The Consumer Price Index (CPI) data released by the National Bureau of Statistics (NBS) revealed that inflation rate (year-on-year) continued to increase, rising to 26.72% in September from 25.80% in August, implying 0.92% points increase, and 5.94% points when compared to 20.77 recorded in the corresponding month in 2022. On a monthly basis, consumer prices…
The Lagos Chamber of Commerce and Industry (LCCI) wishes to commend the Central Bank of Nigeria (CBN) on the removal of the restrictions on 43 items previously banned and the decision to raise dollar supply to meet the demand pressure. It is also noteworthy the commitment of CBN to offset the FX backlog as part…
The National Bureau of Statistics (NBS) reported 88.16% increase in capital inflow into the manufacturing sector in the first half of 2023 at $861.16 million compared to $457.67 million in the first half of 2022. The Lagos Chamber of Commerce and Industry (LCCI) notes that the capital imported into the manufacturing sector in the first…
THE NIGERIAN ECONOMY AT 63: SUSTAINING REFORMS AND PROMOTING MACROECONOMIC STABILITY A review of the past 63 years shows that the Nigerian economy has performed sub-optimally with huge implications on citizens’ welfare and rising uncertainty. The economy is struggling with difficult conditions including high inflation, weak currency, declining reserves, falling household purchasing power, rising debt…
