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  • LCCI hosts entertainment village at 2023 Lagos Int’l Trade Fair

    LCCI hosts entertainment village at 2023 Lagos Int’l Trade Fair

    Lagos Chamber of Commerce & Industry (LCCI) has announced preparations to host entertainment village at the 2023 Lagos International Trade Fair (LITF).

    Speaking at a briefing to unveil the entertainment village, Chairman Trade promotion board Lagos Chamber of Commerce & Industry, Engr. Leye Kupoluyi affirmed that the village which he described as a new component of the LITF would make the fair more inclusive, sustainable, relevant and interesting to all stakeholders.

    Kupoluyi further explained that the Lagos International Trade Fair has always been a symbol of commerce and economic progress adding, “it is a place where entrepreneurs, businesses, and investors come together to forge new partnerships, explore opportunities, and drive growth. 

    “Entertainment, culture, tourism, and leisure are essential aspects of any thriving community. They are the soul of our city, and they reflect the vibrant spirit of Lagos. Our entertainment village is a testament to our commitment to creating a holistic trade fair experience that encompasses not only commerce, but also the rich cultural tapestry that defines us as a people’’.

    Also speaking at the briefing, chairperson Lagos Chamber of Industry, entertainment group, Dr. Ngozi Omambala, said her group in partnership with NMO Entertainment planned to bring life and excitement to this year’s fair which is scheduled to take place at Tafawabelwa Square, Lagos between November 3-12, 2023, by setting aside a special space where the exhibitors, visitors and participants can have fun while shopping and networking.

    In her words : “the entertainment village will create an ambiance of relaxation and pull crowd to the trade fair ground for the 10 days event. The entertainment village will create a balance in the atmosphere at the fair. Considering that 65 percent of visitors are between the ages 18 and 45 years.

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    “Interactive games visitors will be able to play several interactive games and other tech elements.

    “These games will be designed to engage the visitors and keep them entertained. DJ & live performances. There will be live performances from upcoming and top Nigerian artists. D.Js will battle it out in a show of their talents. Also, there will be food and beverage stations.

    “These stations will showcase local delicacies from around the world. Product launch and activations brands will showcase their products, launch new and reinforce their existing brand through activation. For fashion show, there will be live performances and runway from local and international fashion homes performers’’.

    This segment, Omambala said would create vibes and give excitement to the fairground, adding that the older age categories will not be left out as there would also be old school jams and vibes for the old guys.

    To her, the entertainment village would encourage the young demography to embrace the beauty of their fatherland and prefer to home, to stem the tides of ‘Japa syndrome’. 

    Picture caption: Standing (2nd Right) the Chairperson Lagos Chamber of Commerce.& Industry, Entertainment and Creative Group, Dr. Ngozi Omambala with others at the unveiling of  Entertainment Village.

  • LCCI holds specialised fairs

    LCCI holds specialised fairs

    Lagos Chamber of Commerce and Industry (LCCI) plans to hold specialised fairs as part of its yearly Lagos International Trade Fair (LITF) scheduled for November.

    Chairman, Trade Promotion Board, Lagos Chamber of Commerce and Industry (LCCI), Mr Leye Kupoluyi, said there would be multiple specialised fairs to mark the LCCI’s 135th anniversary at the event.

    He said the LITF, which is the 37th, with the theme “Connecting businesses, creating value” would be declared open by President Bola Tinubu.

    He said the multiple specialised fairs to mark the LCCI’s  anniversary included an entertainment village, children’s corner, tech hub, Africa hall, Lagos Island connect, United Asia international exhibition, and LCCI mentees.

    According to him, for the first time since the COVID-19 pandemic three years ago, about 200 exhibitors from China would be attending the LITF while almost all 54 African countries had been invited to the event.

    He said the United Asia Exhibition Company was  concluding logistics to host three trade exhibitions at the event and urged Nigerian businesses on commercial agreements and distributorship deals.

    Read Also: Ways to lessen impact of inflation, by LCCI

    He noted that the Japan External Trade Organisation (JETRO) and the Japanese hall has become a major attraction at the Lagos international trade fair and there would be a three -day free entry for visitors at the fair this year.

    “As business people, the chamber is very aware of the contribution of the creative and entertainment industry to the Nigerian economy, and the media, as a stakeholder, has been a major driver.

    “The entertainment village will provide a platform to showcase nigerian music, fashion, food, and arts and culture and we are currently engaging with critical stakeholders in the creative and entertainment industry to actualise this project.

    “The LITF has always attracted children and students over the years and this year,  we are planning to have a children’s corner where invited and visiting children will be treated to a juvenile experience with food, drinks, music, games, and quizzes.

    “The LITF tech hub is a single pavilion that hosts techpreneurs, tech enthusiasts in telecoms, software, and Information and Communication Technology (ICT) to showcase their innovative products and services.

