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…

LCCI STATEMENT ON COMPANIES ENDING MANUFACTURING OPERATIONS IN NIGERIA

LCCI STATEMENT ON COMPANIES ENDING MANUFACTURING OPERATIONS IN NIGERIA

The Chief Financial Officer of Procter & Gamble, Andre Schulten, has indicated that P&G plans to transition its Nigerian operations to an import-only model, effectively dissolving its on-ground presence in the country.  The company cited challenges in conducting business as a dollar-denominated organization and attributed its strategic decision to the macroeconomic conditions in Nigeria.  The…

LCCI STATEMENT ON 2024 FEDERAL GOVERNMENT BUDGET PROPOSAL

LCCI STATEMENT ON 2024 FEDERAL GOVERNMENT BUDGET PROPOSAL

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…

LCCI STATEMENT ON CBN GOVERNOR’S ADDRESS AT CIBN ANNUAL DINNER

LCCI STATEMENT ON CBN GOVERNOR’S ADDRESS AT CIBN ANNUAL DINNER

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….

LCCI STATEMENT ON OCTOBER 2023 INFLATION RATE

LCCI STATEMENT ON OCTOBER 2023 INFLATION RATE

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…

LCCI STATEMENT ON SEPTEMBER 2023 INFLATION RATE

LCCI STATEMENT ON SEPTEMBER 2023 INFLATION RATE

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…