The Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Government to prioritise agriculture, power, and other growth-driving sectors as Nigeria positions itself for stronger economic performance in 2026.
The chamber stated that agriculture and agro-processing, alongside manufacturing, infrastructure, energy, and human capital development, remain critical to unlocking sustainable growth and job creation in the coming year.
Speaking on the outlook for the 2026 budget, LCCI Director-General, Dr Chinyere Almona, noted that Nigeria is witnessing a gradual shift from macroeconomic stabilisation to growth acceleration.
She stated that this transition must be supported by decisive policy execution, particularly in sectors with high employment and productivity potential.
According to her, scaling irrigation systems, strengthening agro-value chains, and reducing power and logistics costs for manufacturers are essential steps towards boosting food production and industrial competitiveness.
“Agriculture remains a strategic sector for economic growth, food security, and employment. Scaling irrigation and agro-processing, while easing operational costs for producers, will significantly enhance productivity,” Almona said.
She added that the 2026 budget shows encouraging signs, especially with capital expenditure accounting for a substantial share of total spending.
However, she cautioned that the rising cost of debt servicing, estimated at ₦15.52 trillion, could limit the government’s ability to invest meaningfully in growth-oriented sectors.
While commending the early presentation of the budget, Almona stressed the need for stricter borrowing practices, improved revenue mobilisation, and stronger public-private partnerships to support infrastructure development and agricultural expansion.
Regardingenergy, she noted that resolving challenges around crude oil supply, refinery operations, and regulatory efficiency would be critical to sustaining industrial growth.
She also warned that persistent issues such as oil theft, weak infrastructure, and fluctuating global prices could undermine revenue projections.
The LCCI further highlighted concerns around the budget’s oil production and price assumptions, describing them as ambitious given current output levels and global market conditions.
According to the chamber, achieving these targets will require improved security, stronger investment inflows, and effective sector reforms.
Almona also pointed to the need for better coordination in budget implementation, noting that overlapping fiscal cycles could affect transparency and execution efficiency.
Source: LCCI
