Press Release

The Lagos chamber of Commerce and Industry (LCCI) commends the setting up of the Economic Advisory Council by President Muhammadu Buhari, GCFR. This is a welcome development which will help to give the desired direction to the nation’s economic management. The stature, pedigree and the independence of the members of the council are clearly not…

3 September, 2019; Lagos, Nigeria: 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, is set to hold the 2019 edition of its annual Members’ Day Exhibition and Networking Event. The annual business event is aimed at providing a…

LCCI, ICRC PARTNER TO DEEPEN SOCIAL INVESTMENT IN AFRICA 11 September, 2019; Lagos, Nigeria: 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 is in collaboration with the International Committee of the Red Cross to hold a Sensitization Forum…

The commitment of the CBN to the backward integration agenda of the Federal Government is laudable. However, it is important that in seeking to achieve this objective, the sequencing and strategy must be right. The policy will do more harm than good, both to investors and the citizens. It would trigger avoidable disruptions and dislocations…

THE NEW LENDING POLICY OF THE CBN The new lending policy for deposit money banks which prescribes a minimum Loan Deposit Ratio of 60%, effective 30th September 2019 is a move in the right direction. The focus of the policy on SMEs, Retail, Mortgage and consumer lending under the proposed lending regime is laudable. The…

Three critical factors are crucial to drive economic diversification in the Nigerian economy. These are the quality of infrastructure, the quality of policies and the quality of institutions. It is crucial to get these key parameters right. It is equally critical to ensure proper alignment among these key variables to ensure sustainable economic diversification. The…

The Lagos Chamber of Commerce and Industry welcomes the decision by the Central Bank of Nigeria [CBN] to reduce the Monetary Policy Rate (MPR) by 50 basis points from 14% to 13.5 %. This is in consonance with the clamour by the private sector for a relaxation of the tight monetary policy regime in the…

INTRODUCTION I welcome you all to this special press briefing which is to set an agenda for the administration of President Muhammed Buhari, GCFR in his second term. The past few months have been characterized by uncertainty which had affected investors confidence and caused a deceleration in the tempo of economic activities. Investors were worried…

Babatunde Paul Ruwase, President, Lagos Chamber of Commerce and Industry, gave an interview to Oxford Business Group (OBG), the renowned consultancy and publisher of economic reports as part of the research undertaken for The Report: Nigeria 2019, the most recent report from the group on the economy of Nigeria. Amongst other topics, Paul Ruwase shared…

The Lagos Chamber of Commerce and Industry [LCCI] wishes to express its deep reservations over the Nigeria Postal Commission Bill currently before the National Assembly. We submit that the bill is inimical to private sector investments in the Courier business; it is a negation of the Ease of Doing Business Agenda of the Federal Government…