Press Release

Oxford Business Group Partnership Speech

Mr. Muda Yusuf, Director General of the Lagos Chamber of Commerce & Industry, Distinguished guests from the Press and the media, Ladies & Gentlemen,   Good morning to all, It is a true pleasure to welcome you all here today at the Lagos Chamber of Commerce & Industry, which has kindly agreed to host this…

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Nigeria’s plans to drive non-oil growth to be analysed in forthcoming report Lagos Chamber of Commerce and Industry signs MoU with Oxford Business Group

Lagos, October 2019: The Lagos Chamber of Commerce and Industry (LCCI) has signed a memorandum of understanding with OBG for its forthcoming publication. Under the agreement, the LCCI will help to produce The Report: Nigeria 2020 and other content that will be made available across the Group’s platforms.   A new report by the global…

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THE NIGERIAN ECONOMY AT 59

Over the last 59 years the Nigerian economy has transformed from a basically agrarian economy to an economy driven largely by resources from the oil and gas sector. The 2019 first quarter GDP data shows that the non-oil sector accounts for 90.9% of the GDP while the oil sector accounts for 9.1%. The paradox is…

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LCCI COMMENDS SETTING UP OF THE ECONOMIC ADVISORY COUNCIL (LCCI)

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…

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LCCI, ICRC PARTNER TO DEEPEN SOCIAL INVESTMENT IN AFRICA

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…

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COMMENTS ON THE CENTRAL BANK POLICY ON MILK IMPORTATION

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…

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LCCI COMMENTS ON CBN LENDING POLICY

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…

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Agenda for Economic Diversification

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…

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Comments On Monetary Policy Rate Communique

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…