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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LCCI, MAN reject new electricity tariff

…warns of impact on households, businesses Members of the organised private sector (OPS) have faulted the Federal Government’s approval of hike in electricity tariff, effective January 1, 2021, which, they said, will further impoverish the generality of Nigerians and businesses that are yet to recover from the COVID-19 shock. Nigerians were again shocked yesterday when […]

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LCCI seeks amendments to PIB, tasks N’Assembly

…says shift in energy markets, COVID-19 put Nigeria’s oil at risk The Lagos Chamber of Commerce and Industry (LCCI) has told the National Assembly (NASS) that Nigeria’s petroleum in-dustry is on the verge of facing many country-specific challenges, including joint venture funding and arrears, regulatory overlaps, insecurity and inadequate infrastructure for domestic gas development this […]

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LCCI : Nigeria’s GDP growth to slide to -2% in Q4

…advises authorities on path to economic recovery Lagos Chamber of Commerce and Industry (LCCI) has forecast that Nigeria’s Gross Domestic Product (GDP) will further slide to -2 per cent in Q4 2020 with no sign of recovery by year end. Also, the LCCI insisted that the second wave of COVID- 19, crashing oil price and […]

Business

LCCI survey raises concern over dwindling mining sector

The Lagos Chamber of Commerce and Industry (LCCI) has disclosed that the country’s mining sector contributed an average 0.13 per cent or less than one per cent to the national gross domestic product (GDP) in the last decade. The chamber said this was despite Nigeria being a mineral- rich country with over 40 known minerals […]

Business

LCCI: FG should hands off petrol price determination

Following recent increases in price of petrol, the Lagos Chamber of Commerce and Industry (LCCI) has advised the Federal Government to stay away from determining the cost of the product as implemented through the Petroleum Equalisation Fund (PEF) and Petroleum Products Pricing Regulatory Agency (PPPRA). The Chamber, in an article titled: “The Nigerian Economy & […]

Business

COVID-19: LCCI delpores SMEs’ high mortality rate

The Lagos Chamber of Commerce and Industry (LCCI) has admitted that the global economic landscape challenged by the coronavirus outbreak and associated containment measures has put a sizeable number of small and medium scale enterprises (SMEs) in dire financial straits. It also flayed the difficult financial situation, saying that the financial straits came in form […]

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LCCI: Nigeria’s debt profile could hit N33trn by year end

…says economy to slip into recession in Q3   Mabogunje: Prospects of early recovery remain dim   The Lagos Chamber of Commerce and Industry (LCCI) has predicted that Nigeria’s appetite for borrowing could  plunge the country into more debts that is likely to peak at N33 trillion by the end of 2020.   It also […]

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