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Tag: Lagos Chamber of Commerce and Industry

  • LCCI: Economic signals at 65 positive

    LCCI: Economic signals at 65 positive

    The President of the Lagos Chamber of Commerce and Industry (LCCI), Gabriel Idahosa, has said the nation’s key economic indicators are showing renewed signs of growth as the country marks its 65th independence anniversary, dahosa, however, in a statement yesterday, warned that the outlook required cautious optimism and sustained reforms.

    He said the milestone offered both a moment of celebration and sober reflection on the nation’s economy and business environment.

    “Key indicators are showing some positive trends worth highlighting such as accelerating economic growth, productive recovery in the oil and gas sector, easing inflation, currency appreciation and strengthening external reserves,” he said.

    He noted that for the first time since 2020, the monetary authorities had eased interest rates to 27 per cent after a series of hikes triggered by inflationary pressures, while significant tax reforms were underway.

    “These developments create a cautiously optimistic business climate; one that offers opportunity but demands sustained policy discipline and private-sector agility,” he added.

    The LCCI president observed that the country’s improving macroeconomic backdrop presents both opportunities and challenges for businesses.

    Read Also: New tax regime will boost Nigeria’s competitiveness, says LCCI

    According to him, exporters and manufacturers can take advantage of stronger reserves and a relatively stable naira to manage foreign exchange exposures with greater certainty. Energy-related firms, he said, also stand to benefit from renewed activity in the oil sector.

    “At the same time, inflation remains high enough to squeeze consumer purchasing power and margins, while the transition to new tax rules will temporarily increase compliance costs and require careful cash-flow planning,” Idahosa cautioned.

    He urged the government to ensure a transparent and phased rollout of the new tax framework to reduce investor uncertainty. He also called for fiscal measures that target critical inputs, complementing prudent monetary policy to accelerate disinflation without eroding external reserves.

    Idahosa said the country must strengthen local content in oil-sector projects to translate export gains into jobs and industrial development. He urged the Central Bank of Nigeria (CBN) to maintain open communication on foreign exchange policy to sustain market stability.

    On the way forward, he emphasised the importance of deepening structural reforms to ease the cost of doing business, prioritising infrastructure investments, and accelerating industrialisation policies to boost manufacturing.

    “We expect to see the implementation of the 30 per cent Value-Addition Export Bill, passed by the National Assembly, and the Executive Order on Nigeria First Policy, to boost local manufacturing,” he said.

    According to Idahosa, enhancing policy consistency, regulatory compliance, and SME support would build investor confidence and drive economic transformation.

    “As we celebrate 65 years of nationhood, LCCI reaffirms its commitment to constructive advocacy, partnerships, and thought leadership in advancing Nigeria’s economic transformation.”

    “We remain confident that, with sustained reforms and collaborative efforts between the public and private sectors, Nigeria can unlock its immense potential and secure a prosperous future for its people,” he added.

  • Why Nigeria must deepen port reform gains, by experts

    Why Nigeria must deepen port reform gains, by experts

    Maritime experts have cautioned that Nigeria must urgently consolidate its recent port reforms or risk losing its strategic trade advantage to neighboring West African countries.

    Speaking at an industry dialogue organised by the Lagos Chamber of Commerce and Industry (LCCI), stakeholders acknowledged progress made by the Nigerian Ports Authority (NPA) but stressed the need to sustain and deepen the momentum.

    The forum brought together key industry players, including the Association of Nigerian Licensed Customs Agents (ANLCA), the National Association of Government Approved Freight Forwarders (NAGAFF), the Nigerian Ports Consultative Council (NPCC), and the Abuja MoU on Port State Control for West and Central Africa.

    Discussions focused on boosting Nigeria’s competitiveness through digital innovation, regulatory streamlining, and enhanced hinterland infrastructure.

    Capt. Sunday Umoren, Secretary-General of the Abuja MoU, warned that failure to build on the reforms could see Nigeria cede its leadership position in regional trade to more proactive neighbours.

