The Lagos Chamber of Commerce and Industry (LCCI) has expressed apprehension over the Federal Government’s plan to secure a $2.2 billion loan, cautioning that the move could exacerbate debt sustainability challenges and hinder critical infrastructure development.
The LCCI, in a statement released on Friday, highlighted the urgent need for Nigeria to diversify its funding sources beyond debt financing.
The Director-General of the LCCI, Dr. Chinyere Almona, urged the government to intensify efforts to expand the non-oil revenue base through tax reforms and promote export-driven sectors such as agriculture and manufacturing.
She emphasized alternative funding options, including boosting exports, tourism, agriculture, and solid mineral resources, as viable means to reduce reliance on borrowing.
Additionally, Dr. Almona recommended the privatization of certain state-owned enterprises (SOEs) and improving the efficiency of those that remain under government control to enhance revenue…