Why Nigeria’s economy may not recover early 2021 – LCCI

LCCI Muda Yusuf

Why Nigeria’s economy may not recover early 2021 – LCCI   The Lagos Chamber of Commerce and Industry (LCCI) has identified bottlenecks against recovery of the Nigerian economic from its current downturn. The Chamber stated that the resurgence of COVID-19 pandemic and significant oil price volatility as the greatest threats to economic recovery in 2021. The LCCI predicted in its latest report titled ‘Economic and business review for year 2020 and outlook for year 2021’ that economic recovery to growth trajectory would take full course by the second quarter of…

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Nigerian economy lost N700bn in 12 days to #EndSARS protests – LCCI

Analysts put economic losses to #EndSARS disruption at N1.5trn

With EndSars protests hindering the movement of people and goods across the country due to the numerous roadblocks, the Lagos Chamber of Commerce and Industry (LCCI) has put the economy’s estimated loss to the action at N700billion in the past 12 days. According to the Chamber, while citizens’ engagement and the demand for accountability which the EndSARS protest essentially represents are in consonance with democratic norms and also form vital ingredients for good governance, the disruptions, blockades and barricades around our major cities and interstate highways have far-reaching effect on…

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FDC analysts forecast 14% inflation rate for September

inflation

Inflation will maintain its upward trajectory and increase to 14 per cent for the month of September, from the 13.22 per cent recorded in August, Financial Derivatives Company (FDC) has predicted. The Chief Executive Officer, FDC, Mr. Bismarck Rewane, who made the forecast at the Lagos Business School (LBS) Executive   Breakfast Session, presentation for October 2020, obtained by Business Metrics on Sunday, said he also expected inflation to further rise to 15 per cent in October, adding that inflation in 2020 could rise beyond the Central Bank of Nigeria’s (CBN)…

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Poor forex policies discouraging investors –LCCI

External reserves

The Lagos Chamber of Commerce and Industry has said inappropriate foreign exchange policies are discouraging new capital investments. The President, LCCI, Mrs Toki Mabogunje, during the group’s quarterly press briefing on the state of the economy, pointed out that there had been a sharp decline in capital inflows between the first quarter and the second quarter of the year. She said this could be linked to the capital control policies introduced by the Central Bank of Nigeria. The LCCI boss called for the introduction of a market-driven foreign exchange management…

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Nigerian economy unstable, directionless under Buhari, says economic society

Nigerian economy unstable, directionless under Buhari, says economic society

Nigeria’s debt fast becoming unsustainable, may reach N34tn, LCCI warns Economic advisory council parades the best 11 economists – Presidency _____________________________________ The Nigerian Economic Society on Tuesday berated the regime of the President, Major General Muhammadu Buhari (retd.), over its handling of the economy, which it said was directionless and unstable. The President of the NES, Prof Sarah Anyanwu, who stated this when she led members of the society on a visit to the Senate Minority Caucus, lamented that Buhari’s regime excluded economists from its economic management team. According to…

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Recession looming large in Q3’2020, LCCI hints Nigerians

Nigeria plunges into recession as COVID-19, oil prices bite

The Lagos Chamber of commerce and Industry (LCCI) on has cautioned about growing prospects of the nation’s economy sliding into very deep recession at the end of the third quarter this year. Giving the warning at the chamber’s quarterly media briefing in Lagos, the President, Mrs, Toki Mabogunje, urged the federal government and other institutional stakeholders to adopt appropriate strategies to boost productivity across the broad spectrum of the economy. Mabogunje spoke against the backdrop of the lingering COVID-19 pandemic impact on all sectors of the economy. She projected that…

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