LCCI to FG: Position Nigeria as Regional Hub for Artificial Intelligence

Dike Onwuamaeze

Lagos Chamber of Commerce and Industry (LCCI) has called on the federal government to deliberately launch a coordinated and strategic approach that would position Nigeria as a regional hub for Artificial Intelligence (AI).

The call was made yesterday in Lagos by President of LCCI, Mr. Leye Kupoluyi, during the chamber’s press conference on the “State of the Economy.”

Kupoluyi said, “The chamber urges the federal government to deliberately position Nigeria as a regional hub for artificial intelligence (AI) through a coordinated and strategic approach that integrates policy formulation, infrastructure development, human capital investment, and private sector participation.

“This will require establishing a clear national AI framework, accelerating investment in digital and power infrastructure, developing targeted AI-ready skills, and creating an enabling regulatory environment that encourages innovation, attracts investment, and supports responsible AI adoption.”

He said market expectations for a moderate interest rate cut were likely to shape the next Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) decisions.

According to him, “Further easing of the Monetary Policy Rate (MPR) could help reduce business operating costs and cushion the cost-of-living pressure on low- and middle-income households.”

LCCI also urged CBN to maintain clear, transparent, and predictable policy communication to anchor inflation expectations and reduce speculative pressures.

Kupoluyi stated, “Stronger coordination between monetary and fiscal authorities remains essential to boost production, stabilise markets, and support economic agents.

“Finally, the government should prioritise increasing agricultural production, improving food distribution, and providing targeted support for critical supply chains.”

He pointed out that strengthening infrastructure, ensuring stable energy and transport costs, and maintaining exchange-rate stability will further ease food prices, protect household purchasing power, and create conducive environment for investment and economic growth.

Kupoluyi said the chamber was encouraged by the strong emphasis on production-oriented spending, with capital expenditure of N26.08 trillion (about 45 per cent of total expenditure) significantly outweighing non-debt recurrent spending of N15.25 trillion.

He said, “This composition supports infrastructure development, industrial expansion, and productivity growth.

“However, the N15.52 trillion allocations to debt servicing remains a significant fiscal burden, highlighting the need for stricter borrowing discipline, improved revenue efficiency, and expanded public-private partnerships to safeguard growth-enhancing investments.”

LCCI expressed concern that Nigeria’s historically weak budget implementation capacity would be further strained by the effective operation of multiple budget cycles within a single year, including the 2024 Budget and Supplementary Budget alongside the 2025 and 2026 budgets.

It said, “This has important implications for fiscal coordination, transparency, and effective project execution.”

The chamber identified agriculture and agro-processing, manufacturing, infrastructure, energy, and human capital development as key growth drivers in 2026.

Kupoluyi stated, “Unlocking these sectors will require decisive execution—scaling irrigation and agro-value chains, reducing power and logistics costs for manufacturers, accelerating infrastructure delivery through PPPs, sustaining oil and gas sector reforms, and aligning education and skills development with private-sector needs.

“Overall, the 2026 budget presents a credible opportunity to move Nigeria from recovery to expansion.

“Its success will depend less on the size of allocations and more on execution discipline, capital efficiency, and sustained support for productive sectors.

“LCCI remains committed to working with the government to ensure the Budget delivers stronger growth, more jobs, and a more competitive Nigerian economy.”

The chamber also called on companies to continue their operations and remain formal with the tax authorities following the implementation of the new tax laws.

“We see the process as an essential reform to update the fiscal framework, enhance competitiveness, and increase revenue. However, successful implementation requires clarity, transparency, collaboration, and business-focused execution to achieve economic benefits without stifling growth,” Kupoluyi said.