    He said: “Significant efforts have been made, and it’s time to ensure that these gains are not lost to uncoordinated charges or outdated processes. 

    “Trade diversion to neighbouring ports can be curbed if Nigeria’s ports remain attractive in terms of cost and efficiency.”

    He further stressed the critical importance of connecting ports to inland transport networks. 

    “Ports are only as strong as their links to inland logistics. NPA’s ongoing collaboration with other government agencies on multimodal transport must be sustained,” Umoren added, calling for urgent investment in roads and rail infrastructure to reduce port congestion and delays.

    The call came amid ongoing initiatives by the NPA to automate port operations and enhance infrastructure across terminals, particularly with new developments like the Lekki Deep Sea Port already showcasing the possibilities of modernisation.

    ANLCA President, Emenike Nwokeoji commended recent reforms but highlighted lingering challenges affecting port users. 

    “There’s a collective recognition that the port ecosystem is improving, but certain operational issues still drive up cost and dwell time. By streamlining overlapping charges and harmonising processes, we can reduce the burden on importers and exporters,” he said.

    Similarly, NAGAFF President, Tochukwu Ezisi, represented by Secretary Emeka Nwosu, reiterated the importance of sustaining reforms through stakeholder coordination. 

    “We are not unaware of the efforts being made, especially in terms of automation and new port developments. However, more coordination among agencies and stakeholders will help speed up the process and reduce delays,” Ezisi stated.

    Chairman of the Nigerian Ports Consultative Council (NPCC), Bolaji Sunmola, whose message was delivered by maritime lawyer, Jean Chiazor Anishere (SAN), emphasised the importance of full-scale digital transformation to align Nigerian ports with global benchmarks.

    “NPA’s digital drive, such as the push for a Port Community System, is a welcomed move. The faster we implement it fully, the sooner we can enjoy streamlined operations across the board,” Sunmola stated.

    Drawing parallels with world-class ports in Singapore and Rotterdam, Sunmola noted, “Technology has transformed port efficiency worldwide. Nigeria is on that path, and the Lekki Deep Sea Port is already showing signs of what is possible when we embrace innovation.”

    He recommended fast-tracking the deployment of the National Single Window, leveraging artificial intelligence for berth and cargo tracking, and expanding public-private partnerships. 

    “Shared innovation between government and the private sector has been the foundation of successful port reforms globally,” he noted.

    Read Also: Why TikTok needs regulation in Nigeria, by Lolo 1

    LCCI President, Gabriel Idahosa, tied the conversation to the country’s broader trade ambitions under the African Continental Free Trade Area (AfCFTA). 

    “Nigeria’s ports are key to our regional trade ambitions. With stronger infrastructure and regulatory coherence, we can attract more investment and cut logistics costs for businesses,” he said.

    Idahosa pointed to the financial impact of inefficiencies in the nation’s ports, estimating losses to businesses at N2.5 trillion annually due to congestion and bureaucratic delays. 

    “Stakeholders must continue working with agencies like the NPA to ensure ongoing initiatives deliver measurable results,” he added.

    As West and Central Africa’s maritime landscape grows increasingly competitive, the message from the forum was clear: Nigeria’s port reform gains must be protected, deepened, and accelerated if the country hopes to become a logistics hub for the region.

  • LCCI mulls special incentives to attract investors into solid minerals sector

    LCCI mulls special incentives to attract investors into solid minerals sector

    The Lagos Chamber of Commerce and Industry (LCCI) said she is deeply concerned about the performance of the Nigerian solid mineral sector as it has recorded low performance in the last two quarters.

    LCCI Director General, Dr. Chinyere Almona quoting the National Bureau of Statistics (NBS), frowned  that the Mining & Quarrying sector contributed 4.47 percent to the overall GDP in the fourth quarter of 2023, lower than the contributions recorded in 2022 fourth quarter at 4.51percent and lower than the previous quarter at 8.32 percent.

