The Lagos Chamber is deeply concerned about the frequency of collapse recorded by the National Grid, the sole supply source of hydroelectric power nationwide. This year alone, we have recorded eight grid failures, with three being recorded within a week. The worsening performance of the national grid is definitely an issue of concern to the business…
The Chamber wishes to express some concerns about the latest increase in petrol pump prices across the states. We try to understand that the recent fuel price hikes could be government’s intention to fully deregulate the oil and gas sector and implement a complete fuel subsidy removal policy. However, the dynamics and controversies around these…
The Chamber wishes to commend the latest policy decisions highlighting some quick impact fiscal interventions that can ease the harsh economic conditions under which businesses have hitherto struggled to survive. In most of our recent statements to the media, we have consistently recommended the use of fiscal stimulus and non-cash interventions to cushion the burdens…
NIGERIA AT 64: THE FIGHT TO STABILIZE THE ECONOMY On this remarkable October 1st, we celebrate 64 years of independence for our beloved nation, Nigeria. Today, we commemorate our freedom and reflect on our journey as a nation to where we find ourselves in the current state of our economy — the transitions, our triumphs,…
The Lagos Chamber of Commerce and Industry (LCCI) acknowledges the many efforts by the government towards a monetary easing regime. The marginal drop in the August headline inflation rate to 32.15%, down from 33.40% in July, is on a good note. While this represents a month-on-month improvement, the broader year-on-year comparison still highlights a troubling…
The Lagos Chamber of Commerce and Industry (LCCI) maintains that the petrol subsidy is unsustainable. With the official price of petrol now at N855, it is a clear indication that the shortfall between the landing cost and the former price level of N568 charged by NNPC has been reduced. The burden of the shortfall has…
The Lagos Chamber of Commerce and Industry (LCCI) commends the robust performance of Nigeria’s Gross Domestic Product (GDP) in the second quarter of 2024, which recorded a 3.19% year-on-year growth in real terms. This impressive growth surpasses both the 2.51% growth in the second quarter of 2023 and the 2.98% recorded in the first quarter…
Nigeria’s inflation moderated to 33.40% in July 2024 from 34.19% in the previous month, as released by the National Bureau of Statistics (NBS). The slight moderation recorded in the month is the first since December 2022, reflecting ease in price pressures due to a slow-down in demand and some monetary and fiscal policy interventions. It…
The Lagos Chamber has followed the mixed reactions to the nationwide address by President Bola Ahmed Tinubu, GCFR, on the protest against bad governance that started on 1st August. While we recognize the right to protest as guaranteed by the Constitution, we are concerned about the unintended negative impact such actions could have on businesses…
The Lagos Chamber of Commerce and Industry (LCCI) notes with concern the recent decision by the Central Bank of Nigeria (CBN) to raise the Monetary Policy Rate (MPR) by 50 basis points, bringing it from 26.25% to 26.75%. Following the 296th Monetary Policy Committee (MPC) meeting, this increment comes amid escalating inflation and surging food…