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Tag: LCCI

  • LCCI honours Jagal Group chair

    LCCI honours Jagal Group chair

    Lagos Chamber of Commerce and Industry (LCCI) has bestowed the Business Legacy Award on Mr. Anwar Jarmakani, the Group Executive Chairman of Jagal, in recognition of his contributions to nation-building and socio-economic development.

    The event held in Lagos where  captains of industry and notable personalities converged to celebrate corporate organisations, public institutions and individuals that have contributed meaningfully to the development of commerce and industry in Nigeria.

    LCCI President, Mrs. Nike Akande, while presenting the award to Mr. Anwar Jarmakani, said the recipient through the conglomerate has contributed immensely to nation-building.

    Jagal Group’s Co-CEO, Mr. Manssour Jarmakani, who received the award for Jarmakani said: “The LCCI is highly commended for recognising the significant role Jagal Group has been playing in providing world class products and service to different sectors through its diverse investments in technology, real estate construction, health and hygiene in addition to providing employment for thousands of Nigerians.”

    He said the Jagal Group is dedicated to empowering people and building strategic partnership  aimed at achieving sustainable growth in the host communities.

    Jarmakani, a member of the Nigerian Economic Summit Group,  founded the Jagal Group in March 1978.

    A busniess mogul, entrepreneur, he is one of the first generation of private sector pioneers in the post- independent Nigeria. He has panache for vision, leadership and integrity.

  • LCCI to National Assembly: summoning business chiefs can discourage investors

    LCCI to National Assembly: summoning business chiefs can discourage investors

    THE Lagos Chamber of Commerce and Industry (LCCI) has urged the National Assembly to be cautious in its oversight and investigative role, to avoid economic disruption and loss of investors’ confidence.

    Its Director-General, Mr. Muda Yusuf,  who made the appeal in a statement yesterday in Lagos, said allegations and petitions received by the National Assembly about infractions by the private sector should be properly verified for credibility, before presenting such to the media.

    Yusuf said: “The most recent of such public pronouncements was the alleged N30 trillion revenue loss, and the allegedly missing 288 vessels by the Senate Joint Committee on Customs, Excise, Tariffs and Marine Transport.

    “Some 63 firms were accused of complicity in the alleged scam. These are grave allegations that needed to be subjected to proper scrutiny, before making them public issues.

    “Their implications for the nation’s image and foreign investors’ perception are severe.

    “The chamber believes and promotes the ideals of high ethical standards in business and would not support infractions against statutory laws by private sector entities.

    “However, we would like to see a legislative/private sector interface characterised by mutual respect, fairness, and courtesy.”

    According to him, listing corporate organisations in the media over allegations have considerable reputational costs and weighty consequences for the brand equity of such organisations.

    He noted that frequent summons of organisations by the legislature had significant financial implications to organisations not domiciled in Abuja, in terms of costs of flights, hotels and other logistics for appearing before the National Assembly.

    “The Executive time committed to appearance before committees of the National Assembly is enormous, especially since most of the committees would insist that appearance should be at the level of the CEOs of the companies.

    “There is need to streamline the summons and public hearings to avoid duplication and overlap between the Senate and the House of Representatives.

    “It is also imperative for the leadership of the National Assembly to vet the summons by its committees to ensure efficiency, cost effectiveness and optimisation of executive time committed to the public hearings.

    “This is important when we realise that we have 89 Standing Committees in the House of Representatives and 59 Standing Committees in the Senate,” he said.

    The LCCI boss said statutory agencies of government were often custodians of some information that the private sector was required to provide support to legislative investigations.

    “It is more cost effective to access this information from these agencies of government.

    “Matters that can be investigated by the statutory agencies of government such as the Judiciary, the EFCC, the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Federal Inland Revenue Service (FIRS) and the National Industrial Court, the Nigeria Customs Service (NCS), should be referred to such institutions.

    “These bodies have better competences, capacities and structures for investigation of infringements of the law.

    “This would enable the National Assembly focus on its core duties of representation and lawmaking,” he said.

    Yusuf said that the chamber appreciated the role of the Senate in enacting enabling laws and review of obsolete legislations toward creating an enabling environment for investors.

    According to him, the economy needs investors to boost job creation and accelerate the economic recovery process, adding that the Economic Recovery and Growth Plan (ERGP) deliverables are anchored largely on the private sector.

