LCCI STATEMENT ON THE HOLIDAY TRANSPORTATION INITIATIVE

LCCI STATEMENT ON THE HOLIDAY TRANSPORTATION INITIATIVE

The Lagos Chamber of Commerce and Industry (LCCI) acknowledges and responds to the recent pronouncement by President Ahmed Bola Tinubu regarding a significant discount on luxury bus travel and free train services across the country during the upcoming holiday season. His initiative, aimed at providing relief to citizens grappling with the escalating cost of transportation,…

LCCI STATEMENT ON NOVEMBER 2023 INFLATION RATE

LCCI STATEMENT ON NOVEMBER 2023 INFLATION RATE

The Consumer Price Index (CPI) data released by the National Bureau of Statistics (NBS) revealed that inflation continues its upward trend, rising to 28.20% in November from 27.33% in the previous month, implying 0.87% points increase, and 6.73% points when compared to 21.47% recorded in the corresponding month of 2022. On a monthly basis, the…

LCCI STATEMENT ON CENTRAL BANK OF NIGERIA SUSPENSION OF PROCESSING FEES ON LARGE CASH DEPOSITS

LCCI STATEMENT ON CENTRAL BANK OF NIGERIA SUSPENSION OF PROCESSING FEES ON LARGE CASH DEPOSITS

The Lagos Chamber of Commerce and Industry (LCCI) welcomes the recent decision by the Central Bank of Nigeria (CBN) to suspend processing fees on cash deposits above specified thresholds. As outlined in the “Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions” issued on December 20, 2019, under reference FPR/DIR/GEN/CIR/07/042, individuals making…

LCCI STATEMENT ON COMPANIES ENDING MANUFACTURING OPERATIONS IN NIGERIA

LCCI STATEMENT ON COMPANIES ENDING MANUFACTURING OPERATIONS IN NIGERIA

The Chief Financial Officer of Procter & Gamble, Andre Schulten, has indicated that P&G plans to transition its Nigerian operations to an import-only model, effectively dissolving its on-ground presence in the country.  The company cited challenges in conducting business as a dollar-denominated organization and attributed its strategic decision to the macroeconomic conditions in Nigeria.  The…