    She lamented that in spite of its immense potential, the mining sector has been hampered by many obstacles such as inadequate infrastructure, regulatory inconsistencies, limited access to financing, and security concerns in mining locations. “These challenges have collectively contributed to stifling growth, deterring investments, and impeding the sector’s ability to fulfill its role as a catalyst for industrialisation.”

    She recalled that in the National Development Plan 2021-2025, Nigeria planned to have laid a solid foundation for the minerals sector to begin catalysing growth and industrialisation in an environmentally sustainable manner by 2025, a year from now.

    Read Also: Lagos CP Adegoke Fayoade: I chose police job above university lecturer

    The LCCI chief stated that in response to the sector’s poor performance, the government launched a new mining roadmap in 2016 with the objective of building a world-class minerals and mining ecosystem designed to serve a targeted domestic and export market.

    She said: “All of these were planned to position the sector to contribute 3.0 percent to GDP by 2025. Reaching this goal would lead to Nigeria’s global competitiveness and industrialisation aligned with the African Mining Vision. Unfortunately with just a year away, little has been achieved regarding the sector.

    Almona lamented that despite Nigeria’s enormous mineral resources, the minerals sector is not a major engine of economic growth and receives little investment as the sector produces less than 0.5 percent of GDP with limited value chain in the economy.

    On regulatory and legal challenges she said they include inconsistent policies, unclear land tenures, and issues between Federal and State Governments, particularly in the collection of royalties and taxes from licensed miners operating in their domains.

    She urged the government to review the mining   industry strategy to attract mineral exploration investments, reignite mining project development, and accelerate new mineral discoveries.

    According to her, this will encourage optimal utilisation of Nigerian mineral resources in line with the Environmental, Social, and Corporate Governance (ESG) principles for sustainable growth.

    Almona further appealed to the government to address the sector’s funding issues and enable enhanced access to finance for processing value-added minerals based products by establishing seed funds and special incentives to attract foreign and domestic investors.

    She advised the government to seek innovative ways of revitalising the Ajaokuta Steel Company Limited (ASCL) and the Nigerian Iron Ore and Mining Company (NIOMCO).

    She said:  “We have consistently advised that the model of the NLNG management can be adopted for this purpose. To ramp up investments in this sector, we need to deploy more relevant research and technology to trace more mineral deposits, and make more relevant data available to interested investors.”

    Also, she urged the government to learn from the hindrances presently experienced in the Niger Delta for its failure to allow small scale crude refineries to operate under set supervision and standards.

    “For the solid minerals sector, we should adopt an inclusive strategy on Artisanal and Small-Scale Mining (ASM) aligned with development plans at all levels of government and linked to other national rural sector strategies.

    “This will make the solid minerals sector more integrated with other activities that generate more jobs in rural areas. We need to support the mining ecosystem with amenities like electricity, good roads, and water.

    “Mining companies should be engaged to sign Community Development MOUs with the host communities that will help to create a sustainable operating environment.”

  • LCCI urges CBN to reduce cash reserve ratio

    The Lagos Chamber of Commerce and Industry (LCCI) has urged the Central Bank of Nigeria (CBN) to reduce the Cash Reserve Ratio (CRR) to increase credit to the private sector.

    Speaking with The Nation, LCCI President Mr. Babatunde Ruwase said the 22.5 per cent CRR by the CBN was too high.

    He said the CRR regime was not effective, as banks were grappling with bottlenecks in accessing the facility.

    He suggested that the CRR framework should be made flexible and faster by the apex finance sector regulatory agency.

    Ruwase added that the Federal Government needed to reduce the current rate at which it sterilises money from the banks because it makes the cost of funds higher for the banks.

    He, however, gave kudos to the CBN for its various efforts on job creation, improving credit for MSMEs, intervention in the agricultural sector, building robust payment system, exchange rate stability and maintaining strong external reserve, among others.

    Read Also: NGBA now Nigerian-German Chamber of Commerce, gets new president

    LCCI, he said, was in support of the move by the CBN in developing a Trade Receivable Portal to enable MSMEs trade their invoices with financial institutions to improve their cash flow.

