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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), 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.
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.
Around 80% of the materials that go into Lagos-based diaper and sanitary towel manufacturer Wemy’s products are imported. To buy them, Paul Odunaiya needs dollars, which he can no longer find.
Varied reactions greeted Friday’s roll-out of guidelines for Lagos State post-lock down businesses re-opening by Governor Babajide Sanwo-Olu.
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 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.
In a dark ground-floor room in Lagos, dressmaker Kemi Adepoju gazes at a pile of dresses she has made but which cannot be collected due to the lockdown in force to slow the spread of the new coronavirus.
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.
Troops of Operation Fire Ball have eliminated five Boko Haram (BHT)/ISWAP terrorists and recovered a cache of arms and ammunition as well as bags of assorted grains in recent attacks on their hideouts in Borno.
President Muhammadu Buhari has expressed grief over the killing of farmers on rice fields at Zabarmari in Jere Local Government of Borno, describing the terrorist killings as insane.
The Bible Society of Nigeria (BSN) on has announced the appointment of Pastor Samuel Sanusi as its new General Secretary/ Chief Executive Officer-Designate.
Azubuike Iheanacho, the medical doctor that was kidnapped in Dekina Local Government Area of Kogi State, has revealed that he had to pay a ransom before the abductors freed him.
Aruna Quadri returned to winning ways with TTC RhönSprudel Fulda-Maberzell (TTC) in the Table Tennis Bundesliga as the Nigerian was instrumental to his team’s 3-1 win over TTC OE Bad Homburg at the weekend.
Stakeholders at the Internal Security and Conflict Resolution Engagement in Lagos state have resolved that more attention should be on the youth to ensure a secured environment.
Following the viral video of the ‘Drunk Policeman’ at CBN Junction in Abuja at the weekend, the FCT Police Command has identified, arrested and taken into custody the Police Inspector shown in the video.
Ethiopian Prime Minister Abiy Ahmed told African Union envoys on Friday he will continue military operations in the restive northern Tigray region, resisting calls for dialogue as his army prepared for what he called a final offensive against regional forces.
Operatives of the Lagos Police Command have arrested four suspected armed robbers alleged to have terrorised Alakuko and environs.
Briefing State House Correspondents on Wednesday after the virtual FEC meeting presided over by President Muhammadu Buhari at the Aso Rock Presidential Villa, Abuja, the Minister of Works and Housing, Babatunde Fasola, and Special Adviser to the President on Media and Publicity, Mr Femi Adesina, gave breakdowns of the approvals.