The LCCI said that unlocking these sectors would require decisive implementation of programmes and projects that would scale irrigation and agro-value chains, reduce power and logistics costs for manufacturers.

Other initiatives, according to the chamber, include accelerating the delivery of critical infrastructure through Public Private Participations (PPPs), sustaining oil and gas sector reforms, and aligning education and skills development with private-sector needs.

It said:

“Finally, the chamber emphasises the urgent need to accelerate economic diversification by prioritising manufacturing, reducing reliance on imports, and strengthening domestic productive capacity to build a more resilient, self-sustaining economy.”

These views were expressed by Mr. Leye Kupoluyi, the president of LCCI, when he addressed a press conference that reviewed the state of Nigerian economy last week. Kupoluyi also urged the federal government to resolve constraints in the manufacturing sector.

He said:

“The manufacturing sector’s contribution to tax revenue collections in Nigeria maintained an upward trend in 2025, contributing a total of N1.17 trillion in Value Added Tax (VAT), an increase of 45.61 per cent over the N803.53 billion in 2024.

“The sector’s Company Income Tax (CIT) contribution rose to N881.29 billion, marking a 32.83 per cent increase from N663.46 billion recorded in 2024.

“This strong year-on-year growth reinforces the sector’s expanding role in generating government revenue and in Nigeria’s industrial development. “Following these results, we call on the government to invest more in productive infrastructure and economic policies that drive growth through job creation, lower production costs, and fiscal interventions.”

Kupoluyi said that the chamber remained hopeful that the 2026 revised budget presented a credible framework for Nigeria’s economic consolidation and growth if it is followed up with disciplined execution, capital efficiency, revenue optimisation, and prudent debt management.

He said:

“While the budget provides significant opportunities to advance Nigeria’s productive sectors, safeguard macroeconomic stability, and stimulate job creation, careful monitoring of implementation, debt sustainability, and fiscal prudence will be essential.

The LCCI said that delays in fund releases, bureaucratic bottlenecks, and inefficiencies remained critical challenges historical weaknesses in Nigeria’s budget execution capacity.

It, therefore, said,

“The rollover of N7.71 trillion in unimplemented 2025 capital projects underscores the need for improved fiscal management, effective PPPs and stronger collaboration between the executive and legislature to ensure timely project completion.”

The LCCI urged the government, in light of the current global economic crisis, to strategically. support domestic production in sectors where Nigeria could fill emerging supply gaps, particularly urea and ingots.

It said,

“Given Iran’s position as a major producer in these markets, disruptions could create new demand opportunities that Nigeria can leverage to boost non-oil export earnings and strengthen external reserves. The chamber also highlighted the strategic importance of Dangote Refinery in stabilising the domestic supply of refined petroleum products and cushioning the economy against external energy shocks.”

“The government is, therefore, encouraged to improve crude oil supply to the refinery, while strengthening support for other domestic industries and expanding production capacity in sectors where Nigeria has a comparative advantage. To maximise opportunities in the oil and gas sector, Nigeria must sustainably increase crude oil production, curb theft and leakages, and improve crude supply to domestic refineries to expand local refining and exports,” the chamber said.

“It said that in the short term, improved crude supply to local refineries should be used to stabilize or moderate fuel prices to reduce pressure on households and contain inflation.

“In the medium term, the government should encourage local refineries, including Dangote Refinery, to build strategic reserves of refined products, drawing lessons from countries such as the United States, where companies like ConocoPhillips, Chevron, and Mobil operate storage-supported refining systems,” it said.

In a statement titled “Consolidating on Inflation Moderation in the Face of New Threats,” the Chamber reacted to the National Bureau of Statistics (NBS) February 2026 report, which saw headline inflation ease marginally to 15.06%, down from 15.10% in January.

While acknowledging the 11th consecutive month of decline as a positive signal, the LCCI warned that the current grip on inflation remains fragile.

Dr. Chinyere Almona, the director general of LCCI, said government should prioritise exchange-rate stability by improving foreign exchange liquidity and boosting non-oil export earnings.

Almona added: “Strengthening food security through improved agricultural productivity, addressing insecurity in farming communities, and investing in storage and logistics infrastructure will also help moderate food prices.

