The Central Bank of Nigeria (CBN) has announced plans to redesign, produce and circulate new local legal tender. The Naira has not been redesigned in the last 20 years. CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of N100, N200, N500, and N1,000 banknotes. This is…
The record 20.5 trillion Naira (or $47.3 billion) proposed expenditure by the Federal Government to run the economy in 2023 reflects the huge needs that exist in critical sectors of the economy. The proposed budget, which is 19% higher than the 2022 budget is expected to take effect from January 2023 to address economic growth,…
The news of the attack on the Dangote Cement Plant located in Obajana, Kogi State, on Wednesday, 5th October 2022, is shocking and disappointing. This attack is a reflection of the poor handling of investment protection issues in our country. The Lagos Chamber of Commerce and Industry believes there are more decent ways to handle…
The Lagos Chamber of Commerce and Industry (LCCI) rejoices with our Members, Partners, the Diplomatic Community, the Government, and the entire Organized Private Sector on this day of Nigeria’s 62nd independence celebration. We must never forget the sacrifices our National Heroes made for our Country’s freedom. LCCI is passionately committed and will continue to uphold…
The Nigerian economy has recorded impressive recovery from the recession induced by the COVID-19 pandemic in 2020. The economy has consistently recorded growth rates breaking many analysts’ predictions of expected lower growth rates. However, the economy has continued to struggle with many inhibiting burdens like inflation, weak revenue generation, degenerated infrastructure, forex challenges, unsustainable cost…
Deputy President, Lagos Chamber Mr. Gabriel Idahosa, FCA Vice Presidents here present Director General, LCCI Distinguished Gentlemen of the Press, It is once again elating to have you all here today for the third quarterly press conference in 2022. At these conferences, we review major developments in the economy in the preceding quarter and communicate…
The Lagos Chamber of Commerce and Industry (LCCI), the premier Chamber of Commerce and a leading voice in the Organized Private Sector (OPS) in Nigeria, with the support of Waltersmith Petroman Oil Limited is set to hold a Public-Private Dialogue Session to proffer solution to challenges of crude oil theft in Nigeria. The dialogue will…
The recent hike in the Monetary Policy Rate (MPR) by the Monetary Policy Committee of the Central Bank of Nigeria (CBN) from 11.5% to 13% was well expected by the Lagos Chamber following recent fundamentals in the economy. The Chamber has also noted the trend around the rising inflation rates across many economies globally. It…
The worsening insecurity profile in Nigeria is reaching a worrisome dimension with the unfortunate incident on Monday 28th March 2022, when some gunmen launched a deadly attack on a Nigerian Railway Corporation (NRC) Abuja-Kaduna evening train carrying an estimated 398 passengers. After the attack, reports confirmed that eight people were killed, and twenty-two people are still…
The War between Ukraine and Russia will likely make the world’s hunger crisis even tougher to fight. The countries are two of the world’s major suppliers of staple grains like wheat. A protracted crisis increases the likelihood of supply interruptions and higher food prices for many people — including those who can least afford them….
