Given the recent Consumer Price Index (CPI) data released by the National Bureau of Statistics (NBS), inflation rate (year-on-year) rose to 25.80% in August from 24.08 recorded in July, implying eight consecutive months increase and the highest since September 2005. This represents 1.72% points higher than the previous month and 5.28% points when compared to…

The Lagos Chamber of Commerce and Industry (LCCI) has taken note of the Federal Government of Nigeria’s participation at the just concluded G20 summit in New Delhi, India, and wishes to commend President Bola Tinubu’s outing at the world leaders’ event. This is a testament to the President’s strong leadership, as acknowledged by other world…

The Lagos Chamber of Commerce and Industry (LCCI) commends President Bola Ahmed Tinubu on the inaugural Meeting of the Federal Executive Council (FEC) and its outcomes. The Chamber notes the President’s eight-point agenda: food security, ending poverty, economic growth, and job creation. Others are improving access to capital, particularly consumer credit, inclusivity in all its…

The 2023 Mid-Year Economic Review and Outlook was jointly organized by the Lagos Chamber of Commerce and Industry (LCCI) and Cordros Capital to point out opportunities for business growth and sustainability in Nigeria and the global market.   In his opening remarks, LCCI President, Asiwaju, Dr. Michael Olawale-Cole, indicated that the half-yearly event reviewed vital…

Nigeria’s headline inflation rate accelerated for the seventh consecutive month to 24.08 percent in July 2023 from 21.82 percent in January, according to the latest inflation figures released by the National Bureau of Statistics (NBS). The rate is the highest since September 2005. It increased by 1.29 percentage points when compared to the previous month,…

The Lagos Chamber of Commerce and Industry is particularly concerned by the call to arm by the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) via ‘peaceful’ protests. The Chamber is reasonably worried the ‘peaceful’ protests being experienced as a result of the fuel subsidy removal may be taken advantage of by hoodlums and…

The Lagos Chamber of Commerce and Industry (LCCI) wishes to commend President Bola Tinubu on his second State of the Nation address as the country grapples with the short-term economic hardship resulting from subsidy removal and exchange rate harmonization. The President’s address showed leadership, responsibility, and accountability, and he demonstrated empathy as he unveiled a…

The CBN’s Monetary Policy Committee (MPC) raised its benchmark interest rate by 25 basis points to 18.75% from 18.50%, the highest rate since MPR was adopted in 2006. It however narrowed the asymmetric corridor to +100/-300 basis points from +100.-700 basis points around the policy rate. Cash Reserve Ratio (CRR) and Liquidity Ratio (LR) are…

THE DEPUTY PRESIDENT, LCCI – MR. GABRIEL IDAHOSA, FCA PAST PRESIDENT, LCCI – OLORI (DR.) NIKE AKANDE, CON VICE PRESIDENTS HERE PRESENT DIRECTOR GENERAL, LCCI – DR. CHINYERE ALMONA, FCA DISTINGUISHED GENTLEMEN OF THE PRESS I PRESENT THE COMPLIMENTS OF THE LAGOS CHAMBER OF COMMERCE AND INDUSTRY (LCCI) TO YOU ALL AT THIS THIRD PRESS…

 The Lagos Chamber of Commerce and Industry views with concern incidents of speculation around the pricing of PMS and the opaqueness in the pricing mechanism of petroleum products in the downstream sector. The Chamber is also worried by the likely implications of the dominance of a monopoly supplier like the NNPC Limited on competition. The…