“Furthermore, accelerated reforms in the power and energy sectors are critical to lowering production costs for businesses. Reliable electricity supply and improved energy infrastructure would significantly reduce cost pressures across manufacturing, trade, and services.

“The LCCI also stresses the need for greater efficiency in transportation and trade infrastructure, including improvements to port operations, cargo evacuation systems, and digital trade processes, to reduce logistics costs that significantly contribute to consumer prices.”

The LCCI said sustaining the marginal decline in inflation would depend on consistent macroeconomic management, structural reforms, and policies that enhance domestic productivity.

It added: “Urgent actions are needed to assuage the fears in many quarters that price pressures will reverse the deceleration of our inflation rate.

“The month-on-month inflation rates since the start of this year already indicate a fragile grip on inflationary pressures. Supply-side interventions will be more realistic than price controls imposed on manufacturers and investors.”

The chamber said this marginal decline, alongside the significant drop from 26.27 per cent recorded in February 2025, reflected the gradual easing of inflationary pressures in the economy.

However, the chamber noted that underlying inflation risks remained significant as, “the month-on-month inflation rate rose to 2.01 per cent in February, after contracting in January, indicating that price pressures remain persistent.

“In addition, food prices remain the major driver of inflation, reflecting structural challenges in Nigeria’s food supply chain, high logistics costs, and production constraints.”

Almona said from the perspective of the organised private sector, the slight moderation in inflation offers cautious optimism for businesses and households, as high inflation has significantly eroded purchasing power, increased production costs, and weakened consumer demand across several sectors.

“Nevertheless, the chamber warns that several emerging domestic and global risks could reverse the deceleration gains we have recorded in recent months.

“Rising geopolitical tensions linked to the Iran conflict in the Middle East could trigger volatility in global energy markets, potentially increasing fuel, transportation, and logistics costs.

“Nigeria has an opportunity to partially insulate itself from volatile oil prices in international markets by expanding local refining capacity and boosting crude supply to local refineries to meet local needs.

“With the risk of exchange-rate volatility amid disruptions to global supply chains, renewed pressure in the foreign exchange market could increase the cost of imported raw materials, machinery, pharmaceuticals, and food items, thereby pushing up production and consumer prices.

“In addition, insecurity in food-producing regions, Climate-related disruptions, and high transportation costs continue to threaten food supply and price stability,” Almona said.

The meeting, hosted by Bode Roberts, Dataleum’s CEO and Co-founder, was filled with energy, ideas, and a shared conviction: data is no longer a luxury for Nigerian businesses, it is the lifeblood of resilience, growth, and global competitiveness.

Dr. Almona, speaking on behalf of the Chamber, emphasized that the future of commerce in Lagos lies at the intersection of innovation and collaboration.

“As an organization that has championed enterprise for decades, LCCI recognizes that data-driven insights are essential to shaping policies, guiding investments, and empowering businesses of all sizes,” she noted.

The conversation quickly moved beyond pleasantries to actionable pathways:

• Strengthening entrepreneurship and SME growth: The LCCI Innovation Hub and Dataleum will deepen collaboration to ensure young entrepreneurs and SMEs can access data-powered tools that enhance productivity and open new markets.
• Evidence-based decision-making: Dataleum was formally invited to join the Chamber as a premium member, underscoring the importance of embedding data expertise in LCCI’s policy and advocacy work.
• From dialogue to delivery: Both organizations agreed to explore pilot projects, sector-specific events, and scalable programs that convert discussions into tangible business outcomes.
• Inclusive growth: The shared goal is to ensure data-driven opportunities do not remain the preserve of large corporations but also empower smaller businesses, driving job creation and wider economic participation.

For Bode Roberts, the partnership is a validation of Dataleum’s mission to democratize access to data intelligence.

“At Dataleum, we believe every business, whether a startup or a multinational, deserves the insight that comes from data. Partnering with LCCI gives us the platform to extend that vision to thousands of enterprises across Lagos and Nigeria,” he said.

The visit ended on a note of optimism, with both sides reaffirming their commitment to building frameworks that support data-enabled prosperity.

