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Tag: LCCI

‘Infrastructure, forex undermining real sector interventions’

‘Infrastructure, forex undermining real sector interventions’

Business
Improvement in local manufacturers’ confidence in the economy as well as sectoral recovery, remains challenged by parlous state of infrastructure and poor implementation of policies, especially those related to the palliative given to the manufacturing sector in the form of reduced interest rate, operators have said. With the manufacturing sector’s contributions to the latest Gross Domestic Product (GDP) remaining very low, despite acclaimed interventions from the Central Bank of Nigeria (CBN), local producers noted that the inability to control input costs and poor infrastructure affect productive output as well as confidence in the economy. The Director-General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, noted that while manufacturers are optimistic t...
LCCI to leverage virtual, physical fair to hedge pandemic effects

LCCI to leverage virtual, physical fair to hedge pandemic effects

Business
With COVID-19 disrupting global value-chains, the Lagos Chamber of Commerce and Industry (LCCI), has said it hopes to leverage the 2020 edition of the Lagos International Trade Fair to hedge the impact of the pandemic on the economy as well as promote trade and drive industrialisation. To achieve this, the LCCI noted that this year’s trade fair would be held virtually and physically simultaneously to encourage participation, especially in the light of global travel restrictions. Chairman, Trade Promotion Board, LCCI, Gabriel Idahosa, who made this known, Tuesday, said the trade fair, scheduled for November 6 to 15, at the Tafawa Balewa Square, Lagos would be held in adherence to all COVID-19 safety protocols to prevent the spread of the pandemic. Idahosa said the Chamber had e...
Foreign equity firms, threat to Nigerian entrepreneurs, businesses

Foreign equity firms, threat to Nigerian entrepreneurs, businesses

Business
Foreign equity firms have been identified as a major threat to the wellbeing of Nigerian entrepreneurs and businesses. This was part of the consensus at an interactive session organised by the Business Founders Coalition (BFC), in Lagos, recently. The BFC Coordinator, Dr Richardson Ajayi, decried that foreign investors are preying on Nigerian businesses, and are seeking to push their founders out. This, according to him, threatens the nation’s dream to build and nurture vibrant private sector businesses capable of competing with global brands, and also reduce employment opportunities for the youth. “The objective of this meeting is to draw the attention of key stakeholders, especially the Government of the Federation and the business community to the plight of Nigerian entrepre...

Minister seeks support, claims digital transformation critical to Nigeria

Economy
• LCCI canvasses automation of businesses, govts’ activities The Minister of Communications and Digital Economy, Dr. Isa Pantami, has solicited the support of the private sector in actualizing Nigeria’s digital agenda. Pantami said it has become highly imperative to change the direction of the economy with a focus on digitization. Speaking in Lagos, at the virtual 2020 ICTEL EXPO, themed, “Exploring Opportunity in the Digital Economy,” he explained that in the National Digital Economy Policy and Strategy (NDEPS), the digital economy is referred to any aspect of the economy that is based on or driven by digital technologies. Pantami noted that globally, the digital revolution is changing lives and societies with unprecedented speed and scale, delivering immense opp...
Bumps on Lagos path to generating N60b yearly from Imota Rice Mill

Bumps on Lagos path to generating N60b yearly from Imota Rice Mill

Aviation
Efforts to make Nigeria self-reliant in the area of rice production and reduce the amount spent on importation of the item yearly, led to scaling up rice farming in the country. Taking up the cue, Lagos State invested in the construction of a 32 metric tonne per hour rice mill, with the hope that it will produce 115,200 metric tonnes milled rice yearly. With this, the state government also hopes to supply the Nigerian market about 2.4 million bags of 50kg rice yearly, which according to expert, is capable of generating N60b revenue yearly. Aside the huge revenue, over 250,000 jobs would be created in both the upstream and downstream sectors of the rice value chain of the mill. Speaking on the likely economic impact of the mill, when it becomes functional, the Chief Executive O...
Forex, reputation issues bane of capital inflow into Nigerian businesses

Forex, reputation issues bane of capital inflow into Nigerian businesses

Business
International investors and stakeholders have attributed businesses’ inability to attract foreign capital needed for growth to Nigeria’s image problem, and challenges in repatriating investments. According to them, while Nigeria should be at the top of the list for investments in Africa, governance issues remain an impediment, making the country look problematic compared to other smaller countries. Of the $5.85billion received in the first quarter (Q1) of 2020, portfolio investment accounted for 73.61% ($4.31billion) of the total capital importation recorded by the National Bureau of Statistics (NBS). Speaking at a webinar on, “Access to international capital and funding solutions for Nigerian businesses”, organised by the Lagos Chamber of Commerce and Industry (LCCI), Monday, Key...
Shippers Council, NAICOM to de-risk costs at ports

Shippers Council, NAICOM to de-risk costs at ports

Business
The Nigeria Shippers Council (NSC), and the National Insurance Commission (NAICOM), plans to collaborate to reduce the cost of doing business through the introduction of insurance cover on containers, and also looking into risk management at the various ports. The Lagos Chamber of Commerce and Industry (LCCI), had complained of the high cost of doing business at the ports due to poor infrastructure, the multiplicity of levies, excessive regulations, among others, which were further worsened by the Covid-19 pandemic. But the Executive Secretary, NSC, Hassan Bello, during a courtesy visit to the NAICOM management, Tuesday, stressed the need for a policy review of insurance covers for goods in transit, accidents, losses and damages, devoid of religious sentiments that everything hap...
Businesses must thrive to fulfil state obligations, LCCI tells LASG

Businesses must thrive to fulfil state obligations, LCCI tells LASG

Business
With the coronavirus causing losses and dislocations, the Lagos Chamber of Commerce and Industry (LCCI), has told the Lagos State Government to support business recovery to enable operators to equally fulfil their civic responsibilities. The Chamber noted that it will take a while for many businesses to recover from the consequential shocks from coronavirus, thus necessitating intervention and consideration by the state to support business to recover. With many still grappling with breach of contractual obligations, inability to retain staff, cost escalation resulting from exchange rate depreciation, loss of foreign credit lines, burden of loan repayment, and collapse of consumer purchasing power, the Chamber said a business has to be alive to fulfil its obligations to the state....
LCCI tasks new members on professionalism, business ethics

LCCI tasks new members on professionalism, business ethics

Uncategorized
The Lagos Chamber of Commerce and Industry (LCCI), has tasked its members on the need to adhere to professional and high ethical standards to achieve profitability and sustainability in their business operations. According to the LCCI President, Mrs Toki Mabogunje, businesses have obligations which transcend profit making, pointing out that adequate attention to integrity of business transactions and practices is key to ensure business continuity and profitability. Mabogunje during the Chamber’s first virtual induction ceremony, added that as a chamber, it believes so much in adopting ethical behaviour and fairness in carrying out business dealings with members, non-members and the society at large, while also expressing the need for the federal government’s protection of the busines...
‘Nigeria, others facing unprecedented threat to trade, development

‘Nigeria, others facing unprecedented threat to trade, development

Business
Nigeria and other sub-Saharan African (SSA) countries are facing an unprecedented health and economic crisis that threatens to throw the region off its stride, reversing the development progress of recent years and slow the region’s growth prospects in the years to come, the International Monetary Fund (IMF) has said. According to the IMF, the health crisis has precipitated an economic crisis reflecting three large shocks: disruption of production and a sharp reduction in demand; spillovers from a sharp deterioration in global growth and tighter financial conditions; and a severe decline in commodity prices.  On trade, the IMF said a sharp growth slowdown among key trading partners reduces external demand, while disruptions of supply chains lower the availability of imported go...