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Muda Yusuf

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.

Yuletide: Prices of yam, others increase by 7.8 percent

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.
Along with Benin, Niger, which shares a 1,500-kilometre (900-mile) border with Nigeria, has been badly hit by the closure of Nigeria’s border.

Border closure: Businesses’ll continue to suffer – OPS

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.

$30 billion borrowing: Debt service to gulp 80 percent of federal government’s revenue

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.
President of the Senate, Ahmad Ibrahim Lawan (left) with the Senate Minority Whip, Senator Philip Tanimu Aduda, during the plenary on Tuesday, November 19, 2019. 5

Labour, OPS slam senate, federal government over finance bill

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.

LCCI: Insecurity, policy somersault bleeding Nigeria’s economy

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.

LCCI: Border closure will affect Lagos trade fair

Organisers of the annual Lagos International Trade Fair, the Lagos Chamber of Commerce and Industry (LCCI), have said the land border closure with Nigeria’s neighbours will likely affect the 10-day event.

LCCI carpets clamp down on auto dealers

The Lagos Chamber of Commerce & industry (LCCI) has berated the Nigerian Customs Service (NCS) for clamping down on auto shops nationwide.
Closed Nigerian border without any activity

LCCI: Losses to border closure colossal

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.
National Bureau of Statistics NBS

NBS: Border closure pushed inflation to 11.24 percent

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.

Cashless policy: Regulators, business community set for nationwide rollout

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.

Lagos chamber urges central bank to stop N305 per dollar official exchange rate

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.

Lagos chamber faults merger of finance, budget ministries

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.

Nigeria-Siemens 25,000MW electricity deal to gulp over N1.15tn

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

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Coronavirus lockdown in UK leads to boom in love affairs

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The Speaker of the House of Representatives, Rep. Femi Gbajabiamila (APC-Lagos), has announced the demise of a former member of the house, Rep. Tony Okey. 7

Speaker Gbajabiamila meets ministers, CBN chief, NERC over poor power supply

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.

MultiChoice donates N250 million, test kits, others to fight coronavirus

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 Oluwarotimi Akeredolu of Ondo State

Ondo shuts borders with Ekiti, Osun, Edo, Ogun over coronavirus

Governor Rotimi Akeredolu, on Wednesday, ordered the closure of Ondo State borders with neig­hbouring states of Ekiti, Osun, Ko­gi, Edo and Ogun State.