By bridging the gap between enterprise and industry, the LCCI and Dataleum are laying the groundwork for a business ecosystem that is not only innovative but also inclusive and globally competitive.

As Lagos positions itself as Africa’s commercial nerve centre, partnerships like this may well determine how quickly the city, and Nigeria at large, can attract investment, create jobs, and secure sustainable development.

The Chamber has also urged the President to sustain the implementation of its economic reform agenda.

According to LCCI, Tinubu’s focus on economic growth, improving security, and increasing funding for education, healthcare and infrastructure promised improved economic performance in the near future.

A public statement signed by Dr. Chinyere Almona, the director general of LCCI, states: “President Tinubu’s Democracy Day speech marked a pivotal moment for Nigeria, reflecting on the nation’s 26-year democratic journey and a roadmap for its future.

“His address, delivered today on the historic June 12th, underscores the government’s appreciation of democracy, economic development, security, and social cohesion.”

Almonaadded that “as Nigeria reflects on the progress made and the path ahead, we urge the government to remain steadfast about implementing all the required reforms towards a more sustainable and resilient economy.”

According to her, “the government must stay committed to executing all its proposed programs and ongoing reforms to ensure Nigerians reap the benefits of democracy without further delay.

“We urge the government to work towards a nation built on the rule of law, justice, and social cohesion even in our diversity and political sophistication.

“Democracy places a big responsibility on the government to provide credible and adaptive leadership to sail the ship of governance.”

The LCCI also requested specifically that the government should ensure clear and consistent communication about economic reforms and policies to businesses and the public, in order to reduce uncertainty, building confidence, and establish transparent mechanisms for tracking and reporting progress made through reforms.

It also said that government should provide targeted support to businesses to reduce their cost burdens related to energy, logistics, and regulatory compliance.

It recommended non-cash interventions that could ease the harsh production environment and urged the government to expand social safety net programs to support households affected by high living costs and inflation during this transition period and increase funding for public services such as healthcare, education, and social welfare.

It said:

“Foster a collaborative environment between the government, businesses, civil society, and labor unions to ensure fair and timely negotiations on wages and working conditions, and implement continuous dialogue and conflict resolution mechanisms to prevent labour unrest.

“Implement programs that support strategic sectors pivotal to job creation, tax revenues, and infrastructure development. The oil and gas, power, and agriculture sectors require special attention as they offer catalytic support to the economy.

“Support Micro, Small, and Medium-sized Enterprises (MSMEs) through targeted financing, energy access, and market reforms as they form the backbone of Nigeria’s economy but face limited access to credit and infrastructure.

“Remain sensitive to the concerns of and feedback from the Organised Private Sector (OPS) and engage in more consultations towards achieving better implementation of policies,” the LCCI said.

Dr. Chinyere Almona, the director-general of LCCI, said that

“this development comes at a crucial time as the nation grapples with mounting economic challenges, including inflationary pressures, declining purchasing power, and an increasingly burdensome debt profile. While this intervention is aimed at supporting poor and vulnerable households and firms, its broader implications on businesses and the economy must pose a concern to the business community.”

She noted that the loan’s direct impact on small businesses and vulnerable populations, through grants and livelihood support, presents a potential short-term stimulus, saying that the broader macroeconomic effects must be carefully considered.

“Nigeria’s rising debt burden is a growing concern, particularly given the slow pace of disbursement and implementation of previously approved loans. With the World Bank’s share of Nigeria’s external debt reaching $17.32 billion, the question of debt sustainability becomes increasingly pressing.

“If not efficiently managed, additional borrowing could exacerbate fiscal vulnerabilities, weaken investor confidence, and limit the government’s ability to execute long-term economic reforms.”

Almona emphasised that “from a business perspective, while targeted stimulus programs can offer temporary relief, structural economic challenges such as inadequate infrastructure, multiple taxation, and forex volatility remain unaddressed.

“Businesses require a stable operating environment, and while social welfare programs are essential, they must be complemented by policies that foster productivity, investment, and job creation. There is also concern about the efficiency of fund allocation and utilization, given that only 16 per cent of previously approved World Bank loans under the current administration have been disbursed. This raises questions about the absorptive capacity of relevant institutions and the risk of funds being underutilised or mismanaged.”

