The Lagos Chamber of Commerce and Industry (LCCI) has reiterated its call for the Federal Government to promptly and judiciously disburse the N150 billion CBN SME Intervention Fund launched in April 2025.
The fund, it said, should be channelled to genuine owners of Micro, Small, and Medium Enterprises (MSMEs), which account for over 96 per cent of businesses in Nigeria.
This, according to the Chamber, would serve as a practical measure to address some of the country’s pressing economic challenges.
Chinyere Almona, Director-General of the LCCI, made this known during an interview in Lagos.
She stated that the Chamber is advocating for the proper execution of the intervention fund, stressing that transparency must be upheld and that the focus should be on export-ready and productive-sector MSMEs.
She noted that despite their importance, many MSMEs continue to contend with longstanding structural and macroeconomic barriers. Over 60 per cent of small businesses, she observed, consistently report issues such as electricity overbilling and the lack of access to prepaid meters.
As such, she insisted that support must go beyond mere financial assistance. She advocated targeted electricity subsidies for critical productive clusters, including industrial hubs, in order to enhance competitiveness and productivity.
Commenting further, Almona urged that the recently introduced Nigeria First Policy should be enforced in a way that genuinely favours MSMEs. She recommended inclusive procurement frameworks that effectively connect these businesses with anchor buyers across agribusiness, manufacturing, and digital services sectors.
As a leading private sector advocacy group, the Chamber, she said, remains fully committed to advancing a thriving, inclusive, and sustainable business environment in Nigeria.
Reflecting on the broader implications of the Nigeria First Policy, Almona welcomed its introduction as a strategic and timely response to global trade tensions and the recent tariff increases by the United States.
However, she cautioned that meaningful impact would only be achieved if the government takes deliberate actions to enhance local production capacity.
This includes addressing key constraints such as high energy costs, inadequate electricity supply, inefficient transportation systems, and the broader state of national infrastructure.
She also advised that the policy should be aligned with the administration’s food security objectives, while encouraging state governments to adopt similar frameworks tailored to their local economies.
In addition, she called on the federal government to lead by example by prioritising the procurement of locally manufactured goods—including vehicles and refreshments—across all Ministries, Departments, and Agencies.
Almona further emphasised the need for robust support mechanisms for SMEs, such as targeted concessionary financing, tax reliefs, and capacity-building initiatives, in order to ensure that local enterprises are well-positioned to capitalise on the opportunities presented by the policy.
She concluded by urging the National Orientation Agency to take on the responsibility of driving a comprehensive public awareness campaign that effectively communicates the aims and benefits of the Nigeria First Policy to citizens across the country.
Turning to the real estate and construction sector, the LCCI Director-General noted that the industry is currently experiencing a downturn, largely driven by a combination of economic pressures.
She highlighted a steep rise in key input costs, citing the example of cement, which now sells for N9,800 per 50kg bag. At the same time, the continued depreciation of the naira and prevailing foreign exchange constraints have led to a sharp increase in the cost of imported materials, further worsening the sector’s outlook.