    “It is my sincere hope that when the fair is declared closed by the Governor of Lagos, Mr Babajide Sanwo-olu, we shall all proclaim the 2023 LITF as the best so far in 37 years,” Kupoliyi said.

    News Agency of Nigeria NAN reports that the 2023 LITF is sponsored by the  United Bank of Africa (UBA) Plc, Japan External Trade Organisation (JETRO),  United Asia International Exhibition Co. Ltd, New Home Distribution Africa Ltd. – distributors of Scanfrost and Sony Products in Nigeria, Dangote Group, FEDAN Investment Ltd, Lifemate Nigeria Ltd., Rite Foods, several Ministries, Departments and Agencies (MDAs) among others.

  • Ways to lessen impact of inflation, by LCCI

    Ways to lessen impact of inflation, by LCCI

    The Lagos Chamber of Commerce and Industry (LCCI)  said it anticipated that businesses will implement a variety of cost reduction strategies to lower operating expenses and maintain profitability amidst inflationary pressures.

    Dr Chinyere Almona, Director-General, LCCI, said this in a statement yesterday  in reaction to the August inflation rate of 25.80 per cent.

    According to her, some of the strategies include downsizing and local sourcing of input factors to remain afloat.

    She added that households’ real income would continue to experience decline, especially in the near term.

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    Almona said that the LCCI was concerned about the uptick in inflation (year-on-year) driven by increase in both the food and core components of the CPI.

    News Agency of Nigeria (NAN) reported that Almona said that the slow pace of headline inflation month-on-month may be an indication that the path of price movements remains unclear in the near term.

    “The Lagos Chamber of Commerce and Industry recommends government to implement prudent fiscal policy measures. This is particularly in terms of borrowings as well as address the challenge of food inflation by immediately reducing and  removing tax on basic food items to protect the most vulnerable.”

    “We implore the government to hasten the provision of the anticipated palliatives to lessen the impact of the rising trend in prices on economic agents.

    “Furthermore, we urge the Central Bank of Nigeria (CBN) to pause interest rate hikes to relieve the pressures on the supply side, especially at this time,” Almona said

  • NGX, LCCI mull partnership on private sector development

    NGX, LCCI mull partnership on private sector development

    LCCI honoured on 135th anniversary

    The Nigerian Exchange (NGX) and Lagos Chamber of Commerce and Industry (LCCI) yesterday agreed to strengthen their working relationship with a view to developing action plans that enhances the growth of Nigerian businesses.

    The two institutions said they would soon work out a Memorandum of Understanding (MoU) detailing greater areas of cooperation and partnership, especially in the areas of access to finance, corporate governance and listing.   

    The agreement came as the NGX honoured LCCI with a closing gong ceremony in celebration of the 135th anniversary of the foremost business group.

    Chief Executive Officer, Nigerian Exchange (NGX), Temi Popoola, said NGX and LCCI have common interest in promoting advantages of listing for non-listed corporates, regulatory compliance, governance, and knowledge sharing.

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    He highlighted NGX’s plan to leverage technology to engage millions of Nigerians in the market.

    He drew parallels with the banking industry’s success in acquiring millions of customers through digitization and fintech collaborations, indicating NGX’s readiness to partner with Fintechs to increase retail investor participation.

    He noted that NGX remains committed to building a thriving market and promoting innovative solutions that provide a globally competitive platform for issuers to raise capital, and investors to meet their financial objectives.

    “This commitment drives the Exchange to continuously seek strategic partnerships with key stakeholders,” Popoola said.

    President, Lagos Chamber of Commerce and Industry (LCCI), Dr. Michael Olawale-Cole, expressed enthusiasm about collaborating closely with NGX.

    “We will work on signing an MoU; including developing action plans and timelines for a more vibrant partnership for the sustainable development of the Nigerian capital market,” Olawale-Cole said.

    He commended NGX for its achievements and reiterated LCCI’s commitment to working together to enhance the exchange’s operations.

  • 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.

    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.

  • NLNG, LCCI seek solution to power sector woes

    The  Nigeria Liquefied Natural Gas Limited (NLNG) and the Lagos Chamber of Commerce and Industry (LCCI) have called for more efforts to address the  challenges in the power sector. They also want other energy sources and ideas that will help to fix the problem explored.

    Manager, Corporate Communications and Public Affairs, NLNG, Andy Odeh, said the two organisations made the call at the Business Interactive Session on Innovation in Electric Power Solutions at the LCCI head office in Lagos. The session featured the 2018 winner of The Nigeria Prize for Science, Dr. Peter Ngene. The winner  clinched the prize based on his work: “Nanostructured metal hydrides for the storage of electric power from renewable energy sources and for explosion prevention in high voltage power transformers.”