  • Indomie bags LCCI’s brand of the year award

    Indomie bags LCCI’s brand of the year award

    The Lagos Chamber of Commerce and Industry (LCCI) has conferred ‘Brand of The Year’ Award to Nigeria’s leading noodles brand, INDOMIE Instant noodles at the just concluded LCCI Commerce and Industry Awards 2017, which took place at the Oriental Hotel, Lagos, recently.

    The objective of the yearly Award is to recognize, promote and celebrate private and public institutions operating in Nigeria for best business practices, growth through innovations, business sustainability and positive impact on the people and society.

    Receiving the award on behalf of Indomie, Group Head, Public Relations, Dufil Prima Foods Plc, Ashiwaju Temitope, thanked the organizers of the award, saying it was an honour to be recognized as the Brand of the Year. According to him, “We are honoured as a brand to have won this prestigious award and this is to further attest to the fact that Indomie Instant Noodles is not just the leading Nigerian noodles brand but also the most preferred instant noodles in homes and everywhere noodles is consumed.”

    Ashiwaju further expressed that “Consumers remain the focus of our business and Indomie will continue to give them value for money through our innovative products which consumers have come to know us for over the years in order to meet their daily needs.”

    Presenting the award to the company, The President of the Lagos Chamber of Commerce and Industry, Dr. Mrs. Nike Akande said Indomie won the award because the brand has made significant contributions to the advancement of the Nigerian economy especially for its impact on the country’s culinary landscape and has also consistently delivered on its brand promise and quality.

    “Indomie ventured into the Nigerian market in 1988, when most brands were looking for the easiest investment points in the world and single-handedly and consistently built the massive demand in the noodles market that every other noodles brand is riding on today. The market domination Indomie is enjoying is due to hard work, innovative offerings and believe in the Nigerian entity.” She said.

    The LCCI Commerce and Industry Awards pride itself as a credible platform where winners emerge through a painstaking selection process from hundreds of entries supported by robust research and market intelligence.

    The 2017 edition is unique with the introduction of an award icon, the ‘Manilla’, which was originally used as an ornament but later adopted as a local trade currency in the 16th century as a means of exchange in Lagos and other coastal areas in West Africa.

    The award had in attendance representatives of Lagos State Governor, Senate President, Speaker of House of Representative, Representative Ooni of Ife and many other Captains of Industry and VIPs.

  • LCCI lauds Customs over checkpoints

    LCCI lauds Customs over checkpoints

    The Lagos Chamber of Commerce and Industry (LCCI) has lauded Nigeria Customs Service (NCS) over  the removal checkpoints outside 40 kilometers of the nation’s land borders.

    Its Director- General Muda Yusuf said it is in line with the Presidential Enabling Business Environmental Council (PEBEC) and has the capacity to reduce the disruptive activities to domestic trade resulting from their ubiquitous presence on the highways and around the cities.

    While stressing the need for this policy to be encouraged, he explained that domestic trade generates the largest number of jobs in the economy, next to agriculture and also contributes 16 per cent of the country’s Gross Domestic Product (GDP).

  • EU’s rejection of Nigerian produce: LCCI supports certification

    EU’s rejection of Nigerian produce: LCCI supports certification

    The Agriculture and Agro-Allied Group of the Lagos Chamber of Commerce and Industry (LCCI) has called for stricter issuance of phytosanitary certificates for export-bound agricultural produce.

    Chairman of the group, Mr Tunji Falade,  made the call in Lagos, against the backdrop of some agricultural products rejected by the European Union (EU).

    The EU between 2015 and 2016 rejected some 25 produce from Nigeria, including cocoa, sesame seeds, melon seeds, dried fish and meat.

    Falade canvassed intensified collaboration between export regulatory agencies, organisations, exporters and farmers.

    The chairman said the rejection of these commodities by the EU should not be seen as victimisation, but an opportunity to reposition Nigeria’s export system.

    “This issue has always been the trend over the years. It is not the first time it is happening.

    “What we should be trying to do now is to ensure that we get this export issue right, in terms of all the standards involved.

    “Right now, we have some agencies that are supposed to be involved in the regulation of this process.

    “Apart from the Nigerian Export Promotion Council (NEPC), we have the Nigerian Agriculture Quarantine Services.

    “All of these organisations and agencies really need to collaborate with exporters, farmers, agronomists and stakeholders to ensure that before the products leave the country, all the standards are met.

