Economic growth without entrepreneurship is growth without inclusion – Almona, DG, LCCI

At a Vanguard Media Ltd Economic Forum Series on the 5^th annual MSME & Startup Summit which held recently at Civic Centre, Lagos, Dr. Chinyere Almona, Director General at the Lagos Chamber of Commerce and Industry, LCCI spoke on the theme of the Summit: Unlocking inclusive Growth for Informal MSMEs & Startups. Below is the full text of her speech.

Protocols

Good morning and warm greetings from the Lagos Chamber of Commerce and Industry, Nigeria’s premier business advocacy group committed to promoting private sector development and enabling business growth.

It is a great honour to be here today to speak on a subject that lies at the heart of sustainable national development: “Private Sector, Policy Reforms & Advocacy Perspective.”

The Private Sector as the Engine of Economic Growth

The private sector remains the backbone of economic development in Nigeria. It accounts for over 80% of job creation and contributes the bulk of our Gross Domestic Product.

According to the National Bureau of Statistics, more than four out of every five jobs in Nigeria originate in the private sector. It is the primary driver of innovation, value addition, and productivity.

Yet, despite its critical role, businesses—especially our micro, small and medium enterprises (MSMEs) and start-ups—continue to face significant structural, regulatory, and macroeconomic challenges that limit their full potential. The environment remains tough, with issues such as inconsistent policy enforcement, infrastructure deficits, and restricted access to finance dampening entrepreneurial enthusiasm.

As I often say, “Economic growth without entrepreneurship is growth without inclusion.” Our private sector must be empowered to thrive if Nigeria is to achieve inclusive economic prosperity.

Why Policy Reforms Matter

Policy is the silent infrastructure of any economy. It either enables prosperity or stifles potential. Nigeria’s economic future hinges on the quality, consistency, and predictability of our policy choices.

Reforms in areas such as taxation, foreign exchange management, trade facilitation, credit access, and the ease of doing business must be more than headlines. They must produce tangible impact.

Businesses need predictability and policy coherence. Without these, long-term planning and investment are nearly impossible. For example, Nigeria ranked 131 out of 190 countries in the World Bank’s 2020 Doing Business Report—an indicator that shows we have considerable work ahead.

But reform is possible. Consider the 2020 Finance Act, which introduced VAT exemptions for small businesses with turnovers under N25 million—a significant relief measure driven by the advocacy of LCCI and other stakeholders. This reform immediately lightened the tax burden for many MSMEs, enabling them to reinvest in growth.

LCCI’s Advocacy Perspective

As the voice of the organized private sector, LCCI plays a pivotal role in shaping the policy environment through:

• Engaging policymakers at federal and state levels to push for pro-business reforms.
• Conducting evidence-based research to inform regulatory reviews and identify bottlenecks.
• Championing public-private dialogue platforms, creating spaces where business voices can be heard and concerns addressed.
• Partnering with development institutions like ECOWAS, Afreximbank, and UNDP to drive inclusive growth programs.

Our advocacy has helped shape conversations on critical issues such as the Finance Acts, implementation of the African Continental Free Trade Area (AfCFTA), port reforms, and the empowerment of women-led businesses.

MSMEs and Start-Ups: The Growth Frontier

This forum rightly focuses on MSMEs and start-ups because they are not just the future— they are the present reality of job creation, local innovation, and grassroots empowerment.

MSMEs represent about 96% of all Nigerian businesses and contribute nearly 50% to our GDP (SMEDAN/NBS Report). Meanwhile, start-ups, particularly in fintech, agritech,3 edtech, and health-tech, are rapidly disrupting traditional sectors with agile, technologydriven solutions.

However, these enterprises face numerous challenges, including:

• Limited access to affordable financing—only about 5% of MSMEs have access to formal credit.
• Infrastructure deficits such as inconsistent power supply, poor broadband penetration, and logistical bottlenecks.
• Complex regulatory and tax regimes that increase the cost of compliance.
• A lack of capacity-building opportunities and weak innovation support systems.

We must intentionally design and deliver policies that support the growth and formalization of these enterprises, digitize access to services, streamline compliance procedures, and strengthen entrepreneurial education.

Call to Action: Partnerships and Bold Reforms

The private sector cannot thrive in isolation. It requires:

1. Effective dialogue between government and business communities to ensure policies are inclusive and grounded in real-world experience.
2. Evidence-based reforms that are anchored in stakeholder inputs, rather than top down decisions.
3. Regulatory empathy—a sincere understanding of the operational realities businesses face, especially MSMEs, to avoid undue burdens.
4. Inclusive growth models that deliberately center MSMEs, start-ups, women entrepreneurs, and youth-led ventures in economic planning.

Moreover, we urge continued support for enterprise clusters, innovation hubs, business parks, and export processing zones to unleash Nigeria’s entrepreneurial energy.

A good example is the Lagos State Employment Trust Fund, which has disbursed over ₦10 billion to support start-ups and MSMEs, creating more than 100,000 jobs and fostering inclusive growth.

Conclusion

As we reflect on today’s theme, I invite us all to remember: The strength of a nation’s economy lies not just in what government alone can do, but in how government and the private sector collaborate to drive sustainable growth.

At LCCI, we remain firmly committed to being the bridge between business and policy, a voice for enterprise, and a partner for national transformation.

Together, let us rise — public and private sectors, large and small enterprises, traditional and digital businesses — to build a future that works for all Nigerians.

Thank you all for your attention.

God bless you, and God bless the Federal Republic of Nigeria.