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Nigeria has formally entered its second economic recession in five years as the severe impact of the COVID-19 pandemic on global crude oil prices and restrictions imposed to curb the virus caused the nation’s economy to contract for the second consecutive quarter by 3.62 percent in the third quarter of 2020.
The Lagos Chamber of Commerce and Industry (LCCI) says the nation’s economic contraction of 3.62 per cent of the third quarter against the 6.1 per cent of the second quarter of the year may indicate that the worst is over.
The Lagos Chamber of Commerce and Industry (LCCI) has urged the Central Bank of Nigeria (CBN) to address the supply side variables impacting domestic prices.
The Lagos Chamber of Commerce and Industry (LCCI) says accelerated domestic refining and processing of petroleum products would end the unstable petroleum pricing in the country, Dr Muda Yusuf, Director-Genera of the Chamber, said in an interview with newsmen on Saturday in Lagos.
Dr Muda Yusuf, Director-General of LCCI, said that the fair which was scheduled to hold from Nov.5 to Nov. 15, 2020 has been rescheduled for between Dec. 4 to Dec. 13, 2020 at the Tafawa Balewa Square, Lagos; both physically and virtually simultaneously.
The Lagos Chamber of Commerce and Industry (LCCI) said that the Nigerian economy has lost over N700 billion to the #EndSARS protests over the last 12 days.
The Lagos Chamber of Commerce and Industry (LCCI), has said that a reversal of the current reforms on subsidy of Premium Motor Spirit (PMS) would exacerbate the challenges of the already faltering Nigerian economy.
This came as the Federal Government, yesterday, said despite the N2.3 trillion Economic Stimulus Plan put in place to contain impact of the Coronavirus (COVID-19) pandemic on the economy, there is the possibility that the third quarter, 2020 (Q3’20) Gross Domestic Product, GDP, growth rate will be negative, while the economy will relapse into a recession.
Against the backdrop of the COVID-19 pandemic, the Lagos Chamber of Commerce and Industry (LCCI) has concluded plans to host a virtual conference on the economic intervention initiatives of the federal government with a view to charting the way forward.
The Federal Government will use part of the N2.3 trillion stimulus package to purchase locally produced items as buyer of last resort in line with its Economic Sustainability Plan, according to Vice President Yemi Osinbajo, SAN.
The Lagos Chamber of Commerce and Industry (LCCI) has called for the review of the regulatory framework of the Nigerian Postal Service (NIPOST) in the interest of the Nigerian economy, business continuity, private sector development and job creation.
Lagos State Governor Babajide Sanwo-Olu has approved N1billion seed capital for investment in tourism as a loan. Sanwo-Olu announced the approval on Wednesday, at the 6th Lagos Corporate Assembly, held at the Banquet Hall in the State House, Alausa, Ikeja.
The chamber stated that Africa’s largest country by market size is gradually getting the attention of international investors keen to maximize profits from the country’s vast natural resources such as fertile land and export crops including sesame seeds, cashew nuts, cocoa beans, groundnut, rubber, timber, yam and sorghum among others.
The Lagos State Government and the Lagos Chamber of Commerce and Industry (LCCI) have charged farmers and all stakeholders in the agricultural sector on the need to explore the numerous opportunities that abound in agribusiness.
Members of the organised private sector (OPS) and some analysts have hailed the plan by the federal government to further review downward the oil price benchmark in the 2020 budget to $20 per barrel.
The Lagos Chamber of Commerce and Industry (LCCI) has advised organised private sector to leverage creativity and innovation to rebuild a competitive economy post-COVID-19.
The Lagos Chamber of Commerce and Industry (LCCI) has charged the Nigerian National Petroleum Corporation (NNPC) to consummate its process of reforming the petroleum downstream sector with an appropriate legislative framework, stating that with the legal framework, the reform would not be like the previous dead initiatives.
Local elections in Nigeria are conducted by state electoral commissions, while national elections – presidential, governorship, state and federal legislatures – are conducted by the Independent National Electoral Commission (INEC).
The Nigerian Government on Thursday has formally received the 600-year-old Ife Terracotta which was smuggled from the country through Ghana to The Netherlands in 2019 with a forged document.
President Muhammadu Buhari has appealed to the Organisation of Petroleum Exporting Countries (OPEC) to consider Nigeria’s huge population size and physical development deficits when sharing oil production cuts.
A two-day conference aimed at repositioning Nigeria for increased global and regional trade engagements under the African Continental Free Trade Agreement (AfCFTA) opens on Friday.
The Nigerian Agip Oil Company (NAOC) on Thursday said the Nov. 20 explosion at its oil field in Bayelsa would adversely impact crude export to the tune of 30,000 barrels daily.
A Public Health Consultant, Dr Claribel Abam, has cautioned geriatrics (the elderly) against embarking on prolonged fasting, which may impact negatively on their body organs.
The initiative, in partnership with the Ministry of Humanitarian Affairs, Disaster Management and Social Development, was to cushion the COVID-19 effect on the residents.
The ruling All Progressives Congress (APC) on Sunday said the opposition Peoples Democratic Party (PDP) is rattled and disoriented by the recent courtesy visit by some of its Governors to former President Goodluck Jonathan.
Abia State Commissioner of Police, Janet Agbede, assured that families of policemen in Abia who lost their lives during the #EndSARS protest would be compensated.
Architect Olamilekan Adegbite, the Minister of Mines and Steel Development, has blamed the low productivity and economic woes of the country on a strong appetite for foreign products and lack of patronage of made-in-Nigeria goods by many Nigerians.