    The  Prize is a $100,000 award sponsored by NLNG to promote innovations in science and technology that will solve age-long problems and drive development in Nigeria. The prize is awarded annually.

    The General Manager, External Relations and Sustainable Development, Mrs Eyono Fatayi-Williams, said the interaction session was as a result of The Nigeria Prize for Science which is increasingly shedding light on solutions to some of the nation’s problems which include electricity shortage.

    She said in recognition of the need to encourage more work in finding solutions to electric power generation in the country, NLNG used the  competition to encourage research works on the theme of that year’s competition – Innovations in Electric Power Solutions.

    Mrs. Fatayi-Williams said a renewed focus on power generation and conservation is definitely one area which can offer huge business opportunities in the country, calling on the industry to focus on renewable sources of energy to improve the situation, promote better energy output, as well as align the country with the global clamour for cleaner energy sources, as the world fights global warming.

    The President of LCCI, Paul Ruwase, said there was need to change the narrative and focus on innovative ideas that can enable practical solutions. He added that the theme of the session provided a platform for reshaping the mind-set of Nigerians, helping to champion the birth of new ideas and practical ways to make the power sector work as it should in order to promote the country’s economic development.

    “Reforming the power sector in Nigeria must align with the global energy direction of increasing renewables in the energy mix. Dr. Ngene’s award-winning work further presents an opportunity for Nigeria to harness new discoveries in solving her power supply challenges. His invention has positive implications on renewable energy development that the country can benefit from. It is believed that Dr. Ngene’s work will expand the energy market in Nigeria with efficient energy storage.”

    Ngene in his presentation titled: “Nanomaterials for Energy and Power Application”, highlighted the potential of his work in the area of storing hydrogen, storage battery for renewable energy and detection of hydrogen leaks in transformers to prevent explosion.

    He said explosion in transformers was one of the major causes of power outages in the country, adding that  Nanotechnology is a cheap way of detecting hydrogen to eliminate such explosions is possible.

  • 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: take advantage of fourth industrial revolution

    THE  Lagos Chamber of Commerce and Industry (LCCI) has urged both private and public sector players to take advantage of the fourth industrial revolution.

    Its Vice President and Chairman, Trade Promotion Board, Mr Gabriel Idahosa, who spoke ahead of 2019  ICTEL Expo slated for between July 16 and 17 at Landmark Event Centre, Lagos, said already, information communication technology (ICT) contributes between 10 and 11 per cent to the nation’s gross domestic product (GDP), stressing that much more needed to be done to increase the conribution.

    Idahosa said although the highest sectoral contribution of ICT to GDP in Africa is about 14 per cent, he urged stakeholders to ensure that full advantage of the fourth industrial revolution is taken since the nation and indeed, the continent lost out in previous industrial revolutions.

    The fourth industrial revolution has digital economy as its fulcrum and is being powered by innovations such as Artificial Intelligence (AI) Internet of Things, (IoT) and Internet of Everything (IoE), robotics, big data, augmented reality etc.

    Also, LCCI President, Babatunde Runwase, said the theme of the conference: “Fourth Industrial Revolution: The Nigerian Story”, was specifically chosen to awaken stakeholders in the economy on the need to brace for the digital race that new trends will unleash on the industry.

    He said the forum will provide inspiration for smalll and medium enterprises (SMEs) to showcase their businesses and tell their stories while it will provide an opportunity for experts to set agenda for policy makers.

    He said: “The theme is quite apt. It is not because it is contemporary and topical, but because Africa and indeed, Nigeria seemed to be slow in coming to terms with the far reaching implications of the Fourth Industrial Revolution. Secondly, it is gratifying that it will provide great opportunity to influence national discourse on the culture of enterprise from an ICT positive perspective. That is the significance of telling the Nigerian story.

    “This Expo will provide the required inspiration, which many SMEs need in their quest for improved performance. Perhaps, more importantly, the Expo will provide aspriring enterpreneurs, tech start-ups and thousands of unemployed and under-employed youths yet another opportunity for an enriching learning experience, capacity building, mentoring, connecting with investors and employers of labour and listening to life changing accounts from different stakeholders.”

  • LCCI seeks removal of Customs Strike Force from ports

    The Lagos Chamber of Commerce and Industry (LCCI) has kicked against the deployment of a Customs Strike Force with the power to intercept and effect cargo seizure in the ports.

    LCCI Director-General,  Muda Yusuf said the move by the Nigeria Customs Service (NCS) will hurt investment and further complicate the already difficult cargo clearing process. He said it will undermine the Ease of Doing Business policy of the Federal Government and negate the Presidential Executive Order on the streamlining of ports processes.