    “We are, however, sceptical about the workability of this laudable idea judging by the current disposition of commercial banks to lending to MSMEs, except this trend is reversed,” Ruwase said.

    He commended the desire of the CBN to boost consumer spending through a lending framework that will involve large departmental stores, equipment leasing companies, automobile companies in partnership with financial institutions and credit bureaus.

    Ruwase, however, urged the CBN to put all the necessary measures in place before commencement to ensure that the intended goal is achieved, as consumer spending is critical towards ensuring economic growth.

    While acknowledging that all efforts put in place by the CBN in the last five years yielded the intended results, Ruwase, however, commended the CBN’s five year master plan.

    “This five-year plan of the CBN is indeed laudable and commendable. However, we recognise that the role of the CBN is in using monetary policies to stimulate growth of the economy while some of the planned targets are fiscal in nature.

    “It will, therefore, requires that a framework for collaboration with the major economic ministries and other stakeholders be put in place to be able to fully actualise what the CBN sets out to accomplish in the next five years,” Ruwase said.

  • LCCI praises Buhari for declining assent to NHF Bill

    The Lagos Chamber of Commerce and Industry (LCCI) has hailed President Muhammadu Buhari for not signing the National Housing Fund (NHF) Bill.

    The chamber said the bill would have caused more problems for citizens.

    LCCI Director-General Muda Yusuf gave the commendation in an interview with The Nation in Lagos.

    President Buhari, had on April 2, declined assent to the National Housing Fund Bill alongside seven others passed by the National Assembly.

    Yusuf said the bill would have increased cost of building materials thus widening the country’s infrastructural deficit, led to increase in cost of doing business and inflict hardship on workers.

    He said  what the government should do was to evolve a mechanism that would reduce the cost of building materials to enable more Nigerians become empowered to construct buildings.

    “The government should be more concerned on how to bring down the cost of steel, cement and make land easily accessible and affordable, and also promote the use of local materials for construction,” he said.

    He urged the Nigerian Building and Road Research Institute (NBRRI) to evolve more innovative alternative and sustainable building materials for housing development.

    The LCCI chief said the use of local building materials would reduce the cost of construction, boost productivity in the building industry, and reduce environmental impact.

    Yusuf urged the research institute to publicise and commercialise its prototypes for more acceptability by Nigerians and to bridge the nation’s housing deficits

  • LCCI praises CBN over MPR reduction

    The Lagos Chamber of Commerce and Industry (LCCI) has commended the Central Bank of Nigeria (CBN)  for  reducing the Monetary Policy Rate (MPR) by 50 basis points from 14 per cent to 13.5  per cent. Its Director-General, Mr. Muda Yusuf in a statement said the action aligned with the clamour of the private sector.

    He said the private sector had canvassed for a relaxation of the tight monetary policy regime in the light of weak consumer demand, fragile economic growth and high rate of unemployment.

    Yusuf argued that though the reduction is not materially significant, it however, it is the appropriate policy choice at this time.  He said the economy is currently characterised by fragile growth at 2.3 per cent; unemployment at 23 per cent and youth unemployment at 36.5 per cent.

    Others he noted are high dependence on crude oil export; weak diversification and high poverty incidence.  He maintained that the economy needs both monetary and fiscal stimulus at a time like this.

    He said: “Although, the major monetary policy instruments of Cash Reserve Ratio (CRR) and Liquidity Ratio are still high at 22.5 per cent and 30 per cent respectively are still high and in tightening mode, the reduction in the MPR has a symbolic and signaling significance.  We expect that other monetary instruments will be adjusted over time”.

    Read also: LCCI: AfCFTA is game-changer

    He subscribed to the new policy by insisting that economic policies are typically characterised by tradeoffs and policy choices driven by what is utmost economic objective at a given point in time.  He added that the priority at this time is to stimulate growth.

