LCCI STATEMENT ON CBN’s REMOVAL OF FOREIGN EXCHANGE MARKET RESTRICTIONS

LCCI STATEMENT ON CBN’s REMOVAL OF FOREIGN EXCHANGE MARKET RESTRICTIONS

The Lagos Chamber of Commerce and Industry (LCCI) wishes to commend the Central Bank of Nigeria (CBN) on the removal of the restrictions on 43 items previously banned and the decision to raise dollar supply to meet the demand pressure. It is also noteworthy the commitment of CBN to offset the FX backlog as part…

LCCI STATEMENT ON CAPITAL IMPORTATION INTO PRODUCTION/ MANUFACTURING IN THE FIRST HALF OF 2023

LCCI STATEMENT ON CAPITAL IMPORTATION INTO PRODUCTION/ MANUFACTURING IN THE FIRST HALF OF 2023

The National Bureau of Statistics (NBS) reported 88.16% increase in capital inflow into the manufacturing sector in the first half of 2023 at $861.16 million compared to $457.67 million in the first half of 2022. The Lagos Chamber of Commerce and Industry (LCCI) notes that the capital imported into the manufacturing sector in the first…

LCCI 63RD INDEPENDENCE ANNIVERSARY STATEMENT 2023

LCCI 63RD INDEPENDENCE ANNIVERSARY STATEMENT 2023

THE NIGERIAN ECONOMY AT 63: SUSTAINING REFORMS AND PROMOTING MACROECONOMIC STABILITY A review of the past 63 years shows that the Nigerian economy has performed sub-optimally with huge implications on citizens’ welfare and rising uncertainty. The economy is struggling with difficult conditions including high inflation, weak currency, declining reserves, falling household purchasing power, rising debt…

LCCI STATEMENT ON AUGUST 2023 INFLATION RATE

LCCI STATEMENT ON AUGUST 2023 INFLATION RATE

Given the recent Consumer Price Index (CPI) data released by the National Bureau of Statistics (NBS), inflation rate (year-on-year) rose to 25.80% in August from 24.08 recorded in July, implying eight consecutive months increase and the highest since September 2005. This represents 1.72% points higher than the previous month and 5.28% points when compared to…

LCCI STATEMENT ON THE G20 SUMMIT IN NEW DELHI AND LIFTING OF THE VISA BAN ON NIGERIANS BY THE UAE

LCCI STATEMENT ON THE G20 SUMMIT IN NEW DELHI AND LIFTING OF THE VISA BAN ON NIGERIANS BY THE UAE

The Lagos Chamber of Commerce and Industry (LCCI) has taken note of the Federal Government of Nigeria’s participation at the just concluded G20 summit in New Delhi, India, and wishes to commend President Bola Tinubu’s outing at the world leaders’ event. This is a testament to the President’s strong leadership, as acknowledged by other world…

LCCI STATEMENT ON PRESIDENT TINUBU’S ROADMAP FOR THE ECONOMY

LCCI STATEMENT ON PRESIDENT TINUBU’S ROADMAP FOR THE ECONOMY

The Lagos Chamber of Commerce and Industry (LCCI) commends President Bola Ahmed Tinubu on the inaugural Meeting of the Federal Executive Council (FEC) and its outcomes. The Chamber notes the President’s eight-point agenda: food security, ending poverty, economic growth, and job creation. Others are improving access to capital, particularly consumer credit, inclusivity in all its…

COMMUNIQUE ON THE MID-YEAR ECONOMIC REVIEW AND OUTLOOK, HELD ON WEDNESDAY, AUGUST 16, 2023.

COMMUNIQUE ON THE MID-YEAR ECONOMIC REVIEW AND OUTLOOK, HELD ON WEDNESDAY, AUGUST 16, 2023.

The 2023 Mid-Year Economic Review and Outlook was jointly organized by the Lagos Chamber of Commerce and Industry (LCCI) and Cordros Capital to point out opportunities for business growth and sustainability in Nigeria and the global market.   In his opening remarks, LCCI President, Asiwaju, Dr. Michael Olawale-Cole, indicated that the half-yearly event reviewed vital…

LCCI STATEMENT ON JULY 2023 INFLATION RATE

LCCI STATEMENT ON JULY 2023 INFLATION RATE

Nigeria’s headline inflation rate accelerated for the seventh consecutive month to 24.08 percent in July 2023 from 21.82 percent in January, according to the latest inflation figures released by the National Bureau of Statistics (NBS). The rate is the highest since September 2005. It increased by 1.29 percentage points when compared to the previous month,…

STATEMENT ON PRESIDENT BOLA AHMED TINUBU’S ADDRESS ON THE STATE OF THE NATION ON 31 JULY 2023, BY ASIWAJU (DR.) MICHAEL OLAWALE-COLE, CON, MFR, FNIM, CNIM, FIoD

STATEMENT ON PRESIDENT BOLA AHMED TINUBU’S ADDRESS ON THE STATE OF THE NATION ON 31 JULY 2023, BY ASIWAJU (DR.) MICHAEL OLAWALE-COLE, CON, MFR, FNIM, CNIM, FIoD

The Lagos Chamber of Commerce and Industry (LCCI) wishes to commend President Bola Tinubu on his second State of the Nation address as the country grapples with the short-term economic hardship resulting from subsidy removal and exchange rate harmonization. The President’s address showed leadership, responsibility, and accountability, and he demonstrated empathy as he unveiled a…