade, and services. In the agricultural sector, the LCCI called for import waivers for agricultural inputs, enhanced rural infrastructure, and improved security around crop production sites to reduce post-harvest losses and improve market access.
While the oil sector’s year-on-year growth is commendable, the LCCI noted its vulnerability due to quarter-on-quarter decline. The implementation of the Petroleum Industry Act is seen as essential for addressing regulatory challenges, such as divestments, crude supply to local refineries, oil theft, and pipeline vandalism.
To promote fair competition and consumer protection, the LCCI also called for strengthened regulatory frameworks in the services sector. The organization highlighted the need for continued support for digital transformation, financial inclusion, and fintech innovations in the Information and Communication, Financial Services, and other key sectors.
Ultimately, the LCCI urged the Federal Government to address the country’s economic growth challenges through targeted interventions in the power, agriculture, oil and gas, trade, and services sectors.
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