Nigeria’s industrial growth depends on competitive ports, friendly taxation – Muda Yusuf

By Gboyega Oni

Nigeria’s quest for industrial growth and economic transformation depends largely on modern and competitive ports, efficient transport and logistics systems and affordable and reliable energy. It also includes accessible and low-cost industrial finance, predictable and investment-friendly taxation, and efficient, transparent and business-friendly regulation.

The Federal Government is therefore advised to invest in world-class ports for faster turnaround, lower charges and seamless trade while developing integrated transport networks to reduce costs, time and supply chain bottlenecks.

Also, the government must ensure steady, affordable power supply to drive industrial productivity and competitiveness while expanding affordable credit and long-term financing for manufacturers and industrial enterprises.

Dr. Muda Yusuf, CEO of Centre for the Promotion of Private Enterprise (CPPE), stated this position while speaking on ‘Nigeria’s Industrial Policy, Manufacturing Competitiveness and Economic Transformation’ at the 2026 Mid-Year Economic Review and Outlook Conference of the Lagos Chamber of Commerce and Industry (LCCI) in Lagos recently.

Dr. Muda Yusuf maintained that government must provide stable tax policies that encourage investment, reinvestment and growth. He urged the government to simplify processes, reduce bureaucracy and eliminate multiple charges and compliance burdens.

On productivity and innovation, Muda said for Nigeria to compete globally, the country must invest in digitalization, technology adoption, skills and talents.

The CPPE CEO said Nigeria’s domestic market is one of Africa’s greatest advantages but no country achieves sustained industrial expansion by relying exclusively on domestic demand, pointing out “that the African Continental Free Trade Area (AfFTA) presents Nigeria with one of the greatest commercial opportunities in our history.”

According to him, our export success depends on the quality, pricing, reliability, delivery, compliance with international standards and productive efficiency. “Nigeria’s future as an industrial nation depends on how strongly we compete beyond our borders,” said he.

He noted that high inflation, exchange rate instability and persistent fiscal imbalances increase uncertainty and discourage long-term industrial investment, pointing out that the first responsibility of government is to ensure macroeconomic stability as manufacturers require a stable macroeconomic environment to plan investment, price product and manage risk.

Speaking on the Financial and Foreign Exchange Markets, Chinwe Egwim, Chief Economist, First Bank, said in the remain six months in 2026, inflation was expected to remain elevated despite period of moderation but businesses should continue to incorporate inflation and exchange rate assumptions into pricing strategies, supplier negotiations and procurement planning.

He added that economic growth was expected to remain positive although opportunities were unlikely to be evenly distributed across sectors and business models.

In his presentation, Dr. Tope Fasua, Special Adviser to the President (Economic Affairs), listed various reforms carried out by the administration of Bola Ahmed Tinubu and their significant impacts on the national economy.

He maintained that many products produced locally here in Nigeria by companies such as Dangote Group, Flour Mills of Nigeria and others and exported abroad are competing favourably.

Fasua added that between 2023 and 2026, Nigeria has recorded 56.4% year on year growth in trade and logistics optimisation (Integration of Port Community Systems, Road infrastructure improvements along main corridor, enhanced intermodal transport – rail and road). He attributed this growth to the economic reforms of the government.

Earlier in his opening remarks, the LCCI President, Engr. Leye Kupoluyi, said “In the face of rising uncertainty, supply chain disruptions, tariff wars, geopolitical tensions, fluctuating oil prices, and the threat of food security crises, the business community needs economic intelligence and industry insights to inform decisions and take action.

“We are meeting today at a defining moment. The year 2026 has seen mixed trends across reform, resilience, and ongoing reforms. The past few years have tested households, businesses, and institutions alike. Yet history teaches us that economies do not transform in moments of comfort, but in periods of challenge, when difficult choices are made, reforms are sustained, and confidence is deliberately rebuilt.”

Engr. Leye Kupoluyi maintained that LCCI remains unwavering in its belief that sustainable economic growth must be private-sector-led, productivity-driven, and people-centred.

“In line with this conviction, our advocacy will continue to prioritize the improvement of the ease of doing business and regulatory efficiency; the strengthening of micro, small, and medium-scale enterprises as critical engines of employment, innovation, and inclusion; the enhancement of trade facilitation, logistics, and industrial competitiveness; and the promotion of digital transformation, skills development, and innovation.

“Nigeria’s economic future will not be determined solely by policies, but by the quality of partnerships among government, business, and society,” the LCCI President submitted.