To maximise the benefits of this loan while mitigating associated risks, LCCI stated that “there must be a transparent and efficient disbursement mechanism that ensures funds reach the intended beneficiaries, particularly small businesses and vulnerable communities.

“The government should adopt a prudent debt management strategy that prioritizes concessional financing and ensures that borrowed funds are tied to projects with clear economic returns. Beyond short-term palliatives, the government must implement structural reforms that create a conducive business environment. Policies should focus on improving infrastructure, ensuring policy consistency, and addressing forex challenges to support private sector growth and attract investment.”

LCCI DG added, “The Chamber stands on the point that a more impactful stimulus for economic growth is that the government solves the perennial problem of poor power supply and high cost of energy and creates an enabling business environment where small businesses can thrive, creating jobs and generating revenues for the government.

“While the World Bank loan offers immediate relief, long-term economic resilience can only be achieved through a comprehensive strategy that fosters economic diversification, enhances productivity, and strengthens institutional frameworks for effective governance.”

Gabriel Idahosa, the president of the Lagos Chamber of Commerce and Industry (LCCI), said in a chat with the Punch that NBS report was a “technical improvement” and not reflective of economic realities.

Idahosa took exception to the NBS’ unemployment rate methodology, saying,

“The technical improvement in the employment rate is more of a way that employment is now calculated; but the reality is that the economy is not looking like an economy where unemployment is significantly reducing.”

Nodding in agreement with Idahosa, Dr Muda Yusuf, the director of the Centre for Promotion of Private Enterprise, rejected the unemployment data as “not a true reflection of the reality of the job situation.”

Yusuf said he found it difficult to agree with the NBS data and called for a new methodology that reflects the country’s situation.

“I think we need a methodology that will reflect the reality of this environment much better than what we currently have. We need to review the methodology or have a parallel methodology that will reflect more on the reality that is on the ground.

“Employment is about making a living. You have an engagement that cannot guarantee a source of livelihood, no matter how minimal. I’m not sure we can regard that as employment. If you look at the challenges facing the economy and the complaints by those who are supposed to be employers of labour, then you will agree with me that not many of them are actually engaging people,” he said.

The economist argued that many forms of self-employment hardly count as meaningful employment as ongoing reforms have worsened their performance as he cited the real sector’s third-quarter Gross Domestic Product figures.

“Many micro and small enterprises are struggling; that is if they are still in business,” Yusuf retorted. “And if you also look at the GDP data – well the GDP data ideally should reflect the health of the economy – the big sectors that normally generate jobs are slowing down.

“Agriculture just recorded 1.14 per cent GDP growth, manufacturing recorded less than 1 per cent (a 0.92 per cent GDP growth), trade where we have a lot of informal sector players recorded 0.65 per cent GDP growth. That’s less than 1 per cent.

“Real estate, which is another major source of employment, recorded 0.68 per cent. So generally, we are looking at key sectors that create jobs that are slowing down compared to last quarter. So, where are the jobs coming from?”

However, Yusuf urged the Federal Government and the private sector to consider how to create more jobs and a sustaining environment for job retention.

He remarked, “I think there’s a lot that we need to do to create the environment for more jobs to be created and retained by the entrepreneurs.

“For some of these workers, they can’t even afford transportation costs to go to their places of work. Many SMEs are struggling with the exchange rate issue, cost of transportation issues, energy issues, regulatory issues and challenges with the clearing of cargo. All of these things are depleting the amount of jobs.”

While speaking on the country’s unemployment rate, Dr Femi Egbesola, the national president of the Association of Small Business Owners of Nigeria, said the reported reduction in Nigeria’s unemployment rate, despite harsh economic conditions, can result from several factors.

He said, “These factors include changes in growth in the informal sector. Economic pressures have pushed more people into informal or subsistence work, such as trading, farming, or gig-based roles, which are now classified as metrics for employment.

“Another reason is shifts in economic dynamics, or deliberate efforts to reclassify employment statistics. For instance, the threshold for what constitutes employment (e.g., working just one hour per week) could lower unemployment figures without reflecting significant improvements in job quality or income levels.

