Presenting the Chamber’s State of the Economy address in Lagos on Wednesday, LCCI President, Engr. Leye Kupoluyi, said while petroleum marketers are quick to increase pump prices whenever international crude oil prices rise, they often fail to reduce prices when crude prices decline.
According to him, the trend raises serious concerns about market transparency, pricing fairness and consumer protection, warranting closer scrutiny by regulators.
“We are not calling for price controls but for effective price regulation in line with international best practices,” Kupoluyi said.
“The FCCPC must be more vigilant in monitoring the pricing environment to ensure consumers and businesses receive fair value.”
He also cited recurring allegations of price-fixing by domestic airlines during festive periods, urging the FCCPC to investigate anti-competitive practices across critical sectors of the economy.
The Chamber called on the FCCPC, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and other relevant agencies to strengthen oversight of fuel pricing mechanisms, improve transparency, and protect Nigerians from exploitative market practices.
LCCI further expressed concern over the increasing use of foreign currencies in domestic petroleum transactions, warning that dollar-denominated transactions within the downstream oil sector could intensify pressure on Nigeria’s foreign exchange market, weaken the naira and increase operating costs for businesses.
It urged government agencies to encourage naira-denominated transactions across the domestic petroleum value chain and engage industry operators on policies capable of preserving exchange rate stability and strengthening macroeconomic resilience.
Beyond petroleum, the Chamber urged the Federal Government to suspend or review the recently introduced 35 per cent Import Adjustment Tax (IAT) on fibre optic cables and other telecommunications infrastructure, warning that the levy could undermine Nigeria’s digital transformation agenda.
According to LCCI, the tax will significantly increase broadband deployment costs, discourage private investment, delay network expansion and ultimately raise the cost of digital services for businesses and consumers.
The Chamber recommended that the government grant the telecommunications sector a temporary exemption from the tax until sufficient local manufacturing capacity is developed, while aligning fiscal policies with the objectives of Nigeria’s National Broadband Plan.
Kupoluyi also advocated greater private-sector participation in the proposed 6,000-kilometre Nigeria-Morocco Gas Pipeline, recently approved by the Economic Community of West African States (ECOWAS).
He described the trans-African gas pipeline as a strategic investment capable of unlocking Nigeria’s vast natural gas resources, expanding foreign exchange earnings and positioning the country as a major supplier of natural gas to both Europe and Africa, especially amid continued geopolitical tensions and disruptions in global energy markets.
The LCCI President said allowing private investors to participate in financing and managing the project would improve efficiency, profitability and long-term sustainability.
The Chamber’s recommendations extended to several sectors of the economy, including manufacturing, agriculture, education, immigration, insurance, construction, tourism and logistics.
LCCI lamented the declining patronage of indigenous printing companies despite their capacity to execute large-scale printing contracts locally.
It urged the Federal Government to prioritise local printers in public procurement while reviewing import duty policies that place domestic operators at a disadvantage.
The Chamber also called for the harmonisation of product registration requirements for manufacturers, especially micro, small and medium-sized enterprises (MSMEs), arguing that multiple registration requirements for products with identical formulations unnecessarily increase compliance costs and delay market entry.
On agriculture, LCCI stressed the need for greater policy consistency, particularly on export policies and access to affordable financing, noting that frequent policy reversals continue to discourage investment in the sector.
It further advocated reforms to improve visa administration and passport processing, saying delays in immigration services negatively affect tourism, business travel and investor confidence.
The Chamber also called for an Education Financing Act to guarantee sustainable funding for schools, stronger enforcement of compulsory insurance policies, improved coordination in physical planning and development control, and increased investment in artificial intelligence capacity building to strengthen Nigeria’s tourism industry.
LCCI additionally urged the government to improve access to affordable financing for indigenous freight forwarding companies while ensuring transparency and stakeholder engagement in the planned 18-month port infrastructure upgrade.
The Chamber reiterated its commitment to engaging government, regulators and other stakeholders on policy reforms capable of improving Nigeria’s investment climate, enhancing consumer welfare and creating a more competitive business environment.
It urged the Federal Government to implement the recommendations promptly to reduce the cost of doing business, stimulate private sector investment and accelerate sustainable economic growth.