    He also advised on the need to address the mis-alignment between the banking system activities, stimulation of economic growth and promotion of economic inclusion.

     

  • LCCI: VAT hike’ll compound business woes

    The Lagos Chamber of Commerce and Industry (LCCI) Director-General, Mr. Muda Yusuf, has warned against the upward review of Value Added Tax (VAT) as a means of funding the national minimum wage.

    He said the development would create further problem for the business community and compound already operating environment challenges.

    Acording to him, the way tax is operated in the country is different from the way it is operated in the other countries., adding that it is not favourable to the average man on the street.

    Yusuf added that taxation is about creating an environment which allows the rich to support the poor, stating that this same principle could be extended to micro enterprises in the economy.

    “Such category of business owners should also enjoy tax exemption,” he stated.

    According to him, a minimum wage of N30, 000 is not too much to be paid to the lowest worker of an organisation, whether in the public and private sector, taking into account, the cost of living  in the country.

    He said: “Let us take a scenario of a family man that has to pay school fees for his children, provide feeding for the family, pay for health care, pay for transportation, pay house rent and possibly even support some dependants. A monthly income of N30,000 certainly cannot cover these basic responsibilities. It is therefore even worse when we talk about N18,000, minimum wage.

    “However, the challenge with many of the state Governments is that they have a workforce that is very unwieldy and not sustainable. There is also the problem of too many political appointees on the payroll of many of the state governments.’’

  • 2019 forecast: OPS releases action points

    Worried by the poor economic fundamentals in the last quarter and the possible consequences for the first quarter of this year and beyond, the organised private sector (OPS) has suggested some action points to get the economy back on track post-2019 elections, report Ibrahim Apekhade Yusuf and Charles Okonji

    THERE are worries about the fate of the economy and these fears are not unfounded if the outcome of the Lagos Chamber of Commerce and Industry (LCCI) report released last Tuesday, is anything to go by. According to the report, the economy continues on a growth path. However, this growth is still weak, vulnerable and fragile.

    Buhari’s scorecard

    It may be recalled that President Muhammadu Buhari campaigned in 2015 on the three-prong programme of economics, security and fighting corruption. In all the three areas, he and the government he leads, has failed, experts argue.

    The devil is in the details

    The latest release from the National Bureau of Statistics revealed that Q4 2018 GDP numbers grew by 2.4% compared to Q3 2018 growth of 1.8 % YoY. This growth mirrored the performance of the non-oil sector which improved by 2.7 % YoY. The full year GDP improved by 1.9% better than 2017 of 0.8%. This performance is still weak and fragile. It is also far below 3% annual population growth as this remain a cause for concern due to its wider on inclusive and sustainable growth in the country.

    Outlook for agriculture sector

    The sector expanded by 2.1% in 2018. This sector recorded the lowest growth since 1993. The major driver of this sector performance is Crop Production, which accounted for 88% of Agricultural output in 2018. In terms of contribution, Agriculture accounted for 25% of real output in the year.

    Crude, Petroleum & Natural Gas

    Average daily oil production stood at 1.91 million barrel per day in fourth quarter 2018. This was lower than the 1.95 MBPD recorded in same quarter 2017. The oil sector grew by 1.1% as against 4.69% recorded in 2017. This sector contributes 8.60 % in 2018

    Manufacturing

    The Manufacturing sector recorded an annual growth rate of 2.09% in 2018, this marks significant improvement of -0.21% in the previous year. This sector contributes about 9.20 % to overall GDP

    Trade

    Trade sector contracted by -0.63 in 2018 from -1.05 % and -0.24% in 2016. The sector contributes 17.16% in 2018. The declining performance of this sector signifies that Nigerian consumers are still under severe pressure in terms of weak purchasing power, as trade is a major consumer facing sector.

    Telecoms

    Telecommunication and Information services sector grew by 11.33% in 2018 from -2.04% in 2017 and 2.03% in 2016. This sector contributes about 10% to overall GDP.

