LCCI Reacts to Latest GDP Growth Figures, Says Poverty Persists
- The Lagos Chamber has reacted to the latest Nigeria's Gross Domestic Product (GDP) growth released by NBS
- LCCI President Gabriel Idahosa said the poverty is deepening as inflation and high living costs continue
- Experts say the rebased inflation figure of 22.22% masks true hardship, noting it could have hit 33% without the CPI adjustment
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Lagos Chamber of Commerce and Industry (LCCI) has shared its opinion about Nigeria's Gross Domestic Product (GDP) growth of 3.13% year-on-year in the first quarter of 2025.
According to the chamber, despite the growth reported, economic conditions continue to pose challenges for many Nigerians.
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Speaking at their third press conference of 2025, Gabriel Idahosa, LCCI President, noted that while the GDP figures suggest economic improvement, significant portions of the population are grappling with poverty exacerbated by inflationary pressures.
According to Idahosa, the Consumer Price Index (CPI), though showing a decline to 22.22%, would have been as high as 33% without rebasing.
He, however, added that the rebasing from a 2010 to 2019 base year aligns Nigeria's economic data with the global standard
His words:
"Behind the optimistic figures lies our reality. Economic conditions have put a large portion of the population into poverty, and inflationary pressures have weakened our purchasing power.
"Inflation remains unrelenting, especially in the food segment, critical in a country where food-related expenditures dominate household budgets."
LCCI seeks government action
Idahosa urged strategic economic transformation beyond statistical celebrations.
He asked the government to prioritise stabilising the naira through boosting non-oil exports, foreign exchange and supporting domestic production.
He continue:
"Food security must be urgently addressed with input subsidies, improved storage systems, and logistics enhancements to combat inflation and hunger."
The LCCI president also advocated for empowering Micro, Small, and Medium Enterprises (MSMEs) through enhanced financial access and digital tools under the 2025 Nigerian Tax Reform Act.
Source: Getty Images
More analyst reactions
Also reacting to the Central Bank of Nigeria's decision to maintain key monetary policy parameters, including the Monetary Policy Rate (MPR) at 27.50%.
analysts underscored persistent inflationary pressures driven by fiscal expansion and insecurity undermining food production.
Analysts from Cowry Assets Management and Coronation emphasised the need for sustained macroeconomic stability and FX reforms to support economic recovery.
The analysts stated:
"Looking ahead, achieving Nigeria's goal of a $1 trillion economy by 2030 will require sustained GDP growth and exchange rate stability."
Top Nigerian company predicts new naira to dollar exchange rates
Earlier, Legit.ng reported that Comercio Partners has projected that the naira could appreciate to below N1,400 per dollar in the Nigerian foreign exchange market.
This was disclosed in its 2025 H2 economic outlook report titled “reconfiguration: from global trade to quantum innovation – a new economic era emerges."
The firm’s outlook comes as the naira traded at N1,535.61 per dollar on Wednesday, slightly weaker than the previous day’s rate of N1,535.23 in the official market.
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Source: Legit.ng
