Business

Nigeria’s 98% debt service to revenue ratio worrisome – LCCI

…says commitment taking huge toll on GDP …advises on sectors to boost revenue The Council of the Lagos Chamber of Commerce and Industry (LCCI) has raised serious economic concerns over Nigeria’s rising debt service payment, saying in half year 2021 alone, the country’s debt service to revenue ratio hit about 98 per cent, up from […]

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Yusuf decries FG’s excess borrowing amid dwindling revenue

The immediate past Director- General of the Lagos Chamber of Commerce and Industry (LCCI), Dr. Muda Yusuf, has expressed concern over excess borrowing by the Federal Government in the midst of dwindling revenue. He observed that a large portion of the domestic borrowing was through ways and means which has serious implications for inflation. Ways […]

Business

LCCI: Challenges still trailing AfCFTA implementation

With the African Continental Free Trade Area (AfCFTA) still struggling to take off properly, the Lagos Chamber of Commerce and Industry (LCCI) has emphasised that the regional economic communities need to take appropriate steps to ensure a speedy and effective implementation of the continental trade agreement in order realise the $6.7 trillion revenue projection. Director-General […]

Business

Multiple rates: LCCI demands forex reforms

The Lagos Chamber of Commerce and Industry (LCCI) has called for a review of Nigeria’s foreign exchange policy framework towards expanding the scope of market mechanism in the determination of exchange rate in the country. President of the Lagos Chamber of Commerce and Industry, Mrs. Toki Mabogunje, in an interview with this newspaper in Lagos, […]

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LCCI: Economy still fragile despite exiting recession

The Lagos Chamber of Commerce and Industry (LCCI) has revealed that the economy’s exiting recession does not imply an end to the country’s numerous economic woes as growth remains fragile in all fronts. The LCCI stated that the economy was still faced with several challenges, including rising consumer prices, weak employment level, lingering liquidity concerns […]

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Lending rate: LCCI backs MPC’s decision

Following the decision of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to retain policy parameters, the Lagos Chamber of Commerce and Industry (LCCI) has disclosed that the decision is most appropriate at this moment considering recent happenings in the economy. LCCI explained that the CBN’s decision to retain Monetary Policy […]

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LCCI: How COVID-19, #EndSARS protests impacted PMI

A new survey of the Lagos Chamber of Commerce and Industry (LCCI) has revealed that COVID-19 and EndSARS protests resulted to the country’s volume of business activities contracting in December 2020 with Purchasing Managers’ Index (PMI) for manufacturing and non-manufacturing sliding down to 49.6 points and 45.7 points respectively. The new LCCI survey, which was […]

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Recession: LCCI, APC, others excited over recovery

Following the announcement by the Nigeria Bureau of Statistics (NBS) yesterday that the country’s gross domestic product (GDP) grew by 0.11 per cent in Q4’20, the Lagos Chamber of Commerce and Industry (LCCI) and stakeholders in the private sector have expressed surprise at Nigerian economy’s exit from recession amid unending negative trajectories that marred the […]

Business

OPS: FX policies, others’ll put pressure on consumer prices

The Lagos Chamber of Commerce and Industry (LCCI) has disclosed that broad-based harmonisation of fiscal and monetary policies are the best options towards addressing the identified structural constraints that will significantly help to moderate inflationary pressure in the medium term in the country. The Director-General of the LCCI, Dr. Muda Yusuf, disclosed this to New […]

Business

LCCI: 55% MSMEs lose businesses to #EndSARS crisis

The Lagos Chamber of Commerce and Industry (LCCI) has revealed in its new survey that most businesses (55 per cent) have temporarily shut down operations due to major losses incurred during the #EndSARS protests. LCCI in a report titled: ‘The ‘Impact of the #EndSARS Looting on Businesses in Nigeria,’ cited by New Telegraph correspondent showed […]

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