    OPS agenda

    The Chairman, Policy Committee of MAN, who was also the former Chairman of Electrical Group of MAN, Engineer Reginald Odiah, told The Nation that if there is violence and delay in the electoral process, the economy which has already been stagnated would retard in its growth.

    He noted that the growth would have persisted, but due to the political atmosphere that is already heated up, the growth figure which the economy recorded in the last quarter (Q4) of 2018 would have retarded, as economic activities have greatly reduced.

    “Again, if the power situation of the country does not improve, the growth will not persist, and capacity utilization for industry must come up to some level, and the demand for the products manufactured locally and demand for electricity must be met. What I am seeing now is that we are not observing the full circle, but the full circle is that Nigerians must patronize made in Nigeria products, and the government must continue to encourage the patronage of made in Nigeria product so that the industries would continue to have demands. Once product demand begins to develop, electricity demand will also continue to increase, and the investors in power sector will be willing to consider investing more money into it. That is the circle we hope that we can achieve,” Odiah stressed.

    Mixed reactions over parlous state of economy

    In the view of AJ Daga Tolar, a civil rights activist, “Many economic indices have posted some of their worst records in history. Unemployment rate has reached a record high. Inflation, while it has slowed down, remains in doubt digits so far in the current term. For the first time in 25years, the country fell in to recession that lasted five quarters; though not the main making of the Buhari government, but exacerbated by its policies. The growth that followed the exit from the recession has remained fragile and sluggish as it is fuelled by oil, whose prices are volatile. The year 2018 ended with annual growth of 1.93% which is still weak.

    The response of Buhari government to the economic crisis, he maintained, “Only worsened the living conditions of the working masses. Worthy of note is the fact that the economic crisis was triggered by the slump in oil prices which was worsened by the absence of fiscal buffers following the pillage of the economy by the PDP’s government. The twin policies of increase in fuel price and devaluation of naira introduced by Buhari government from the crest of its then popularity have not only worsened the living conditions of the working masses and the poor but also threw the economy to the tailspin. There was also increasing borrowing ostensibly to jumpstart the economy but which has heightened debt burden and whose servicing is close to the entire capital allocation.”

    According to Tolar, “The response of Buhari government to the economic crisis only worsened the living conditions of the working masses. Worthy of note is the fact that the economic crisis was triggered by the slump in oil prices which was worsened by the absence of fiscal buffers following the pillage of the economy by the PDP’s government. The twin policies of increase in fuel price and devaluation of naira introduced by Buhari government from the crest of its then popularity have not only worsened the living conditions of the working masses and the poor but also threw the economy to the tailspin. There was also increasing borrowing ostensibly to jumpstart the economy but which has heightened debt burden and whose servicing is close to the entire capital allocation.

    On security, while Boko Haram terrorists have not retaken many of the territories lost to assault of the military at early part of Buhari regime, they have regained the strength. There have been audacious attacks on the military bases leaving many soldiers and civilians dead and displaced. According to some reports, local and international, some towns and communities have been taken over by Boko Haram factions, while tens of thousands of civilians have been displaced. According to a senator from Borno State, most parts of Borno and Yobe States are impassable. Besides, despite the so-called technical defeat announced by Buhari government, Boko Haram were able to easily abduct school girls in Dapchi Yobe while the government was still negotiating the release of more of Chibok girls kidnapped under the Jonathan government in Borno. Worse still, the conditions of the IDPs and IDP Camps remain terrible, while soldiers are complaining of terrible living conditions, a situation that is reminiscent of the horrible days of Jonathan presidency.

    There was also a worsening security situation following the renewed Biafra agitation and highhanded response of Buhari government. The herder-farmer conflicts which though predated Buhari administration got to a head with tit-for-tat cycles of killings. This was worsened and politicized by the body language and comments of the Buhari government including President Buhari and his defence minister as well as conducts of elements like Governor Ortom of Benue who was out to exploit the crisis to cover up his monumental failure. The banditry in Zamfara, Kaduna and Sokoto has sent many Nigerians to an early grave while the government seems helpless and clueless.