    “The issuing of phytosanitary certificates to export-bound agricultural produce should be very strict,’’ he told the News Agency of Nigeria (NAN) .

    Falade said the government was developing agriculture, and one of the areas to achieve this is to improve export of agricultural produce; and export of finished products as well.

    He said the major challenge facing export regulations and development dwelt more on the methods of exportation, which were mainly in trickles and personal levels.

    According to him, now that the Federal Government is serious about commercial exports, standards and regulations from the farm should be apt.

    “We have not been doing export of agricultural products massively; we have been doing it in trickles and some people are doing it informally.

    “Now that the government is serious about it, because that is about what will guarantee economic stability in the country.

    “So, we really have to sit down to restrategise and ensure that these institutions collaborate with the stakeholders before shipment,’’ he said.

  • LCCI praises Executive Order on ease of doing business

    LCCI praises Executive Order on ease of doing business

    The Lagos Chamber of Commerce and Industry (LCCI) has commended the Executive Order and the various policy measures put in place to improve the business environment by government.   In a statement endorsed by its Director- General Mr. Muda Yusuf, LCCI noted that the initiatives would create the right environment for business and boost investors’ confidence.

    While making efforts at preserving the security of lives and property with many internally displaced persons (IDPs) now returning to their communities, the group expressed concern over the escalating security problems perpetrated by the herdsmen across the country.  The statement noted  that their activities are taking a toll on agricultural activities in the country and advised  security agencies to step up vigilance and live up to their mandate of protecting lives and property across the country.

  • LCCI auto sector group gets exco

    LCCI auto sector group gets exco

    A new executive has been elected for the Automobile and Allied Sectoral Group of the Lagos Chamber of Commerce and Industry (LCCI). The new executive has a mandate to represent the interests of the sector’s members across the whole value chain of automobile and allied businesses in the country.
    They are General Manager, Mitsubishi Corporation Nigeria Bambo Adebowale as Chairman, Chief Executive Officer CFAO-Yamaha Motor Nigeria Limited Olivier Levigne and General Manager, C & I Leasing Group Maureen Ogbonna as Vice Chairmen.
    The new executive has pledged its commitment to work with all stakeholders in the industry and to promote the interests of members.
    They canvassed strong and sustainable business environment and government policy that supports the continued development of the sector – and Nigeria’s economic growth.

  • LCCI faults IMF’s stand on monetary policy

    LCCI faults IMF’s stand on monetary policy

    The tight monetary policy recommended for Nigeria by the International Monetary Fund (IMF) is inconsistent with economic recovery process, the Lagos Chamber of Commerce and Industry (LCCI), has said.

    Speaking with reporters in Lagos,  LCCI Director-General Muda Yusuf said the Chamber does not share IMF’s view that monetary policy needs to be further tightened at this time.

    Tightening the monetary policy was part of the report of the IMF Article IV Consultation on the Nigerian economy. The IMF Article IV Consultations is an independent assessment of the Nigerian economy and the current economic management framework.

    But Yusuf argued that it is inappropriate to call for further tightening of monetary policy in an economy that is grappling with recession, high unemployment, high operating costs, high interest rates, and faltering real sector.

    “Already, interest rate ranges between 25 and 30 per cent and this is adversely affecting businesses and stifling economic growth,” he said.

    The IMF recommendation on review of existing Value Added Tax (VAT) and excise duty also did not go down well with LCCI.

    “Such a move would not be consistent with the economic recovery process. It will also not be consistent with the Federal Government’s vision to build an inclusive economy, spur growth, support the real economy and create jobs,” Yusuf argued.

    The LCCI DG, however, agreed with the IMF’s concern over Nigeria’s fiscal deficit increase from 3.5 per cent of Gross Domestic Product (GDP) in 2015 to 4.7 per cent of GDP in 2016.

    He said that the increase in the nation’s fiscal deficit occurred in spite of the under performance of the capital expenditure during the period.

    He attributed this to the high cost of governance and revenue shortfalls over the period. “It clearly raises concern over the fiscal sustainability in the management of the economy. It underlines the need to keep an eye on the size of recurrent expenditure and other measures to promote fiscal consolidation,” Yusuf said.

    He also said LCCI shares IMF’s concern about the increasing cost of debt service in the economy. “In the 2017 budget, debt service allocation is N1.66 trillion and this is 35 per cent of projected revenue and over 70 per cent of the projected capital spending. This disproportionate resource commitment should be a cause for concern,, he said.

