PROPOSED PENSION CONTRIBUTION INCREASE: GOVERNMENT SHOULD SUSPEND THE POLICY The Lagos Chamber of Commerce and Industry (LCCI) calls on the Federal Government and the National Pension Commission (PenCom) to suspend the proposed three-percentage-point increase in mandatory pension contributions. While strengthening retirement security is a legitimate objective, increasing payroll costs at a time when businesses are…
LCCI TO NRS: REV360 FAILURE DEMANDS IMMEDIATE ONE-MONTH FILING EXTENSION AND PENALTY WAIVER The Lagos Chamber of Commerce and Industry wishes to call on the Nigeria Revenue Service to reconsider its 30th June deadline doe the filing of Company Income Tax. While the Chamber is not shielding businesses from blame of waiting till the last…
APRIL 2026 INFLATION SIGNALS FRAGILE ECONOMIC RECOVERY The Lagos Chamber of Commerce and Industry note the marginal increase in Nigeria’s headline inflation rate to 15.69 per cent in April 2026 from 15.38 per cent in March, according to the latest statistics. While the increase reflects persistent cost pressures across the economy, the sharp moderation in…
The escalation of global crude oil prices to about $112 per barrel, alongside the fourth upward review of Dangote Refinery’s gantry price to approximately ₦1,245/litre, signals intensifying pressure in Nigeria’s downstream market, with pump prices trending toward ₦1,500/litre. This development is rapidly transmitting inflationary shocks across transportation, food, and industrial production. LCCI underscores that this…
The latest Consumer Price Index, showing a deceleration in Nigeria’s headline inflation rate to 15.06% in February 2026 from 15.10% in January 2026, is a positive development. This marginal decline, alongside the significant drop from 26.27% recorded in February 2025, reflects a gradual easing of inflationary pressures in the economy. However, the Chamber notes that…
CAUTIOUS RATE CUT SIGNALS NIGERIA’S SHIFT TO STABILIZATION AND INVESTMENT-LED GROWTH The Lagos Chamber of Commerce and Industry (LCCI) welcomes the decision of the Monetary Policy Committee of the Central Bank of Nigeria to reduce the Monetary Policy Rate (MPR) by 50 basis points to 26.50 per cent. This move signals a significant shift from…
DISINFLATION: SIGNAL, NOT YET STRUCTURAL STABILITY The Lagos Chamber of Commerce and Industry (LCCI) take note of the latest inflation data released by the NBS indicating a marginal moderation in headline inflation. While the outcome reflects an easing in short-term price momentum, LCCI considers the trend to be disinflationary but fragile, driven by a combination…
BEYOND STABILITY: MAKING 2026 THE YEAR OF INCLUSIVE GROWTH As Nigeria enters 2026, the Lagos Chamber of Commerce and Industry (LCCI) reflects on 2025 as a year marked by tough reforms, economic resilience, and cautious stabilization, characterized by modest growth recovery, constrained fiscal execution, and rising concerns about debt sustainability. While GDP growth strengthened relative…
FROM STABILITY TO SCALE: POWERING PRODUCTION, JOBS AND GROWTH IN 2026 The Lagos Chamber of Commerce and Industry (LCCI) appreciates the recent presentation of the 2026 budget before the end of 2025. We, however, cannot see the possibility of having a robust debate on the budget by the national Assembly and passing the Appropriation Act…
The Lagos Chamber of Commerce and Industry (LCCI) presents a private sector perspective on the recently released Nigeria Development Update (NDU) 2025 by the World Bank, which underscores the urgent need for Nigeria to accelerate economic reforms and tackle rising poverty levels. The Chamber reiterates that the time for decisive action is now if Nigeria…