In a significant interview, the newly elected President of the Lagos Chamber of Commerce and Industry (LCCI), Leye Kupoluyi, has laid out a compelling vision for Nigeria's economic future, placing manufacturing at the heart of national development. Elected as the 44th President and Chairman of the Council, Kupoluyi spoke exclusively on his plans to reposition the foremost chamber, tackle business challenges, and harness opportunities like the African Continental Free Trade Agreement (AfCFTA).
Blueprint for a Strategic and Inclusive LCCI
Kupoluyi's primary mandate is to elevate the LCCI into a more strategic and influential institution that steers national economic conversations. His focus will be on robust advocacy for a better business environment, with a special emphasis on empowering Micro, Small, and Medium Enterprises (MSMEs). A key pillar of his agenda is inclusion. He plans to actively integrate more youths and women into the chamber's leadership and activities, recognising them as the vital support system for business growth and prosperity.
"I aim to empower more youths into leadership positions and guide them into business," Kupoluyi stated. He envisions a data-driven advocacy approach, structured to help Nigerian businesses first conquer the domestic market, then expand across West Africa, and ultimately leverage the AfCFTA to capture the entire African market.
Manufacturing as the True Bedrock of Development
Addressing the stark contrast between Nigeria's thriving banking sector and its struggling manufacturing base, Kupoluyi was unequivocal. He argued that a nation's development status is intrinsically linked to its industrial strength, not its natural resources. "What is the difference between a developed country and a developing one? It is simply each country’s manufacturing base," he asserted.
He pointed to global giants like China and India, whose powerful industrial bases allow them to dominate sectors like pharmaceuticals—a market Nigeria heavily depends on them for. The solution, according to Kupoluyi, lies in creating the right environment. This includes implementing the 'Nigeria First' policy, ensuring 30% government procurement from local manufacturers, providing single-digit interest rate loans, and protecting the local market from being flooded by foreign goods.
"Our youths have shown that they have the skills. Many of them who have left Nigeria are excelling globally," he noted. The task is to make Nigeria's environment conducive for innovation and industrialisation.
Navigating Challenges: Power, Regulation, and Tax Reforms
Kupoluyi identified the high cost of doing business, driven primarily by unreliable power and an unstable regulatory environment, as a major hurdle. He proposed decentralising power control to encourage states to collaborate with the private sector on electricity generation. On regulation, he expressed hope that the ongoing tax reforms would bring much-needed harmony.
"Our members suffer from multiple taxation, with some paying taxes in 16 different forms—a good number duplicated and unnecessary," he revealed. For the reforms to succeed, transparency and public education on the new tax laws are crucial to prevent arbitrary interpretations by agencies and build trust, thereby reducing tax evasion.
Other urgent reforms needed are coordinated fiscal and monetary policies, and a revamp of critical infrastructure—not just roads, but also power and broadband penetration. He also stressed the need to develop the agro-industrial sector to provide raw materials for manufacturing, citing the under-exploited potential of crops like cassava.
Maximising AfCFTA and Regional Trade
To strengthen Nigeria's position in the ECOWAS region and under AfCFTA, Kupoluyi emphasised the need to remove trade barriers. He highlighted that intra-African trade has risen from less than 11% to about 14% recently, and targeting 25-30% would significantly benefit businesses.
A major obstacle is the lack of harmonised customs and certification processes across West Africa. He advocated for a uniform standard where a product certified in one ECOWAS country, like Ghana, does not require re-certification in Nigeria. This would mirror the system within the European Union (EU).
He pointed to Nigeria's creative industries—fashion, music, arts—and its borderless fintech solutions as sectors with immense export potential if properly structured and standardised. Investing in the youth and women leading many of these export ventures is key to maximising AfCFTA benefits.
A Positive Outlook for 2026
Despite current economic headwinds, Kupoluyi remains optimistic. He believes the tough reforms undertaken by the government will soon yield positive results. Improving agricultural output and security, he argued, would tackle food-driven inflation and supply raw materials to factories.
"I believe by the end of 2026, the fruits of the government’s reforms will begin to show and we will move forward," he said. His final call was for collective action: "Don’t sit and blame those in government. Come and let us look for a solution together." By drafting a new national industrialisation blueprint in partnership with the government and preparing the youth, he is confident Nigeria can build a future where manufacturing, not oil production, is the true engine of development.
