Lagos Government and NACCIMA Advocate for MSMEs and Human Capital Development
The Lagos State government and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) have jointly emphasized that prioritizing micro, small, and medium enterprises (MSMEs) and making substantial investments in human capital development are critical drivers for achieving Nigeria's ambitious goal of a $1 trillion economy by 2030. This advocacy was highlighted during the public presentation of the WorldStage Nigeria Macroeconomic Outlook 2026, held on Thursday in Lagos, where key stakeholders discussed economic strategies and projections.
Addressing Economic Challenges for Growth
Speaking at the event, the Commissioner for Information and Strategy in Lagos State, Gbenga Omotosho, underscored the necessity of tackling pressing economic issues to propel the nation toward its $1 trillion target. Represented by Temilade Aruya, the Public Affairs Director of the Ministry of Information and Strategy, Omotosho pointed out that challenges such as inflation, exchange rate volatility, infrastructure deficits, and the high cost of capital must be addressed effectively. He noted that these factors are significant hurdles in the drive toward economic expansion and stability.
Omotosho expressed optimism, stating that Nigeria is on the verge of achieving its economic aims, based on projections from the WorldStage Nigeria Macroeconomic Outlook 2026. The report forecasts a Gross Domestic Product (GDP) growth of 4.49 percent in 2026 and a reduction in inflation to 12.94 percent within the same period. He further explained that the outlook positions the banking sector as a pivotal driver of Nigeria's economic ambitions, highlighting ongoing reforms through recapitalization, digital innovation, and regulatory strengthening to enhance sectoral performance.
NACCIMA's Call for Measurable Outcomes
In a parallel address, Dr. Jani Ibrahim, President of NACCIMA, represented by Dr. Abina Praise, described Nigeria as being at a crucial transition point from economic reforms to tangible results. Ibrahim acknowledged that recent reforms, including exchange rate liberalization and fuel subsidy removal, have contributed to stabilizing key economic indicators. However, he stressed that this stability has not yet translated into broad-based prosperity for the population.
"Nigeria is witnessing emerging stability, but prosperity has not yet been fully realized. The focus must now shift from reform to measurable outcomes," Ibrahim stated. NACCIMA projected economic growth between four and five percent, cautioning that while inflation is easing, it remains high at approximately 15 percent, continuing to exert pressure on households and businesses alike.
Shifting to a Production-Led Economy
NACCIMA emphasized that achieving sustainable economic growth requires a fundamental shift from a consumption-driven model to a production-led economy. This transformation should be driven by industrialization, value addition, and enhanced export competitiveness. Ibrahim pointed out that despite the non-oil sector contributing over 97 percent of Nigeria's GDP, productivity, particularly in manufacturing, remains low. He advocated for structural reforms to boost efficiency and output in this sector.
Additionally, Ibrahim called for urgent attention to food security, advocating for modern, technology-driven agricultural practices. He noted that rising food prices are a major contributor to inflation and that addressing this issue is essential for economic stability and growth.
Insights from WorldStage Ltd
Segun Adeleye, Chief Executive Officer of WorldStage Ltd, in his welcome address, highlighted the importance of credible data and informed decision-making in realizing Nigeria's $1 trillion economy ambition by 2030. He explained that the Nigeria Macroeconomic Outlook 2026 is designed to provide valuable insights into key economic trends, opportunities, and risks, serving as a guide for policymakers, investors, and businesses.
Adeleye also raised concerns about the sustainability of Nigeria's media industry, calling for stronger policy support. While acknowledging the Federal Government's plan to reduce tariffs on media production inputs, he noted that the impact may be limited due to the industry's ongoing shift to digital platforms, which presents new challenges and opportunities.
Overall, the event reinforced the collaborative efforts between government and private sector entities like NACCIMA in driving economic development through focused strategies on MSMEs, human capital, and structural reforms.