“Recent government Initiatives could be another factor. Government funding interventions, employment programs, or skill acquisition initiatives may create temporary or part-time jobs that count towards employment figures. However, while unemployment rates are a critical economic indicator, they don’t always capture the nuances of economic well-being, especially in a country like Nigeria with a large informal sector. A more comprehensive picture would include metrics like income distribution, poverty levels, and labour force participation rates.”

Meanwhile, he asserted that the rise in Nigeria’s GDP despite widespread economic hardship could be attributed to a variety of structural, methodological, and sector-specific factors.

He added,

“GDP measures the total economic output and does not necessarily reflect the distribution of wealth or the living standards of citizens. One factor for the recent GDP increase is the growth in specific sectors. Certain sectors may contribute disproportionately to GDP growth, even if their benefits don’t trickle down to the general population: Examples are Oil and Gas, Agriculture, Trade, and Exports, which may inflate GDP figures.

“Another factor is inflation’s role in nominal GDP.  Rising prices (inflation) lead to an increase in nominal GDP, as the value of goods and services appears higher. Increased spending on essentials like food, housing, and transportation contributes to GDP growth, even if many people are living in poverty. Also, government spending on infrastructure, social programs, or debt servicing can artificially inflate GDP without improving economic conditions for most citizens.”

[Featured Image Credit]

Gabriel Idahosa, the president of LCCI, stated this at the LCCI-FIRS Organised Private Sector stakeholders’ engagement with the theme ‘Emerging Tax Matters’.

Idahosa explained that “in recent times, Nigeria’s tax system has undergone significant transformations driven by reforms and policy changes to boost revenue, simplify compliance, and address critical fiscal challenges.

“Under its new leadership, the Federal Inland Revenue Service (FIRS) has set ambitious goals to increase tax collection by 57 per cent, targeting a revenue of N19.4 trillion for 2024.

This projection includes N9.96 trillion from oil revenue and N9.45 trillion from non-oil sources, signalling a shift toward non-oil revenue generation to strengthen the economy.

“Despite these efforts, Nigeria’s current tax-to-GDP ratio stands at just 10.86 per cent, far below the African average of about 15 to 20 per cent. The government aims to achieve a tax-to-GDP ratio of 18 per cent within the next three years through the newly introduced tax reforms. Reaching this goal requires a concerted effort from both the public and private sectors, along with targeted reforms aimed at simplifying tax policies and encouraging compliance.”

He added that in July 2023, the Presidential Committee on Fiscal Policy and Tax Reforms was inaugurated with the mandate to overhaul Nigeria’s fiscal and tax policies to enhance revenue collection, reduce multiple taxation and streamline tax administration, saying that several key recommendations have emerged from this Committee, with both immediate and long-term objectives designed to modernise Nigeria’s tax system.

He pointed out that:

“the private sector is indispensable in Nigeria’s economic development and, by extension, its tax base. However, multiple taxation continues to pose a significant challenge to businesses. The committee has recommended a suspension of certain taxes that disproportionately burden SMEs and the less affluent, a move expected to foster a more conducive environment for business growth and compliance.”

He also said there is also a growing need for collaboration between the private sector and government to ensure that tax policies support business innovation and competitiveness, saying “for instance, recommending tax breaks for wage increases and removing barriers to foreign currency-denominated transactions can create a more robust investment environment.”

He added that “as we move forward in 2024, Nigeria’s fiscal policy is at a critical juncture and for the reforms to succeed, the government must foster trust through transparency and fairness, while businesses and citizens must embrace a culture of tax compliance.”

Dr. Zaach Adedeji, the executive chairman, Federal Inland Revenue Service (ECFIRS), said that tax education and public awareness are vital for fostering a culture of tax compliance.

Represented by Oti Olaniyi, the acting director, Medium Taxpayers Department, South, stated that: “as we explore various tax incentives to stimulate local industries, we must emphasise the need for transparency and effectiveness in the implementation of these incentives.” (Leadership).

LCCI was reacting to the National Bureau of Statistics (NBS’) report which showed Nigeria’s Gross Domestic Product (GDP) in the second quarter of 2024 recorded a 3.19 per cent year-on-year growth in real terms.

