Press Release

NIGERIA AT 66: LCCI CALLS FOR URGENT ACTION TO LOWER COST OF LIVING, REDUCE COST OF DOING BUSINESS AND ACCELERATE JOB-CREATING GROWTH As Nigeria commemorates its 66th Independence Anniversary, the Lagos Chamber of Commerce and Industry (LCCI) congratulates the government and people of Nigeria and reaffirms its commitment to a prosperous, productive, and private-sector-led Nigerian…

LCCI Welcomes CBN’s Interest Rate Cut, Urges Complementary Measures to Translate Monetary Easing into Affordable Credit for Businesses The Lagos Chamber of Commerce and Industry (LCCI) welcomes the decision of the Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) to reduce the Monetary Policy Rate (MPR) by 350 basis points, from 26.5 percent to…

LAGOS INTERNATIONAL TRADE FAIR 2026 🚨 FRAUD ALERT – IMPORTANT NOTICE TO LITF EXHIBITORS 🚨 THE ATTENTION OF LAGOS CHAMBER OF COMMERCE AND INDUSTRY ORGANIZERS OF THE LAGOS INTERNATIONAL TRADE FAIR HAS BEEN DRAWN TO THE FALSE INFORMATION STATING THAT THE DATE FOR THE 2026 LAGOS INTERNATIONAL TRADE FAIR HAS BEEN SHIFTED TO 24TH –…

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…