    The anti-corruption fight which has seen a number of former government functionaries including top military officers being arrested and arraigned in courts is largely selective as the opposition figures seem to be the main target. The anti-corruption fight has not succeeded to deter corrupt practices across the country, and specifically within the Buhari government and the APC. For instance, it took publicly outcry before the former Secretary to Government of Federation (SGF) Babachir Lawal was suspended for the fund meant for the welfare of internally displaced victims of Boko Haram. He has just been arraigned a few days to the presidential election apparently to create an impression of sincere fight against corruption. Besides, many Nigerians are become less enamoured by the so-called anti-corruption fight as it has not translated into an improvement in their conditions. Rather, things are getting worse.

    The fact is that on the basis of capitalism, which by its internal logic breeds corruption, no fight against corruption will be sincere and genuinely beneficial to the masses. Nonetheless, socialists support any fight against corruption and the culprits, whether the opposition figures or ruling party stalwarts, must be made to face justice including forfeiting the proceeds of the crime and spending years behind the bar. However, it is worth nothing that many of those who pillaged the country’s economy under the PDP and in the then opposition parties are now organized under the APC and APC governments across the country. Indeed, the leading elements in the Atiku campaigns, including Atiku himself and Bukola Saraki, were months ago, members of the APC, while some leading members of the Buhari campaign including el Rufai, Rotimi Amaechi, Ganduje, etc. are former leading members of the PDP.

    On education and health care Buhari government of “change” continued the underfunding of the sectors that directly affect the working masses as it obtained in the sixteen years of the PDP. In spite of the glaring failure of the private ‘investors’, the Buhari government has also maintained the privatisation of electricity sector that was done by the PDP. Electricity tariffs have been hiked by at least 100 percent under the Buhari government.

    Atiku’s Plan

    How does Atiku, the main bourgeois challenger of Buhari, whose campaign theme is “Get Nigeria Working Again”, plan do things differently?

    Atiku and the PDP believe that Buhari government is not implementing neo-liberal capitalist programmes deeply and thorough enough. This is what they mean by the incompetence of Buhari which is held as the reason for the failure of his government. So Atiku has promised if elected to sell the national oil company and deregulate the oil industry. He has promised to float Naira which in reality means an unfettered devaluation of the currency.

    In other words, it is the same policies that worsened the economic crisis under Buhari government that Atiku is promising to deepen in order to turn around the economy of Nigeria and “Get Nigeria Working Again”! Besides, it was because Nigeria did not work in 16 years of the PDP that they were voted out of power in 2015. And, Nigeria did not work because of neo-liberal capitalist policies which led to closure of factories, job losses, rising mass poverty despite oil boom and its attendant economic growth, huge infrastructure deficiency, etc. The same ruinous neo-liberal capitalist programme constitutes the kernel of Atiku’s plan to Get Nigeria Working Again.

    On corruption, Atiku, with a serious baggage of allegation of grand corruption and looting has promised to grant amnesty to looters instead of making them to face justice. He cited example of Turkey which according to him “gave amnesty and all the money abroad came back. The government said that if you bring the money, there is not even taxation.”

    So he has assured the ruling class of a tax free regime on the loots of the country.

    The fact that Atiku can win this presidential election despite the public perception of his being corrupt and his audacious remarks such as “enrich my friends” and “grant looters amnesty “as campaign promises is a serious indictment on Buhari who rode to power on the basis anti-corruption fight.

    And Buhari, if re-elected, will not enjoy any period of honeymoon like he did the last time around, and the working masses, will be all muscle ready to struggle, both for the payment of whatever figure is agreed on for the new minimum wage and resist all manners of attacks, including the possibility of another fuel pump price increase or some other measures to further worsen standard of living of the masses. Nor will Atiku be given a life line; all of the previous sixteen years misrule and anti-poor people policies of the PDP at the helms of affair will come up to haunt the presidency.