Dr. Chinyere Almona, director general, LCCI, stated this in a public statement, titled, “LCCI Statement on Nigeria’s 2024 Second Quarter Economic Growth Indicator and on Sustaining Economic Growth,” where the chamber urged the government to implement the Petroleum Industry Act (PIA) to the letter.

The 3.19 per cent GDP growth in the second quarter 2024 surpassed both the 2.51 per cent growth in the second quarter of 2023 and the 2.98 per cent recorded in the first quarter of 2024.

The breakdown showed that the services sector posted a remarkable 3.79 per cent growth and contributed 58.76 per cent to the aggregate GDP; the industrial sector also showed a significant turnaround with a 3.53 per cent growth, recovering from the negative growth of -1.94 per cent recorded in Q2 2023; the agriculture sector grew by 1.41 per cent, slightly lower than the 1.50 per cent recorded in second quarter 2023; the oil sector recorded a substantial 10.15 per cent growth in real terms, a stark improvement from the -13.43 per cent contraction seen in second quarter 2023, but its quarter-on-quarter performance dipped by -10.51 per cent.

The chamber said that while the overall GDP growth was commendable, “It is imperative that the government remains proactive in addressing key areas to sustain and enhance economic growth in the remaining months of 2024.”

The LCCI, therefore, recommended improvement in the power sector to sustain the growth momentum in the industrial sector.

Almona stated, “We urge the government to maintain the reforms and initiatives in the power sector to boost the electricity supply.

“It is well noted that the total number of electricity meters provided newly to consumers increased by 3.3 per cent on a month-on-month basis to 6.1 million in July 2024 from 5.9 million recorded in June, but the registered unmetered users of about 13.1 million as of July points to the need for more efforts.”

The chamber also observed that the agriculture sector’s growth remained modest in the quarter under review but stated that harnessing its full potential and driving more agricultural production would require sustaining “interventions introduced in the past months, such as the import waivers to agriculture inputs and improving the security situation around our crop production sites.

“Additionally, improving rural infrastructure to reduce post-harvest losses and enhance market access is critical.”

Despite the oil sector’s impressive year-on-year growth, LCCI said, “Recent happenings in the sector indicate the need for more regulatory prowess in dealing with issues like divestments, crude supply to local refineries, resurfacing oil theft, and pipeline vandalism.

“The plan to hand over the Kaduna and Warri refineries to private sector operators and the eventual refining happening in the Port Harcourt Refinery is critical to the performance of this sector.

“To resolve the many regulatory matters, we urge the government to implement the Petroleum Industry Act (PIA) letters, which have the legal instruments to regulate the oil and gas sector.”

The chamber also stated that the trade sector had performed very well in the past months and grew by +0.7 per cent year-on-year in Q2 ’24 against the +1.2 per cent it recorded in the preceding quarter.

It called for more investments in port infrastructure to boost international trade by stimulating export trade, which would ensure that the depreciation of the naira against significant currencies positively impacted the country’s balance of trade account.

The LCCI said, “The services sector remains the backbone of Nigeria’s GDP, particularly information and communication and financial services.

“Continued support for digital transformation, financial inclusion, and fintech innovations will be vital.

“Regulatory frameworks that promote fair competition and consumer protection should be strengthened to sustain the sector’s growth.”

Almona said LCCI acknowledged the government’s efforts to steer the economy towards growth, amid global uncertainties.

“However, a sustained focus on the highlighted areas will be critical to stabilising the economy for growth and development,” she said.

The flagship event, organized by the Lagos Chamber of Commerce and Industry (LCCI), with the theme, ‘New Tech: Threats and Opportunities’, brought together key players in the technology and telecommunications and financial services industries.

This year’s edition reflects Nigeria’s present journey towards a self-sustaining and productive digital economy; highlighting the transformative power of emerging technologies, mitigating the associated risks and exploring the endless possibilities they present.

The focus on fintech and telecoms sectors, evaluating their operations, challenges, yearnings and how to improve their services and productivity derives from the critical way in which they are deeply embedded in our lives today.

