(3 Minutes Read)
The Lagos Country Club has urged deeper private sector investment in domestic manufacturing as a way to curb inflation, ease cost pressures on households and businesses, and reduce dependence on government policies that continue to strain the economy. The club stressed that Nigeria must confront persistent structural barriers—such as high energy tariffs and unreliable electricity—if local industries are to compete and expand sustainably.
This call was made at the Lagos Country Club Business Forum 2.0, where speakers agreed that private sector resilience, rather than recent policy actions, has kept economic activity afloat. Despite inflation, currency instability and surging borrowing costs, several industrial players continue to inject capital, driving job creation and economic value.
Speakers argued that Nigeria is relying on policy prescriptions that do not match its economic realities, producing weak and often counterproductive outcomes. They warned that industry will face deeper challenges if private sector stakeholders remain silent amid escalating energy costs, widening infrastructure deficits and interest rates that make investment nearly impossible. Many emphasised that lending rates exceeding 30 percent undermine the viability of productive enterprises, especially MSMEs struggling under heavy inflationary pressures.
Participants encouraged businesses to invest strategically despite policy uncertainty and to replicate proven models that strengthen industrial capacity. They insisted that private capital must remain active in building manufacturing value chains and processing raw materials to expand supply, create jobs and stabilise prices.
Economists at the event reiterated that inflation can only be sustainably addressed through supply-side measures, not monetary policy alone. They identified affordable and reliable power as the most critical driver of industrial revival, improved output and long-term price stability. They also pointed to structural weaknesses, insecurity, food price distortions and logistics challenges as key contributors to what they described as largely man-made inflation.
Government officials highlighted ongoing initiatives in Lagos—including skills development programmes, enterprise support schemes and state-backed funding platforms—that help businesses scale and bolster household purchasing power despite rising costs. However, the club stressed that while government can create an enabling environment, the responsibility for innovation rests largely on the private sector. It called for a more vocal and assertive business community that challenges value-eroding policies and drives backward integration to reduce import dependence.
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The forum brought together industry experts, policymakers and business leaders to examine inflation trends, consumer strain and strategies for resilience. The Lagos Country Club reaffirmed its commitment to hosting platforms that shape national economic discourse and equip citizens with practical guidance for survival and growth in an increasingly high-cost economy.
