The Lagos Chamber of Commerce & Industry (LCCI) commends the Federal Government for enacting to law, four landmark tax reform bills today, the Nigeria Tax Bill (Ease of Doing Business), the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill. These reforms, passed after extensive stakeholder consultations,…
President Bola Tinubu’s Democracy Day speech marked a pivotal moment for Nigeria, reflecting on the nation’s 26-year democratic journey and a roadmap for its future. His address, delivered today on the historic June 12th, underscores the government’s appreciation of democracy, economic development, security, and social cohesion. We join all Nigerians to celebrate the peaceful transition…
The Lagos Chamber of Commerce and Industry (LCCI) congratulates President Bola Ahmed Tinubu, GCFR, on his administration’s second anniversary. Bold macroeconomic reforms have characterized the past year, aimed at correcting long-standing structural distortions. While these reforms have come with significant short-term socio-economic costs, they offer the potential for long-term macroeconomic stability and inclusive growth if…
HIGH RATES, LOW GROWTH: LCCI ADVOCATES FOR A MEASURED SHIFT IN MONETARY POLICY With the Monetary Policy Committee (MPC) holding all parameters around the interest rates, the Lagos Chamber of Commerce and Industry (LCCI) presents a forward-looking and pragmatic position on the future of interest rates in Nigeria. While the recent marginal decline in headline…
BUILDING A RESILIENT ECONOMY THROUGH STRUCTURAL REFORMS AND STRATEGIC LIBERALIZATION The Lagos Chamber of Commerce and Industry (LCCI) commends the Federal Government for bold economic reforms that have begun to stabilize Nigeria’s macroeconomic environment. Measures such as subsidy removal, exchange rate unification, and fiscal tightening have laid the groundwork for renewed investor confidence and growth…
The Lagos Chamber of Commerce and Industry (LCCI) acknowledges the Federal Government’s renewed commitment to the Renewed Hope Nigeria First Policy, aimed at promoting indigenous production, empowering local businesses, and reducing overdependence on imports. This policy direction is timely and aligns with our long-standing advocacy for an inclusive, self-reliant, and resilient national economy. With the…
BEYOND THE FORECAST: RESETTING NIGERIA’S ECONOMIC COMPASS The Lagos Chamber of Commerce and Industry (LCCI) acknowledges with deep concern the projections presented in the April 2025 World Economic Outlook (WEO) and Global Financial Stability Report (GFSR) of the International Monetary Fund (IMF) and the World Bank at the ongoing 2025 Spring Meetings in Washington D.C….
The Lagos Chamber of Commerce and Industry (LCCI) acknowledges the recent approval of a $500 million loan by the World Bank to Nigeria under the Community Action for Resilience and Economic Stimulus Program. This development comes at a crucial time as the nation grapples with mounting economic challenges, including inflationary pressures, declining purchasing power, and…
NIGERIA’S ECONOMY GROWS BY 3.40% IN 2024 – LCCI CALLS FOR SUSTAINED REFORMS The Lagos Chamber of Commerce and Industry (LCCI) acknowledges the latest Gross Domestic Product (GDP), indicating an overall growth of 3.40% in 2024, with a Q4 growth rate of 3.84%. This marks a notable acceleration from the 2.74% recorded in 2023, demonstrating…
The Lagos Chamber of Commerce and Industry (LCCI) acknowledges the Nigerian Ports Authority’s (NPA) recent announcement of a 15% upward review in port tariffs, marking the first adjustment since 1993. The NPA has cited the necessity of aligning Nigeria’s port infrastructure and equipment with global standards to enhance competitiveness as the primary reason for this…