During a panel discussion on the impact of regulations on fintech operations and innovation, Emmanuel Abadi, partnerships Specialist at Moniepoint Inc, alongside other industry leaders, made a compelling case for increased collaboration across the fintech ecosystem.

Abadi stressed the importance of finding equilibrium between fostering innovation and implementing necessary regulations to ensure stability and consumer protection in the rapidly evolving fintech landscape.

“The regulatory landscape in Nigeria is evolving in a good way especially to the extent that we have hundreds of fintechs that are driving some of the mandates of the CBN today. At Moniepoint, we are very passionate about powering the dreams of millions of business owners and the individuals that they support and we have seen that financial inclusion has grown and thrived on the strength of existing regulation. We understand the imperative of using regulation as the lynchpin for driving stability in the nation’s economy at large, as well as the need to deepen consumer protection by building systems that will increase the public and regulator’s trust in the services that we as fintechs provide. Thankfully, there are channels in place that facilitate information exchange between the regulators and the players, and this has helped us a great deal,” Abadi noted.

Abadi also took the opportunity to showcase Moniepoint’s significant contributions to advancing the government’s socio-economic agenda, as evidenced by the launch of a definitive report around the informal economy, partnerships with the CAC, SMEDAN and Federal Ministry of Industry, Trade and Investment whilst underscoring the potential of fintech solutions to drive positive change in Nigeria’s financial services landscape.

The discussants also called on the need to have targeted guidelines that cater to the nuances and peculiarities of the fintechs and other innovative players, as against the current practice where majority of the rules in place are the same ones developed and applicable to the traditional financial institutions.

They maintained that regular and collaborative engagement between the fintechs and the regulators can fast track the formulation of regulatory guidelines that will be proactive and grow the industry.

The session which was moderated by Hakeem Olajide, CEO, Ascentree Services Ltd also had Ochanya Dan-Ugo, Director /Group Chief Risk Officer, Unified Payments and Seun Folorunso, AGM Projects & Relationships, FintechNGR as co-panelists .

The two-day expo featured a diverse array of activities, including special presentations, masterclasses, product demonstrations, exhibitions, and pitch sessions.

These events provided attendees with valuable insights into the latest trends and developments in the information and communication technology sector. Special guests at the event included President, Lagos Chamber Of Commerce and Industry Mr. Gabriel Idahosa, FCA; Engr Leye Kupoluyi, Deputy President, LCCI; VP and Chairperson, Trade Promotion Board , Abimbola Olashore and Director-General, Chinyere Almona.

The ICTEL Expo, now in its tenth year, continues to serve as a crucial platform for industry stakeholders to exchange ideas, showcase innovations, and discuss the challenges and opportunities facing the ICT and fintech sectors in Nigeria.

As the fintech industry continues to evolve rapidly, the insights shared at this event underscore the importance of ongoing dialogue between innovators, regulators, and other stakeholders to ensure a thriving and responsible fintech ecosystem in Nigeria.

Since inception, the EXPO has enjoyed the endorsement of the Ministry of Communications, Innovation and Digital Economy, the Nigeria Information Technology Development Agency (NITDA), the Nigerian Communications Commission (NCC), and Galaxy Backbone Limited, just to mention a few. And this year is no different.

Speaking during a press conference on Thursday, June 4, 2024, Prince Abimbola Olashore, vice president and chairman, Trade Promotion Board, LCCI, said that theme for this year, ‘New Tech: Threats and Opportunities’, was carefully chosen to reflect the country’s present journey towards a self-sustaining and productive digital economy.

“This theme encapsulates the essence of ICTEL EXPO 2024, highlighting the transformative power of emerging technologies, mitigating the associated risks and exploring the endless possibilities they present.

“It is a call to action for all stakeholders to engage, innovate, and capitalize on the advancement shaping our future”, he said.

What is Unique about 2024 ICTEL?

Answering this question, Prince Olashore said:

“It is noteworthy to state that there is no tech event in this part of Africa that has lasted for 10 years. It is then necessary for us to celebrate one decade of consistently bringing critical stakeholders together to discuss and demonstrate technological innovations.

