Align Nigeria first policy with regional, continental trade agreements – LCCI
The Lagos Chamber of Commerce and Industry (LCCI) have said that the new Nigeria First Policy should align with regional and continental trade agreements, especially the African Continental Free Trade Area (AfCFTA).
In a statement signed by Chinyere Almona, director general of LCCI, the chamber said that strategic diplomacy and a focus on competitiveness not protectionism should define Nigeria’s trade approach in the global economy.
The Nigeria first policy, approved by the Federal Executive Council (FEC) is aimed at promoting indigenous production, empowering local businesses, and reducing overdependence on imports.
“This policy direction is timely and aligns with our long-standing advocacy for an inclusive, self-reliant, and resilient national economy.
“With the policy well implemented, we expect to see the emergence of new opportunities for job creation, economic growth, reduced pressure on our FOREX spending, and robust revenue generation in the medium to long term,” Almona said.
However, while the intent of the Nigeria First Policy is commendable, the LCCI believes that its success depends on a bold, coherent, and well-coordinated execution strategy that addresses deep-rooted structural barriers.
“This policy should be grounded in economic realism, legal consistency, and institutional integrity,” Almona noted.
She also stated that domestic industries must be supported to become competitive through targeted infrastructure investments, access to affordable credit, and an enhanced ease of doing business environment.
“Incentives such as tax reliefs, R&D grants, and backward integration support should be prioritised for sectors with strong local potential, especially agro-processing, manufacturing, and ICT.
“To ramp up local production, current challenges facing the manufacturing sector, like high cost of generating power, rising cost of logistics, high cost of credit, and a rather harsh regulatory environment, must all be resolved,”
Almona noted that the government must lead by example by strictly enforcing local content rules in procurement at all levels.
“Procurement processes must be transparent, merit-based, and inclusive of SMEs to avoid elite capture and ensure fair competition across the board.
“Policies should be backed by enforceable legislation and harmonised across ministries, departments, and agencies (MDAs) to avoid contradictions and regulatory loopholes,” she said.
The LCCI DG added that the policy needs to be complemented by large-scale investments in vocational training and digital skills to align with evolving market needs while stating that partnerships with academic institutions and the private sector are essential to bridge skills gaps and drive innovation within the local talent economy.
Almona further said that a multi-stakeholder implementation and monitoring framework should be instituted.
“This should include regular impact assessments and public reporting to ensure transparency, accountability, and continuous improvement of the policy over time,” she said.
The LCCI urged the government to engage the private sector as a critical partner in execution.
“We stand ready to collaborate in designing, refining, and monitoring frameworks that will ensure the Nigeria First Policy delivers meaningful and measurable impact for Nigerians,” she said.
VON