Nigerian chambers urge reforms to attract investment and revive enterprises

Nigerian chambers of commerce are calling for structural reforms and increased foreign investment to drive economic growth and revive struggling enterprises.

The Abuja Chambers of Commerce and Industry (ACCI) has emphasized that restoring moribund enterprises requires credible regulation, political commitment, and transparent private-sector partnerships. ACCI President-Elect Prof. Adesoji Adesugba suggested utilizing Public-Private Partnerships (PPPs), concessions, and mixed-ownership models to provide the capital and expertise necessary for operational efficiency. He cited the successful transformation of the telecommunications sector following the decline of NITEL as a model for effective private-sector participation.

Simultaneously, the Lagos Chamber of Commerce and Industry (LCCI) is encouraging global investors to capitalize on Nigeria’s expanding market and ongoing economic reforms, such as exchange rate unification and fuel subsidy removal. LCCI President Gabriel Idahosa and Director-General Dr. Chinyere Almona highlighted opportunities in agriculture, energy, mining, technology, and infrastructure. The LCCI noted increasing trade interest from Asian markets, particularly regarding renewable energy and automotive manufacturing.