Connect with us
deals book
Advertisement
Polaris bank
Advertisement
Oando
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
Binance
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
Access bank
Advertisement
app

Business

LCCI tells FG to fix structural issues to reduce operating costs for investors

LCCI has advised the Federal Government to fix structural issues to reduce production and operating costs for investors.

Published

on

LCCI, NECA warn FG on endangering productivity of Nigerians, LCCI DG offers equity financing as solution to President Buhari’s cravings for loan
The Lagos Chamber of Commerce and Industry (LCCI) said the Federal Government should show greater commitment to the fixing of structural issues to reduce production and operating costs for investors, in a bid to help Nigeria come out of recession.
This was disclosed by LCCI Director-General, Dr. Muda Yusuf, after the recent NBS report on Nigeria’s GDP which indicated Nigeria has entered a recession.
Mr. Yusuf disclosed that Nigeria’s economy in 2020 was in one of its worst moments in history due to a poor economic environment and double-digit inflation.
From an economic perspective, 2020 has been a very bad year, the worst in recent history. We are faced with the double jeopardy of a stumbling economy and spiraling inflation.
“The October inflation numbers of 14.23 per cent was the highest in 10 months, a condition which in economic parlance is characterized as stagflation. The effects of these developments are evident in businesses and in households.
“Regrettably, and as if these were not bad enough, the business community continues to grapple with unfavorable policy, institutional, and regulatory challenges impeding investment,” Yusuf said.
He added that to help rescue the economy, Nigeria must prioritize investment-led development, including the port system and also other structural issues that can help increase production capacity in Nigeria.
“The ports system, especially the key institutions in the international trade processes need to be more investment friendly.
“We should show greater commitment to the fixing of the structural issues to reduce production and operating costs for investors in the economy,” he said.
What you should know 
Nairametrics reported that Nigeria’s Gross Domestic Product (GDP) in real terms declined by -3.62% (year-on-year) in Q3 2020, marking a full-blown recession and second consecutive contraction from -6.10% recorded in the previous quarter (Q2 2020).

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business

President Buhari adopts new security measures for South East

Buhari has adopted new security measures to tackle insecurity in the South Eastern and South Southern part of the nation.

Published

on

President Muhammadu Buhari has adopted new security measures to tackle insecurity in the South Eastern and South Southern part of the nation.

The decision was taken after a memo was presented by the National Security Adviser (NSA), Major General Babagana Monguno (rtd), on the control of drugs, which he said are enablers of Insecurity, but did not also elaborate.

Continue Reading

Business

President Buhari meets with heads of security agencies

President Muhammadu Buhari is currently in a meeting with heads of security agencies at the State House, Abuja.

Published

on

President Muhammadu Buhari is currently in a meeting with security agencies and others at the State House, Abuja.

This was disclosed by the Federal Government via its Twitter handle on Tuesday.

It tweeted, “Security Meeting ongoing, at the State House. President @MBuhari presiding, Vice President, SGF, NSA, Ministers, Service Chiefs, IGP, Intelligence Chiefs in attendance.”

More to come soon…

Continue Reading

  





Nairametrics | Company Earnings

Access our Live Feed portal for the latest company earnings as they drop.