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Muda Yusuf

MAN, LCCI others blame recession on coronavirus, #EndSARS crisis

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.

Recession: The worse may be possibly over – Lagos chamber

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 Central Bank of Nigeria (CBN) as said that its staff in Jos Branch, on Tuesday averted what would have been another major fire disaster in the country.

Lagos chamber advises central bank on tackling inflation

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.

Fasttrack domestic refining capacity to end unstable petrol pricing – LCCI chief

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.

#EndSARS: Lagos Chamber reschedules international trade fair

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.

Lagos Chamber backs subsidy removal, appeals to NLC on industrial action

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.
Zainab Ahmed

Nigeria’s recession will be short-lived – minister

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.

NIPOST: Lagos chamber wants regulatory framework reviewed

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.
Men count Nigerian naira banknotes at a livestock market, ahead of Eid al-Adha, amid the spread of the coronavirus disease (COVID-19), in Abuja, Nigeria July 29, 2020. REUTERS-Afolabi Sotunde

Starved of dollars, Nigerian businesses struggle for survival

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.
The Lagos State Governor, Babajide Sanwo-Olu, has directed the reopening of markets on selected days in the state.

Mixed reactions trail Lagos guidelines on re-opening economy

Varied reactions greeted Friday’s roll-out of guidelines for Lagos State post-lock down businesses re-opening by Governor Babajide Sanwo-Olu.
NECA’s Director-General, Mr Timothy Olawale, who made the call on Tuesday in Lagos, called for more specific and direct business sustainability schemes, to save the private sector.

2020 budget: OPS backs proposed $20 oil price benchmark

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.

LCCI asks NNPC to back up reformed petroleum downstream sector with law

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.
Kemi Adepoju, a dressmaker, sews a dress with a sewing machine in her shop amid the spread of the coronavirus disease (COVID-19) in Lagos, Nigeria April 5, 2020. REUTERS-Seun Sanni

Lockdowns: Saving lives, but ruining livelihoods in Africa

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.

Coronavirus: Stakeholders differ on impact of Nigeria’s central bank stimulus

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.

Lagos Chamber: Nigeria’s growth rate can’t address job, poverty crisis

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.
Passengers queue to board a bus provided by the government as a palliative to cushion the effect of the ban of motorcycle taxis at the Ojodu Terminal in Lagos, on February 6, 2020. PHOTO - PIUS UTOMI EKPEI - AFP

Motorcycle taxi ban brings Lagos to a halt

Even before a sudden controversial ban on motorcycle taxis and tricycles in Nigeria's commercial capital, Lagos, crippling traffic jams were a daily ordeal for its more than 20 million inhabitants.

Lagos chamber calls for ‘holistic’ reform of power sector

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.

LCCI releases economic outlook for 2020

The Lagos Chamber of Commerce and Industry (LCCI) has projected a high cost of doing business in 2020.

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Troops raid terrorists’ hideouts, eliminate five in Borno

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.
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President Buhari condemns ‘insane’ killing of farmers by Boko Haram in Borno

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The Bible Society of Nigeria (BSN) on has announced the appointment of Pastor Samuel Sanusi as its new General Secretary- Chief Executive Officer-Designate.

Bible Society appoints new CEO-designate

The Bible Society of Nigeria (BSN) on has announced the appointment of Pastor Samuel Sanusi as its new General Secretary/ Chief Executive Officer-Designate.
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I paid N3 million ransom before I was freed by kidnappers – doctor

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.
The International Table Tennis Federation (ITTF) Men’s World Cup served off its first spins on Friday, November 13 and there was a shocking loss for Nigeria’s best table tennis player, Quadri Aruna, who was beaten by Slovenian Darko Jorgic.

Aruna Quadri records third league victory with TTC in German Bundesliga

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.