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SECOND QUARTER 2021 GROSS DOMESTIC PRODUCT (GDP) REPORT
The National Bureau of Statistics has released the national accounts for Q2 2021 showing that GDP grew by 5.0% y/y compared with 0.5% recorded in Q1 2021. This is a strong and a more desirable growth when we look at the non-oil growth of 6.7 percent y/y compared with the 0.79 percent in Q1. This…
LCCI STATEMENT ON THE LIFTING OF SUSPENSION OF TWITTER OPERATIONS IN NIGERIA
The Federal Government’s press statement conveying the lifting of the suspension of Twitter operations in Nigeria is well received and commendable. The operations of the microblogging platform were shut down on the 5th of June 2021 by the Federal Government due to the use of the platform for subversive purposes and criminal activities that were seen…
LCCI STATEMENT ON MONETARY POLICY RATE HIKE BY THE CENTRAL BANK OF NIGERIA
The recent hike in the Monetary Policy Rate (MPR) by the Monetary Policy Committee of the Central Bank of Nigeria (CBN) from 11.5% to 13% was well expected by the Lagos Chamber following recent fundamentals in the economy. The Chamber has also noted the trend around the rising inflation rates across many economies globally. It…
LCCI Statement on Downgrades of Nigeria’s Sovereign Risk Profile
The Lagos Chamber is gravely concerned about the recent downgrades of Nigeria’s Sovereign Risk profile by three leading global default risk rating agencies. Fitch downgraded Nigeria’s long-term foreign currency debt Issuer Default Rating (IDR) from ‘B’ to ‘B-, few notches above a junk status, following Moody’s lead in downgrading Nigeria’s risk outlook, and Standard and…