  • LCCI supports SMEs through trade promotion, policy advocacy

    The Lagos Chamber of Commerce and Industry (LCCI) has reiterated its commitment to the growth of Small and Medium Enterprises (SME) through policy advocacy and promotion of their goods and services.

    The President of LCCI, Babatunde Ruwase, gave the assurance on Thursday in Lagos at the 2018 LCCI Members’ Day Exhibition and Networking.

    Ruwase said SMEs were key drivers of economic growth, and that the chamber would continue to evolve innovative means to serve the interest of the sector through trade promotion and policy advocacy for a better operating environment.

    He said the chamber would also continue to promote programmes that would bring great value and benefit to its members and the Nigerian business community.

    The LCCI boss said the Members’ Day presented a unique exhibition, integration and networking opportunity for the members of the chamber across all sectoral groups.

    He said the chamber saw great investment opportunities emanating from stronger business alliances that would translate to job creation, technology transfer, wealth creation and economic growth.

    The Chairman, Membership and Welfare Committee, LCCI, Mr Sonoma Ajumogobia, said the fair which started six years ago was borne out of the chamber’s desire to increasingly showcase SMEs products and services for competitive advantage.

    “We hope that in doing this, especially for our Micro Small and Medium Enterprises (MSME) member companies, we would have added some value to them by giving them some advantage over their competitors,” he said.

    Mrs Olayinka Oladunjoye, Lagos State Commissioner for Commerce, Industry and Cooperatives, assured SMEs of the States’ commitment to create the enabling environment that would aid business prosperity.

    Oladunjoye, represented by Mr Hakeem Adeniji, Director of Commerce in the ministry, said government had implemented friendly policies and infrastructure to promote business growth and economic development in the State.

    The commissioner commended LCCI for creating a platform for its members to network and learn from others.

    He said the interactions would improve their product quality, profitability and economic growth of the state and Nigeria.

  • LCCI boss says inflation may affect growth, job creation

    The Lagos Chamber of Commerce and Industry, LCCI has warned that there is need for low interest rate as spiraling inflation may continue to have rippled negative effect on growth and job creation.

    In a media briefing on the state of the economy, LCCI President , Mr. Babatunde Ruwase said the chamber notes the decision of the Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) at its meeting of 23rd and 24th July 2018, adding that, Monetary policy rates were retained, making the 10th retention of the rates by the MPC.

    “This was underpinned by the worry of the CBN about the risks to inflation, exchange rate, foreign reserves and capital flows. However, times like these calls for prioritisation in favour of stimulation of investment and growth. This meant giving priorities to job creation and poverty reduction, which are cardinal programs of the present administration.”

    “We commend the creation of a single digit interest rate window through the issuance of Commercial Papers by the large corporate, especially for the real sector. It is gratifying that this window also offers long term facility of up to second years tenure. This is salutary, and we commend the CBN for the bold move. We also commend the decision to introduce a “differentiated dynamic cash reserves requirements (CRR) regime to direct long-term bank credit at nine per cent with a minimum tenure of seven years and two years moratorium to employment elastic sectors of the economy.” The implication of this is that banks that lend to sectors that readily create jobs will get a corresponding CRR concession,” he stated.

    On inflation, Ruwase noted that headline Inflation has continued to moderate both year-on-year and month-on-month, adding that, the Inflation numbers for the month of June was 11.23 per cent (Y/Y). This is 0.37 percent points less than the rate recorded in May 2018 (11.61) percent and represents the seventeenth consecutive disinflation since January 2017.

    “On a month-on-month basis, the Headline index increased by 1.24 percent in June 2018, up by 0.15 percent points from the rate recorded in May 2018 It is noted that improvement in crude oil prices and output, CBN Monetary policy tightening, liquidity in the FX market and rising foreign reserve are the major drivers of the downward trend of the price level. In terms of the outlook, we however note that the forthcoming 2019 general election may not necessarily put pressure on prices, provided other macroeconomic conditions continue to improve. Again the impact of this scenario on investors’ confidence is positive,” he said.