LCCI backs Tinubu’s factory revival plan, seeks swift action

The Lagos Chamber of Commerce and Industry (LCCI) has welcomed President Bola Tinubu’s commitment to bringing moribund factories back to life, describing industrial revival as critical to creating jobs, boosting productivity and delivering broad-based prosperity.

In a statement reacting to the President’s speech on Nigeria’s 66th Independence anniversary, LCCI President, Engr. Leye Kupoluyi, said the next phase of economic reforms must translate macroeconomic gains into stronger business activity, increased production and improved household incomes.

“We strongly welcome the President’s commitment to bringing factories back to life, using Nigeria’s gas resources to power industries, improving access to infrastructure and finance, and promoting Nigerian-made products,” Kupoluyi said.

He stressed that Nigeria could not achieve mass employment and sustainable prosperity without a strong manufacturing base.

Kupoluyi urged the Federal Government to move swiftly from policy announcements to implementation by reducing industrial energy costs, improving electricity reliability, accelerating gas-to-industry projects and expanding affordable, long-term financing for manufacturers.

He also called for improved infrastructure in industrial clusters, easier access to working capital for SMEs, lower regulatory costs, stronger local supply chains and greater support for manufactured exports.

According to him, restoring industrial capacity would help address unemployment, import dependence, weak export diversification and low productivity while strengthening Nigeria’s competitiveness.

The LCCI president said tackling the cost-of-living crisis also required expanding domestic production and reducing the cost of moving goods from farms and factories to consumers.

He called for deeper government-private sector engagement, regulatory predictability, efficient infrastructure and a business environment capable of attracting and retaining investment.

“Nigeria must compete for investment by making it easier, faster and more predictable to establish and operate a business,” Kupoluyi said.