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…

LCCI’s STATEMENT ON CBN’s JULY 2023 INTEREST RATE HIKE

LCCI’s STATEMENT ON CBN’s JULY 2023 INTEREST RATE HIKE

The CBN’s Monetary Policy Committee (MPC) raised its benchmark interest rate by 25 basis points to 18.75% from 18.50%, the highest rate since MPR was adopted in 2006. It however narrowed the asymmetric corridor to +100/-300 basis points from +100.-700 basis points around the policy rate. Cash Reserve Ratio (CRR) and Liquidity Ratio (LR) are…

ADDRESS ON THE STATE OF THE ECONOMY FOR THE SECOND QUARTER OF 2023 BY THE PRESIDENT OF THE LAGOS CHAMBER OF COMMERCE AND INDUSTRY, ASIWAJU (DR.) MICHAEL OLAWALE-COLE, CON, MFR, FNIM, CNIM, FIoD

ADDRESS ON THE STATE OF THE ECONOMY FOR THE SECOND QUARTER OF 2023 BY THE PRESIDENT OF THE LAGOS CHAMBER OF COMMERCE AND INDUSTRY, ASIWAJU (DR.) MICHAEL OLAWALE-COLE, CON, MFR, FNIM, CNIM, FIoD

THE DEPUTY PRESIDENT, LCCI – MR. GABRIEL IDAHOSA, FCA PAST PRESIDENT, LCCI – OLORI (DR.) NIKE AKANDE, CON VICE PRESIDENTS HERE PRESENT DIRECTOR GENERAL, LCCI – DR. CHINYERE ALMONA, FCA DISTINGUISHED GENTLEMEN OF THE PRESS I PRESENT THE COMPLIMENTS OF THE LAGOS CHAMBER OF COMMERCE AND INDUSTRY (LCCI) TO YOU ALL AT THIS THIRD PRESS…

LCCI STATEMENT ON TRANSPARENCY ON THE DOWNSTREAM SECTOR

LCCI STATEMENT ON TRANSPARENCY ON THE DOWNSTREAM SECTOR

 The Lagos Chamber of Commerce and Industry views with concern incidents of speculation around the pricing of PMS and the opaqueness in the pricing mechanism of petroleum products in the downstream sector. The Chamber is also worried by the likely implications of the dominance of a monopoly supplier like the NNPC Limited on competition. The…

LCCI STATEMENT ON REMOVAL OF FUEL SUBSIDY

The Lagos Chamber of Commerce and Industry (LCCI) wishes to commend the Federal Government on the removal of fuel subsidy. Unfortunately, previous regimes had shied away from this grave but nation-building decision. It is, however, noteworthy that industry regulators and operators are already implementing the subsidy removal. The Chamber is confident the removal will greatly…