    The LCCI, according to Yusuf, also aligns with the IMF on the need to ease foreign exchange restrictions to boost foreign exchange inflows from autonomous sources and strengthen investors’ confidence.

    He lauded the Central Bank of Nigeria’s intervention in the foreign exchange market, but said that a sustainable framework for the market was inevitable for economic growth.

     

  • LCCI unveils trade fair prospectus

    LCCI unveils trade fair prospectus

    •Industrial promotion, economic recovery to be addressed

    The Lagos Chamber of Commerce and Industry (LCCI) has unveiled the prospectus for its yearly Lagos International Trade Fair (LITF).

    Tagged “Promoting industrialisation for economic recovery and sustainable growth”, the fair will afford all sectors, including manufacturing, agriculture, solid mineral and services, a platform to display their products.

    LCCI President Mrs Nike Akande, who spoke at the presentation of the document in Lagos, said efforts to improve the economic condition might not yield results unless inter-sectorial potential were harnessed. She enjoined industry players to support the efforts of the government at revamping and stabilising the economy to drive investments in agriculture, manufacturing, trade, services and technology.

    “The recently-unveiled Federal Government’s Economic & Growth Plan (ERGP) 2017-2020 is expected to promote macroeconomic stability and economic diversification through fiscal stimulus, monetary stability and improvement of external balance of trade.

    ‘’Also, the 60-day National Action Plan on Ease of Doing business is expected to impact on the investment climate through these priority key areas, which are the international trade and immigration processes as well as transparency and inclusion in public sector procurement.

    ‘’These reforms are expected to enhance Nigeria’s ranking in the Ease of Doing Business. The private sector is expected to plug into these efforts and make complementary contribution towards rescuing our economy from recession,” she said.

    Trade Promotion Board Chairman, Mr Sola Oyetayo said the early campaign for the fair was part of the chamber’s resolve to reposition the exhibition and fit into plans of our stakeholders from the beginning of the year.

    He said: “It is pertinent to note that for the economy to recover from the  situation, there is a need to provide sustained policies targeted towards a friendly business environment that would give room for job creation through industrialisation, economic diversification that could elude our nation. It is imperative to begin to focus on how the economy can experience sustainable and inclusive growth through industrialisation.”

    According to Oyetayo, the fair will feature consumer fair, an international conference on the theme and the competitive essay writing by secondary school pupils sustained to inculcate in the young, the relevance of commerce and exhibition for development. It will also encompass Entrepreneur Master Class Competition aimed at encouraging budding entrepreneurs.

  • LCCI commends women’s resilience in economy

    LCCI commends women’s resilience in economy

    President, Lagos Chamber of Commerce and Industry (LCCI),  Mrs. Nike Akande has hailed Nigerian women on the occasion of the International Day for women – a day set aside by the United Nations to celebrate women worldwide, adding that the theme “Women in the Changing World of Work: Planet 50-50 by 2030,” is apt.

    In a statement made available to The Nation, Akande said the importance of this day cannot be over emphasized as women remain the foundation of any society having regard to their critical role in the family structure.  She said the contribution of women to the growth and development of the economy has been phenomenal. Since independence, women have continuously braced the odds to emerge leaders in politics, business, sports, academics and in every other profession, she added.

    She said: “The role of women in shaping families is one worthy of celebration as women have selflessly dedicated themselves to the nurturing and upbringing of their children. The quality of this upbringing has a major influence on the quality of leadership in any society. The values of integrity, humility, fear of God, love, selflessness, sacrifice and hard work is best imbibed at the level of the family.  The quality of parenting is a critical factor in this process”.

    She called on the Federal Government to put in place programmes and policies that will ensure equal opportunities for women and men in the country.  She further appealed to government to protect  women who have been affected by conflicts and other forms of dislocations and economically empower them.

    She said: “The various Internally Displaced Persons’ Camps (IDPs) are populated largely by women and children.  We appreciate the efforts of government and humanitarian organisations in alleviating their plights.  But evidently, a lot more needs to be done to bring normalcy to their lives.  We urge the government, corporate bodies, and individuals to scale up their support for the IDPs in all parts of the country”.

    While we celebrate the social, economic, cultural, and political achievements of women it is also a call to action for accelerating gender parity, a time to reflect on progress made, to call for change and to celebrate acts of courage and determination by ordinary women who have played an extraordinary role in the history of our nation, she added.