Agriculture, agro-processing, manufacturing, energy, infrastructure, and human capital development have been identified as pivotal drivers for sustainable economic expansion in Nigeria in 2026. Unlocking these sectors would, therefore, require decisive implementation through scaling irrigation and agro-value chains, reducing power and logistics costs for manufacturers, and accelerating the delivery of critical infrastructure through Public-Private Partnerships (PPPs).
This piece of information was given by the President, Lagos Chamber of Commerce and Industry (LCCI), Engr. Leye Kupoluyi in an address he delivered on the State of the Economy. According to the President, being a foremost advocacy body for the private sector in Nigeria, the chamber is committed to promoting a thriving, inclusive, and sustainable business environment, saying that the State of the Economy address was meant to provide an informed assessment of Nigeria’s economy and outline the critical issues that have shaped the economic landscape over the last quarter.
“This approach has become a hallmark of our public policy advocacy efforts, driven by our unwavering commitment to fostering a stronger economy and a more business-enabling environment. Through comprehensive macroeconomic diagnostics during these briefing sessions, we aim to highlight critical areas of concern and present actionable recommendations to the government. We aim to champion policy alternatives that empower the private sector to thrive and contribute meaningfully to national development”, the body said.
LCCI added that it remains hopeful that the 2026 revised budget would present a credible framework for economic consolidation and growth, but its successes would depend less on the nominal size of allocations and more on disciplined execution, capital efficiency, revenue optimisation, and prudent debt management. The chamber lauded the Federal Government on the wide-ranging set of fiscal policy measures for the current year, including cutting import duties on key goods such as rice, palm oil, and sugar, while introducing new taxes and protections to support local industries and aid economic growth.
In the fourth quarter of 2025, Nigeria’s real Gross Domestic Product (GDP) grew by 4.07%, which is an improvement from 3.98% in the previous quarter, and a modest increase from the 3.76% growth recorded in the corresponding period of 2024. The increase was driven by the non-oil sector, which grew by 3.99% and accounted for 97.13% of aggregate GDP. On the other hand, the oil sector grew by 6.79% and contributed 2.87% to the aggregate GDP. Food imports also saw significant adjustments, noting that if these amendments are well implemented, there is expected to be some ease in mobility and food costs, which would reduce the cost of living in the country.
The LCCI disclosed further that Nigeria’s inflation rate rose to 15.38% in March 2026, up from 15.06% in February, marking a clear reversal of the 11-month disinflation trend. The increase was driven largely by food inflation (14.31%), rising transport costs (16.9%), broad-based pressure across services and core inflation, which climbed to 16.21%. Monthly inflation also surged to 4.18%, the highest since January 2025, reflecting renewed short-term price instability and the impact of domestic supply constraints and external shocks. In the final analysis, the LCCI President reiterated the call on the government to tackle the many economic issues raised in order to deliver enhanced economic gains to Nigerian citizens and businesses.