    He said: “Some of the implications and consequences are as follows: The directive confers vast discretionary powers on the Strike Force which makes the cargo clearing process vulnerable to arbitrariness and coercion which could undermine the integrity and credibility of the process. The deployment of the strike force to the ports suggests a distrust and lack of confidence in the resident customs officers who were deployed to the various commands by the Comptroller-General in the first place.

    “The appropriate thing to do in the circumstance is for the CG to replace these officers with trusted ones rather superimposing another set of customs operatives on the system.  This new deployment would make the entire process chaotic, cumbersome, costly and inefficient.  It could also create an additional credibility problem.”

    He said LCCI is concerned that over the past two years, the scanners at the Lagos Ports Complex have not worked.  The persistent dependence on physical examination for cargo releases has not only been laborious and arduous, it is also time wasting.

    “The Lagos Ports are the largest ports in the country handling over 1.5 million 20-foot containers equivalent (TEUs) annually. This underscores the enormity of the consequences of physical examination of containers for the efficacy of cargo clearing. It is incredibly detrimental to the cargo release process and the economy.  It is imperative for the Federal Government to expedite actions on the procurement of scanners for the ports in order to put an end to the physical examination of cargo and make the system technology driven. The LCCI submits that the deployment of the Strike Force to the ports should be reversed forthwith. Where the Comptroller-General does not trust the resident officers, they should be replaced with trusted ones rather than creating overlapping responsibilities and authorities which would further muddle an already arduous cargo clearing process.  Delays in the cargo clearing often results in high and avoidable demurrage to importers; high interest cost on funds used for import transactions, disruption of business processes including manufacturing activities, and many more.

  • LCCI calls for review of automotive policy

    Six years after the introduction of the Automotive Policy, it has failed to achieve the desired outcomes and also adversely impacted the cost of doing business, the Director-General, Lagos Chamber of Commerce & Industry (LCCI),  Muda Yusuf, has said.

    Yusuf said the welfare of the people, government revenue and the capacity of the economy to create jobs has been affected by the policy, besides causing massive trade diversion to neighbouring countries.

    He regretted that high compliance cost has put enormous pressure on firms, moving them into uncompetitive positions in the face of weak institutional capacity to enforce the extant tariff regime.

    Yusuf told The Nation that the cost of vehicles has risen beyond the reach of most citizens and corporate bodies, while impacting negatively on businesses.

    He reiterated that the automobile sector was hit by the double shock of currency depreciation of over 80 per cent over the last six years and an import duty hike to 70 per cent on new cars and 35 per cent on used vehicles and commercial vehicles.

    Yusuf said: “The auto policy was an import substitution industrialisation strategy to reduce importation of vehicles and incentivise domestic vehicle assembly.  However, import substitution strategy would only thrive in the context of high domestic value addition.

    “It is within such a frame work that the economy could benefit from the inherent values of import substitution, which includes backward integration, economic inclusion, multiplier effects, and conservation of foreign exchange, job creation and reduction of import bills.”

    The LCCI boss maintained that the automotive policy, in its current form, is not in consonance with the Nigeria Industrial Revolution Plan (NIRP), which is the main industrial policy document of this administration.

    According to him, the NIRP espouses the strategy of resource-based industrialisation. He regretted that six years into the implementation of the auto policy, not much progress has been made, even though over 50 vehicle assembly plants licences have been issued with total yearly assembly of new cars in 2017 and 2018 estimated at less than 10,000 units.

    Yusuf observed that the high cost of vehicles has taken a severe toll on the economy, from a logistics cost and welfare point of view. ”Practically, all aspects of our economic and social lives had been negatively impacted by the situation,” he stated.

    He also said since over 90 per cent of the country’s freight and human movements are done by road, it implies heavy dependence on cars, commercial buses and trucks.

    On the challenges for manufactures, Yusuf explained that manufacturers and other real sector investors suffer from high cost of delivery vehicles, sharp increases in haulage cost because of the high cost of trucks.

    Furthermore, he stated that school buses have become unaffordable for many institutions, even as many hospitals cannot afford ambulances, with  many corporate organisations drastically cutting down on their fleet while vehicle ownership is beyond most of the middle class.

    According to the LCCI boss, these unintended consequences and collateral harmful effects on the economy and welfare of citizens are incalculable and underscore the strategic importance of road transportation to domestic economic integration and connectivity.

    He said though the economy has witnessed an increase in the price of vehicles by between 200 to 400 per cent over the last five years, not many investors and the citizens have the capacity to pay these outrageous prices.

    He regretted that even prosperous corporate organisations are now buying used vehicles for official use, noting that the implication of the scenario for operational costs of organisations was worrisome.

    Yusuf also stressed that the auto policy in its present form is most inappropriate for an economy that is heavily dependent on road transportation.