The Lagos Chamber of Commerce and Industry (LCCI) have said that the integration of Artificial Intelligence (AI), Blockchain, and Cloud Computing is a fundamental shift that can propel toward unprecedented economic growth and enhanced governance.
The president of the LCCI, Mr Gabriel Idahosa, who made this call in Lagos at a quarterly review of the nation’s economy, said the country needs a top-notch regulatory environment where digital assets and operations are well-regulated to boost cyber security and fight criminal tendencies in our digital space.
He said the telecommunications sub-sector has reported huge losses from the many incidents of fiber optic cable cuts in major cities across the country.
These disruptions, according to him, often caused by road expansions and private developments, have led to significant service interruptions.
He said Stakeholders advocate for a more business-enabling environment regulated by international best practices and standards, adding that with a higher tariff on telecom services, Nigerians deserve better services from the service providers.
The LCCI President said private sector participation in developing the technology sector was critical for attracting required investments, creating jobs, and contributing more to our GDP.
Advocating for initiatives like the Nigeria-Korea Information Access Centre (IAC) commissioned by the Federal Government to generate employment within the digital economy, he said the private sector’s various private sector-driven data centers and innovation hubs established by the private sector are critical to boosting the productivity of the ICT sector.
He said the government must provide the right regulatory and investment environment to support the technology operators.
He however, said the Federal Government’s initiative to overhaul Nigeria’s tax system through the proposed Tax Reform Bill is largely a necessary but not a sufficient condition to achieve the 18 per cent target set by the 2025 budget, as this comprehensive reform aims to enhance revenue generation, streamline tax administration, and foster economic growth.
He stated that Nigeria’s tax-to-GDP ratio stands at 7.9 per cent in 2022, significantly below the African average of 16.0 per cent, adding that this disparity underscores the need for a more efficient tax system to support national development.
He also Highlighted some of the issues affecting the growth of Micro Small and Medium Enterprises (MSMEs) in the country, insisting that poor power supply and high electricity tariffs have compounded unresolved meter – related issues such as unrefunded payments for meters that are now supposed to be free and uncredited balances during meter transitions.
The chamber called on the relevant authorities for immediate government intervention—through electricity subsidies, proper refund mechanisms, and regulatory clarity on energy billing—to protect the backbone of Nigeria’s economy.