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Stakeholders in the organised private sector (OPS) have expressed divergent views on the use monetary intervention to mitigate the impact of the global Coronavirus (Covid-19) pandemic on businesses in Nigeria.
The Lagos Chamber of Commerce and Industry (LCCI) rated the latest 2.27 per cent Gross Domestic Product (GDP) growth recorded in the nation’s economy as sluggish and incapable of creating jobs and lifting millions of Nigerians out of the poverty trap.
Lagos Chamber of Commerce and Industry (LCCI) has charged the Federal Government to go for a holistic reform of the nation’s power sector instead of embarking on tariff increase as being proposed.
Prices of four food items including tomatoes, yam, rice, agric eggs and local eggs increased by 7.8 per in November data from the National Bureau of Statistics have shown.
As the Federal Government says there is no terminal date for the reopening of the borders with its West African neighbours, the organised private sectors have said that exporters and businesses will continue to suffer.
The federal government will be using about 80 per cent of its revenue as interest payment on its debt which may rise to $104 billion should the National Assembly approve the request to borrow an additional $30 billion.
Nigeria’s Senate decision to approve 56 amendments in Finance Bill, an executive bill submitted by President Muhammadu Buhari, seeking an approval to raise tax rates payable by consumers and business entities to augment Federal Government’s declining cashflow, last week opened another pandora box of debate as to the fate of ordinary citizens when it eventually gets signed into law by the president in the days and weeks ahead.
The Lagos Chamber of Commerce and Industry (LCCI) has raised the alarm that uncertainty in the country’s business environment is not only posing risk for investors in the country but also costing the economy billions of Naira in losses.
The Lagos Chamber of Commerce & Industry (LCCI) has frowned at the disruptions and losses that businesses and individuals have suffered as a result of the border closure. It said corporates, large number of informal sector players and individuals doing legitimate businesses across the borders have become victims of the new directive.
The Consumer Price Index released by the National Bureau of Statistics on Tuesday showed inflation index rose to 11.24 per cent in September, barely a month after the border closure.
Baring any last minute disruptions in the implementation guidelines, Nigeria’s cashless Policy piloted by the Central Bank of Nigeria (CBN) would go live nationwide from March 31, 2020, after about eight years of clinical trials of its pilot phase.
The Lagos Chamber of Commerce and Industry has advised the Central Bank of Nigeria to discontinue the official exchange rate of N305 to one United States dollar.
The Director-General, Lagos Chamber of Commerce and Industry, LCCI, Mr. Muda Yusuf, has faulted the merger of Finance, Budget & Planning ministries, and advised that fixing the economy should be paramount on the agenda of the newly inaugurated federal cabinet.
The six-year electricity deal signed by the Federal Government and Germany-based Siemens AG in July will cost more than N1.15tn to execute
Former Tottenham Hotspur manager Harry Redknapp has warned that Harry Kane would not be content to stay at the North London club unless they begin to challenge for silverware.
As the coronavirus lockdown in the UK entered its second week, to prevent the spread of coronavirus, an unexpected boom in affairs is being noticed by experts.
The Speaker of Nigeria’s House of Representatives, Rep. Femi Gbajabiamila, on Wednesday met with the Minister of Power, Mr. Sale Mamman and the management of the National Electricity Regulatory Commission over a viral video by Nollywood actress, Ada Ameh.
The managers of DStv and GOtv, Multichoice Nigeria, has announced a donation of N200 million and N50 million to federal and Lagos State governments respectively to support efforts in ameliorating the impact of the COVID-19 outbreak in Nigeria.
Governor Rotimi Akeredolu, on Wednesday, ordered the closure of Ondo State borders with neighbouring states of Ekiti, Osun, Kogi, Edo and Ogun State.
As a responsible corporate entity, and in line with the collective resolve to fight the coronavirus (COVID-19) pandemic, Fidelity Bank Plc has announced that it’s Federal Secretariat, Abuja Business Office has been shut down.
The Nigeria Centre for Disease Control (NCDC) is set to increase its capacity to test for the Novel Coronavirus (COVID-19) to 1500 per day in the country.
Lagos State Governor, Mr Babajide Sanwo-Olu, on Saturday, formally launched the newly constructed Lagos Island, Isolation Centre, with capacity for 110-bed space, located in Onikan Stadium, now Mobolaji Johnson Arena, Lagos.
The Police Commissioner in Abia, Mr Ene Okon, on Saturday confirmed the arrest of three persons suspected to be kidnappers at Obikabia community in Obingwa Local Government of the state.
Nigeria Centre for Disease Control (NCDC), on Tuesday, has announced four more new cases of coronavirus (COVID-19), making the number of confirmed cases in Nigeria rise to 139.