The Lagos Chamber of Commerce and Industry (LCCI) wishes to commend the Federal Government on the removal of fuel subsidy. Unfortunately, previous regimes had shied away from this grave but nation-building decision. It is, however, noteworthy that industry regulators and operators are already implementing the subsidy removal. The Chamber is confident the removal will greatly…
The Monetary Policy Committee (MPC) of the CBN, in its May 2023 Meeting, again hiked the benchmark interest rate by 50 basis points to 18.5% from 18.0%. It, however, retained the asymmetric corridor at +100 and -700 basis points around the policy rate. Cash Reserve Ratio (CRR) and Liquidity Ratio (LR) remain at 32.5% and…
The Lagos Chamber of Commerce and Industry (LCCI), on behalf of the Organised Private Sector, congratulates the President-elect Asiwaju Bola Ahmed Tinubu on the forthcoming inauguration. The LCCI hopes the new administration will focus on issues of immediate and critical importance to the business environment and the overall economy. The present tenuous and fragile business…
With a few days to the inauguration of Dangote Refinery, the Lagos Chamber of Commerce and Industry wishes to commend the efforts of its visioner, Alhaji Aliko Dangote, and the supportive Federal Government. Expected to be Africa’s biggest oil refinery and the world’s single-trained facility, the Dangote Refinery has a capacity of 650,000 barrels per…
The Lagos Chamber of Commerce and Industry (LCCI) has taken note of the Federal Government’s decision to delay the petrol subsidy removal. This was communicated by the National Economic Council (NEC), stating that the timing of the removal should not be now given the stretching economic uncertainties facing both the business and the household sectors….
ADDRESS ON THE STATE OF THE ECONOMY FOR THE FIRST QUARTER 2023 BY THE PRESIDENT THE LAGOS CHAMBER OF COMMERCE AND INDUSTRY, ASIWAJU (DR.) MICHAEL OLAWALE-COLE, CON AT THE COMMERCE HOUSE VICTORIA ISLAND, LAGOS. THE DEPUTY PRESIDENT, LCCI MR. GABRIEL IDAHOSA, FCA PAST PRESIDENT, LCCI CHIEF (MRS.) NIKE AKANDE, CON VICE PRESIDENTS HERE PRESENT DISTINGUISHED GENTLEMEN…
ADDRESS ON THE STATE OF THE ECONOMY BY THE PRESIDENT OF THE LAGOS CHAMBER OF COMMERCE AND INDUSTRY, ASIWAJU (DR.) MICHAEL OLAWALE-COLE, CON, HELD ON TUESDAY, 10TH JANUARY 2023, AT THE COMMERCE HOUSE, VICTORIA ISLAND, LAGOS THE DEPUTY PRESIDENT, LCCIMR. GABRIEL IDAHOSA, FCA VICE PRESIDENTS HERE PRESENT THE HONORARY TREASURER AND DEPUTY TREASURER DIRECTOR GENERAL,…
Introduction The Lagos Chamber, in fulfilling its role as an economic thinktank and an advocacy body reviews the economy at regular intervals through various events, platforms, and on various private sector issues. The Chamber, in 2022, considered various issues as they emerged looking at how these issues affected the business community and made very useful…
With few days to the end of 2022, the Federal Government plans to add ₦819.5 billion supplementary budget for critical infrastructure projects, to be financed from domestic borrowing sources, to the ₦20.5 trillion initially proposed by the President to bring the total budget to ₦21.32 trillion. The unprecedented damage inflicted on some of our infrastructures due…
The Lagos Chamber is gravely concerned about the recent downgrades of Nigeria’s Sovereign Risk profile by three leading global default risk rating agencies. Fitch downgraded Nigeria’s long-term foreign currency debt Issuer Default Rating (IDR) from ‘B’ to ‘B-, few notches above a junk status, following Moody’s lead in downgrading Nigeria’s risk outlook, and Standard and…
