LCCI COMMENDS FEDERAL GOVERNMENT’S SUSPENSION OF EXPATRIATE EMPLOYMENT LEVY

LCCI COMMENDS FEDERAL GOVERNMENT’S SUSPENSION OF EXPATRIATE EMPLOYMENT LEVY

The Lagos Chamber of Commerce and Industry (LCCI) commends the recent decision by the Federal Government of Nigeria to suspend the controversial Expatriate Employment Levy. This move demonstrates a proactive stance by the government in responding to the concerns of the business community and fostering a conducive environment for economic growth and development which the…

LCCI PERSPECTIVES ON NIGERIA’S EXPATRIATE EMPLOYMENT LEVY

LCCI PERSPECTIVES ON NIGERIA’S EXPATRIATE EMPLOYMENT LEVY

Lagos Chamber of Commerce and Industry (LCCI) acknowledges the recent introduction of the Expatriate Employment Levy (EEL) by the Federal Government. The policy aims to address wage gaps between expatriates and the Nigerian Labor force while encouraging skills transfer and the employment of qualified Nigerians in foreign-owned companies. LCCI recognizes the need for a balanced…

LCCI STATEMENT ON THE MPC DECISIONS ON MONETARY POLICY RATE

LCCI STATEMENT ON THE MPC DECISIONS ON MONETARY POLICY RATE

The Lagos Chamber of Commerce and Industry (LCCI) acknowledges the recent decision of the Central Bank of Nigeria (CBN) to raise the benchmark lending rate by 400 basis points to 22.75%, in what has been described as an aggressive regulatory intervention. The move comes at a crucial time for the Nigerian economy, facing challenges such…

LCCI’S STATEMENT ON THE INCESSANT INCREASE OF THE CUSTOMS DUTY RATE

LCCI’S STATEMENT ON THE INCESSANT INCREASE OF THE CUSTOMS DUTY RATE

The Customs Duty Rate, being the rate with which Customs evaluate imports to arrive at duties to pay, is normally affected by the prevalent exchange rates against the Naira. In recent weeks, we have seen the Naira suffer a hit against the major currencies, falling to as low as N1,900 against the Dollar and N2,250…

LCCI STATEMENT ON THE PRESIDENT’S DECISION TO SLASH ENTOURAGE SIZE FOR DOMESTIC AND INTERNATIONAL TRAVELS

LCCI STATEMENT ON THE PRESIDENT’S DECISION TO SLASH ENTOURAGE SIZE FOR DOMESTIC AND INTERNATIONAL TRAVELS

The Lagos Chamber of Commerce and Industry (LCCI) acknowledges President Bola Tinubu’s recent decision to reduce the entourage size for both domestic and international travel by 60%. This move is seen as a decisive step to curb excessive travel spending and align with the need for financial prudence in the management of public funds. The…

LCCI STATEMENT ON THE PRESIDENT’S 2024 NEW YEAR ADDRESS TO THE NATION

LCCI STATEMENT ON THE PRESIDENT’S 2024 NEW YEAR ADDRESS TO THE NATION

The Lagos Chamber of Commerce and Industry (LCCI) thanks President Bola Ahmed Tinubu for his New Year’s address to the nation. As the voice and representative of the business community, we acknowledge the challenges faced in the past year and commend the President for his commitment to addressing critical issues that impact the economic landscape…

LCCI STATEMENT ON THE HOLIDAY TRANSPORTATION INITIATIVE

LCCI STATEMENT ON THE HOLIDAY TRANSPORTATION INITIATIVE

The Lagos Chamber of Commerce and Industry (LCCI) acknowledges and responds to the recent pronouncement by President Ahmed Bola Tinubu regarding a significant discount on luxury bus travel and free train services across the country during the upcoming holiday season. His initiative, aimed at providing relief to citizens grappling with the escalating cost of transportation,…

LCCI STATEMENT ON NOVEMBER 2023 INFLATION RATE

LCCI STATEMENT ON NOVEMBER 2023 INFLATION RATE

The Consumer Price Index (CPI) data released by the National Bureau of Statistics (NBS) revealed that inflation continues its upward trend, rising to 28.20% in November from 27.33% in the previous month, implying 0.87% points increase, and 6.73% points when compared to 21.47% recorded in the corresponding month of 2022. On a monthly basis, the…

LCCI STATEMENT ON CENTRAL BANK OF NIGERIA SUSPENSION OF PROCESSING FEES ON LARGE CASH DEPOSITS

LCCI STATEMENT ON CENTRAL BANK OF NIGERIA SUSPENSION OF PROCESSING FEES ON LARGE CASH DEPOSITS

The Lagos Chamber of Commerce and Industry (LCCI) welcomes the recent decision by the Central Bank of Nigeria (CBN) to suspend processing fees on cash deposits above specified thresholds. As outlined in the “Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions” issued on December 20, 2019, under reference FPR/DIR/GEN/CIR/07/042, individuals making…