The Lagos Country Club has warned that high energy tariffs and persistent power shortages are hurting manufacturing and worsening inflation, calling on both government and the private sector to act urgently.
The warning was issued at the LCC Business Forum 2.0 held in Lagos, where industry leaders discussed strategies for dealing with rising living costs and weak consumer purchasing power.
Speaking at the event, Chairman of the Alliance for Economic Research and Ethics, Dele Oye, said Nigeria’s recent economic stability was driven largely by private sector resilience rather than government policy.
He said major industrial groups had continued to invest despite inflation, foreign exchange instability and high borrowing costs, and cited Dangote Industries as an example of long term value creation.
Oye criticised current economic policies, saying they were not suited to Nigeria’s realities. He argued that businesses must challenge structural bottlenecks such as expensive electricity, weak infrastructure and hostile regulations.
He also faulted tight monetary policies, warning that high interest rates were choking productive businesses and making profitability almost impossible.
Chief Economist and Partner at SPM Professionals, Paul Alaje, said monetary policy alone could not solve inflation in Nigeria. He stressed that supply side reforms were more effective in a country that is not primarily credit driven.
He said reliable power supply was the most critical factor for reviving industry and controlling long term inflation.
He added that insecurity, food price distortions and structural inefficiencies were key drivers of inflation, describing much of the current price pressure as man made.
Commissioner for Wealth Creation and Employment, Akinyemi Ajigbotafe, said the Lagos State Government had rolled out programmes to boost skills, expand employment and strengthen consumer purchasing power.
He said initiatives such as the Graduate Internship Programme, Leather Hub in Mushin and ICT training schemes were helping residents adapt to rising costs.
President of Lagos Country Club, Seyi Adewunmi, said the forum was created to support practical dialogue on national economic issues and strengthen business resilience.
He said inflation was not just a statistic but a daily reality for families and small businesses.
The Lagos Country Club urged companies to deepen investment in local manufacturing, adopt backward integration and confront policies that undermine industrial growth.
The forum was attended by economists, policymakers and business leaders who examined the causes of inflation and practical ways to stabilise consumer purchasing power.
