The proposed 2024 budget of N27.5 trillion ($33.4 billion) is the biggest in the country’s history, representing 21.4% increase compared to N22.65 trillion in the previous year with strong focus on defence, internal security and job creation. It is commendable to note that the strategic objective of the expenditure policy is expected to tackle macro-economic…
The Lagos Chamber of Commerce and Industry (LCCI) wishes to commend the CBN Governor on his successful outing at the CIBN’s 58th Annual Bankers Dinner and the Grand Finale of the Institute’s 60th Anniversary. However, we are concerned about the state of the economy, particularly the volatile foreign exchange situation, high inflation, and general uncertainty….
Nigeria’s inflation continues its upward trend, rising to 27.33% in October from 26.72% in the previous month as released by the National Bureau of Statistics (NBS). This represents 0.61% points increase, reflecting higher food & fuel prices and the consistent depreciation of the Naira. The annual consumer price inflation soared by 6.24% points when compared…
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…
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…
