Nigeria stakeholders urge government to reduce production costs

Following President Bola Tinubu’s Independence Day address, various economic stakeholders in Nigeria are calling for the Federal Government to translate macroeconomic stability into lower production costs for businesses and farmers.

Agricultural representatives, including the All Farmers Association of Nigeria (AFAN), have urged the government to provide increased funding, subsidized farm inputs, and mechanization equipment. While acknowledging efforts such as fertilizer distribution and forest security initiatives, stakeholders emphasized the need to discourage commodity importation and reduce overall expenses to improve productivity.

The Lagos Chamber of Commerce and Industry (LCCI) similarly advised the government to focus on enterprise competitiveness. The Chamber noted that manufacturers and small businesses continue to struggle with high costs related to energy, transportation, taxation, infrastructure deficiencies, and insecurity. The LCCI stressed that economic reforms must result in tangible improvements in household purchasing power and a more predictable regulatory environment.