Nigeria’s unending ‘hypocritical’ economic diversification
Nigeria’s economic diversification initiative has been more about political pronouncements than real efforts to not only broaden the base of the country’s resources...
‘Trade liberalisation bureaucracy frustrating Nigeria’s export to ECOWAS’
Bureaucratic bottlenecks in the registration of products under the ECOWAS Trade Liberation Scheme (ETLS), currently being managed by the Foreign Affairs Ministry are impede export goods from Nigeria to other West African countries, the Lagos Chamber of Commerce and Industry (LCCI) has said. The ETLS is the main ECOWAS operational tool for promoting the West…
Weak household consumption growth confirms Nigerian economy’s fragility
Although Nigeria returned to positive growth in the second quarter of 2017, after slipping into a recession in 2016, but latest Real Household Consumption and Government Consumption Expenditures Report for 2017, further reaffirms the fragility of the economy, even as continued delay in the 2018 budget implementation raises concern for consumption growth.
LCCI urges FG to reconsider proposed excise duty rates on locally-produced goods
The Lagos Chamber of Commerce and Industry (LCCI) has expressed concern about government’s proposed plan to extend excise duty rates on some basic and essential products such as, soap and detergent, toilet papers, cleansing or facial tissue and spaghetti/noodles.
Amended CAMA not in tune with business realities, says LCCI
The Lagos Chamber of Commerce and Industry (LCCI) has called on the National Assembly to fine-tune the recent amendments of the Company and Allied Matter Act (CAMA) in a bid to achieve the desired outcome. The President, LCCI, Babatunde Ruwase, though acknowledged the fact that many provisions in the nation’s laws are not in tune…
Solid minerals resources as effective means of exiting the crude oil curse
The Bitumen reserve in Nigeria is twice the volume of existing crude oil. However, it is sad to admit that most of the Bitumen used for the country’s road construction and maintenance are imported.Considering that Nigeria’s vast mineral wealth cannot be exploited all at once, few minerals could be prioritized for development.
LCCI’s INEC-private sector forum to shape policies, reforms
The Lagos Chamber of Commerce and Industry (LCCI) will today, host its first INEC-Private Sector Forum on electoral process, in a bid to provide a platform to discuss...
High dependence on import makes manufacturing sector vulnerable
Director-General of the Lagos Chamber of Commerce and Industry (LCCI), Muda Yusuf, in this interview with FEMI ADEKOYA, said the country cannot be on sound economic footing when there is no progress on the industrial front. He added that the fact that the manufacturing sector provides over 80 per cent of its energy requirement is…
Manufacturers seek government intervention as average lending rate hits 22.8%
Average lending rate from commercial banks to the manufacturing sector averaged 22.8 percent in 2017, according to latest data from the Manufacturers Association of Nigeria (MAN), necessitating calls for government intervention by local producers.
Delay in budget implementation will slowdown economy, LCCI warns
The Lagos Chamber of Commerce and Industry (LCCI) has warned that continued delay in the implementation of the 2018 budget will result in slow down in the economic recovery process by postponing the multiplier effect of government spending. According to the chamber, in addition to adversely affecting the economy, slow provision of critical infrastructure needed…