“For the past 10 years, the Lagos Chamber of Commerce and Industry (LCCI) has through its legendary tech event- Information Communications and Telecommunication Exhibition (ICTEL Expo), unswervingly enlightened the business community, youths, students, and other stakeholders on the need to keep up with tech trends that are shaping the way we do things.

“It has evolved into a premier event, showcasing groundbreaking technologies and fostering valuable connections within the ICT community.

“Our past events have been a testament to our commitment to driving technological advancement and providing a platform for industry leaders to share insights, forge partnerships, and explore new opportunities.

“We have seen remarkable achievements, from unveiling cutting-edge products to facilitating strategic collaborations that have propelled businesses forward. Our expo has become a beacon for innovation, attracting thousands of visitors, exhibitors, and speakers from around the country and beyond. This success reflects the vibrant and dynamic ICT ecosystem we have collectively nurtured”.

Lagos Renewable Energy Fair

Meanwhile, in a groundbreaking collaboration, the LCCI’s Trade Promotion Board announced the introduction of the Lagos Renewable Energy Fair to be jointly held with ICTEL EXPO.

“This is a way of exploring a wide array of solar products and technologies that are revolutionizing the way we live, work, and play to mark the 10th anniversary of the Expo. This integration underscores the synergy between ICT and renewable energy, two sectors that are pivotal in driving sustainable development and economic growth.

“Renewable energy and ICT are intrinsically linked in their potential to revolutionize industries and improve lives. As we explore new technologies and trends, it is imperative to also consider sustainable energy solutions that power these innovations. The Lagos Renewable Energy Fair will provide a platform to showcase advancement in renewable energy, foster collaboration, and highlight the critical role of sustainable energy in our technology.

“The event will also be paying particular attention to the Fintech and Telecoms sectors, evaluating their operations, challenges, yearnings and how to improve their services and productivity.

“There will be a robust discussion bothering on regulations, infrastructure and tariff. Experts from the energy sector will also share their opinion on alternative sources of power generation, deployment of renewable energy, curbing greenhouse carbon emissions, improving energy security through decentralized grid systems, and providing access to electricity to communities with the use of solar products. Professionals from the public and private sector will dig their claws on the burning issues of cyber security and data protection. It promises to be an intense and intriguing event”, the chairman said.

He said that esteemed personalities, government agencies, and professionals from public and private sectors will grace the event.

“Their participation reflects the importance of ICTEL EXPO and the Lagos Renewable Energy Fair as pivotal events in our collective efforts to drive progress and innovation.

“To our exhibitors, this is an unparalleled opportunity to showcase your products, services, and solutions to a diverse and engaged audience. Secure your booth and be part of this transformative experience. For our sponsors and partners, your support is invaluable. Join us in making ICTEL EXPO 2024 a resounding success and benefit from the extensive visibility and engagement that our event offers. We invite all to come, network, engage with technology, buy solar products and enjoy the ambiance of business and fun”.

Also speaking, Mr. Adesola Akinsanya, the president, Nigeria Internet Registration Association of Nigeria (NiRA) and partners to ICTEL EXPO congratulated the Board for successful hosting of ICTEL EXPO for 10 years.

Akinsanya, who spoke through Peter Oluka, member of the Executive Board of Directors at NiRA, said that ICTEL EXPO’s tempo aligns with the Association’s drive to grow the .NG domain name adoption.

He agreed with Prince Olashore that ICTEL EXPO 2024 is not just an event; “it is a celebration of innovation, collaboration, and the boundless possibilities that lie ahead. Let us come together to explore, learn, and shape the future”.

In the private sector, ICTEL EXPO 2024 will be enjoying collaborative support of some reputable tech brands including Arnergy, Nigeria Internet Registration Association, Fintech Association of Nigeria, Rack Centre, Tetracore, Unified Payment Services Limited, Pacific Solution Technology, Afripower, Association of Licensed Telecom operators of Nigeria (ALTON), Moniepoint and a host of others who were present at the media launch.

This year’s event will be held at the Landmark Event Center on the 30th and 31st of July 2024 which will serve as the backdrop for two days of insightful discussions, PITCH session by students, demo-driven exhibition, and unparalleled networking opportunities.

Some of the participants at the Press Conference: