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Proposed Commodity Board excites Lagos Chamber of Commerce

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Lagos, Feb. 16, 2024: The Lagos Chamber of Commerce and Industry (LCCI) has lauded the Federal Government’s intention towards establishing a National Commodity Board to regulate the rising food prices in Nigeria.

Director General, (LCCI) Dr Chinyere Almona, on Thursday in Lagos, said the plan had the potential of bringing stability in food prices by continually assessing and regulating them.

The Vice President Kashim Shettima had on Tuesday announced the Federal Government’s plan to set up the National Commodity Board.

According to him, the board will be saddle with the mandate of assesing and regulating food prices, as well as maintaining strategic food reserves to stabilise prices of grains and other food items.

Almona stated that the initiative came at a critical juncture when the rising cost of food have become an issue of concern to both the government and citizens, with inflation in the prices of foodstuffs reaching an alarming level.

She said the chamber viewed the initiative as government’s commitment to implementing effective short-term strategies to counteract subsidy removal and ensure immediate food supply.

“This could alleviate the burden on consumers and enhance overall economic predictability”

“Creating strategic food reserve for stabilising prices of crucial grains and other food items is a positive step toward ensuring food security and mitigating the impact of supply chain disruptions,” she said.

The LCCI Director General, however, noted that while the price regulation may address immediate concerns, there was the risk of market distortion if not implemented carefully.

She said over-regulation may discourage private sector participation and hinder market dynamics which was against business community growth.

Almona added that the plan may largely involve complex logistics that would require robust systems and processes to ensure the board’s effectiveness without bureaucratic bottlenecks.

She stated that in view of the development, the LCCI was willing to offer its insights and recommendations on the best strategies the to be adopted for the successful implementation of the board.

She emphasised the importance of a comprehensive approach that combines short-term interventions with medium-term strategies to ensure sustained and effective results.

“The Chamber recommends among other things that the distribution of fertilisers and grains to farmers and households should be prioritised to counteract the immediate effects of subsidy removal on food prices.

“It is important to foster collaboration between the ministries of agriculture and water resources to ensure efficient farmland irrigation, promote year-round food production, and reduce dependence on seasonal variations.

“The youth must be actively engaged by making agriculture an attractive and viable option. This can be achieved by creating 5 to 10 million jobs within the agriculture value chain, aligning with the government’s commitment to job creation.

“It is also imperative that the private sector, including farmers and other stakeholders, is actively involved in the decision-making processes and implementation of the commodity board to ensure inclusivity and effectiveness.

“The LCCI stands ready to collaborate with the government in implementing these strategies to achieve the shared goal of ensuring food security and stabilizing prices for the benefit of all Nigerians,” she said.

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LCCI engages diplomatic communities on investment in Nigeria

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Lagos, Feb. 3, 2024: The Lagos Chamber of Commerce and Industry (LCCI) on Friday engaged diplomats of several countries on ways to deepen bilateral relations to promote the growth and development of Nigeria and their various economies.

LCCI President, Mr Gabriel Idahosa, at the LCCI 2024 diplomatic luncheon in Lagos, noted that the Nigerian economy was blessed with several opportunities particularly its rich population.

In attendance are Leye Kupoluyi, LCCI Deputy President;  ‘Bimbola Salu-Hundeyin, Secretary to the State Government of Lagos and Svein Baera, Ambassador, Royal Norwegian Embassy in Abuja.

Others included Eivind Fjeldstad, Business Counsellor, Royal Norwegian Embassy in Abuja; Yan Yuqing, Consul General, Chinese Consulate General, Lagos  and Frank Eggmann, Consul General, Consulate General of Switzerland, Lagos.

Also in attendance were Laurent FAVIER, Consul General, Consulate General of France, Lagos; Ugo Boni, Consul General, Consulate General of Italy, Lagos and Chandramouli Kumar Kern, Consul General, Consulate General of India, Lagos amongst others.

Idahosa said the conversation was important to fetch from the diplomats’ rich, first hand knowledge and expertise in driving foreign investments into the Nigerian economy.

He noted that Nigeria was Africa’s largest economy with estimated Gross Domestic Product (GDP) of $450 billion and a population of over two hundred million.

Idahosa added that Lagos was the fifth largest economy in Africa, commercial nerve center of Nigeria and the economic hub of the west African sub-region.

These, he said, put the LCCI in a strategic position to promote trade and facilitate investment between Nigeria and the rest of the world.

“This luncheon meeting is also an opportunity for feedback on how the Nigerian economy has fared in the past year from the perspective of the diplomatic corps.

“Such feedback is important as we seek to ensure a more conducive investment environment for foreign and domestic investors.

“I am aware that the Nigerian economy, like many other economies, has its challenges.

“Through our collective efforts, we can contribute to government policies process in making the business environment more conducive,” he said.

The Chairman of LCCI Diplomatic Luncheon, Mr Knut Ulvmoen, promoted Lagos, Nigeria and Africa as the choice destination for investment.

He stated that Nigeria was so special because of her good people, saying the greatest investment is in its people.

Mrs Abike Dabiri-Erewa, Chairman, Nigerians in Diaspora Commission, restated the commission’s commitment to continually engage Nigerians in the diaspora doing great things.

She said government was ready to engage, work with and tap the enormous resources Nigeria has to drive socioeconomic growth and development.

She expressed hope that the next diaspora summit would take place in Nigeria and said everything would be done to encourage trade with various countries.

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LCCI lauds commitment to power projects, seeks strategies for socio-economic issues

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Lagos, Jan. 2, 2024: The Lagos Chamber of Commerce and Industry (LCCI) has lauded the Federal Government’s commitment to power projects, cultivating farmland, new national wage and thriving business environment among other socio-economic transformational agenda.

Its Director General, Dr Chinyere Almona, gave the commendation in a statement on Monday in Lagos, while reacting to President Bola Tinubu’s 2024 broadcast.

President Tinubu assured Nigerians of his administration’s readiness to addressing critical issues that impact  economic landscape of the country.

According to Almona, the LCCI identified positive and concerning elements from the address to foster constructive dialogue and provide a comprehensive analysis.

She noted that the commitment to power projects, including the Siemens Energy initiative and efforts to enhance the reliability of transmission lines, was a positive step towards addressing the issue of electricity supply.

The LCCI Director General, however, stressed the need to address the structure of the power sector.

She said that Government needed to consider bringing private sector investment into the transmission segment of the power sector.

This, she stated, would ensure adequate technical and financial capacity for a well-functioning sector to power economic growth.

“The focus on cultivating farmlands to grow staple crops and boost food security aligns with the need to ensure constant food supply, security, and affordability for citizens.

“However, LCCI cautions that the productivity of the farmlands and the effectiveness of investments in food production are subject to adequate security measures.

“LCCI recommends that government considers fast-tracking the movement of the Police from the Exclusive list to the Concurrent list to be legislated upon by the Federal and State Governments.

“This will guarantee effective policing of the nooks and crannies of the society, particularly the farmlands,” she said.

Almona also stated that the announcement of a new national living wage was a positive step towards ensuring the well-being of workers and promoting inclusive economic growth.

She added that the dedication to creating a conducive business environment was commendable and the call for collaboration with the private sector resonated well with the Chamber’s vision for a thriving business environment.

She, however, noted that specific strategies to address the potential ripples effects of fuel subsidy removal on cost of living and inflation were not mentioned, leaving room for concerns about the impact on citizens.

Almona said that while efforts to address security challenges were mentioned, specific details on comprehensive security strategies were limited.

She added that government’s commitment to building a fair and equitable society and addressing inequality was commendable, but specific policy measures to close the widening wealth gap are unclear.

“The LCCI appreciates the President’s efforts to address these critical issues facing the nation.

“However, the Chamber urges the administration to provide more detailed plans and strategies to tackle these challenges, such as inflation, under-employment, security, and social inequality.

“A transparent and inclusive approach to governance will contribute to building public confidence and achieving sustainable economic growth,” she said.

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LCCI backs Nigeria’s move to enhance business environment

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Lagos, July 12, 2023: The Lagos Chamber of Commerce and Industry (LCCI) has commended the efforts of the Federal Government in formulating policies, national plans, and sectoral interventions toward creating an enabling environment for enhanced national prosperity.

Dr Michael Olawale-Cole, President, LCCI, in a statement on Tuesday in Lagos, said the LCCI was committed to supporting initiatives of the President Bola Tinubu administration to spur economic growth and development.

Olawale-Cole lauded the President’s appreciation and recognition of the role of the Organised Private Sector (OPS) in the realisation of the socio-economic objectives of Nigeria.

This, he said, reflected in his actions since his inauguration to stabilise the market and support the private sector.

The LCCI President, however, expressed concerns over the proposed merger of the Nigerian Maritime Administration and Safety Agency (NIMASA), Federal Inland Revenue Service (FIRS), and Nigeria Customs Services (NCS) into the Nigerian Revenue Services (NRS).

He urged government to ensure that implementing the proposed merger does not impede the ease of doing business.

He said it was necessary for government to ensure that the fallout of the proposed merger, such as staff rationalisation, realignment of operating structure, accountability, and transparency, would be adequately dealt with.

“We understand government’s arguments on the proposed merger, which borders on improving efficiency in collecting all direct and indirect taxes and levies.

“The LCCI supports government’s desire to curb the rising cost of governance, its readiness to declare a state of emergency on revenue generation, and its resolve to tackle them headlong.

“While we commend government on some of its recent measures to stop wasteful spending, we urge the administration to halt the revenue leakage of more than $ 5 billion paid as freight to foreign ship owners.

“Regarding the merger, we are willing to nudge government to embrace critical stakeholders’ engagement and consultation, which we hope will provide further insights into charter-specific responsibilities and possibilities,” he said.

Olawale-Cole also lauded government on the recently signed executive orders, which, by and large, would curb arbitrary taxation policies.

He said the development demonstrated the listening ear tendency of the President and further highlights the administration’s readiness to strengthen due process and willingness to follow established path.

He stated that the recent appointment of Taiwo Oyedele as Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms established to remove barriers impeding business growth in Nigeria was decisive affirmative action.

Olawale-Cole said the pronouncement showed the President recognised the importance of a sound fiscal policy environment and an effective taxation system for the functioning of the economy.

He, however, emphasised the importance for the committee to focus on expanding the tax net to avoid overburdening existing taxpayers.

He added that other issues of revenue leakages, such as oil theft, should also be properly addressed.

“These would ensure that government can earn more revenue and that there will be less dependence on internal and external borrowings to fund the budget.

“These efforts will improve Nigeria’s revenue profile and create a more conducive and internationally competitive business environment.

“The Chamber, under my leadership, is available to work with the Presidency with respect to policy formulation and implementation in the direction of a more robust economy for the nation.

“We look forward to seeing more policy interventions to promote an enabling environment for the private sector to thrive,” he said.

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FG, LCCI sensitise business community on ETLS

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Federal Government and Lagos Chamber of Commerce and Industry (LCCI) on Monday sensitised the business community on the benefits of the ECOWAS Trade Liberalisation Scheme (ETLS).

The ETLS will help to facilitate Intra-African trade and increase economic integration of the region.

Mr Zubairu Dada, Honourable Minister of State for Foreign Affairs, said at a sensitisation engagement with theme: “Unhindered Market Access The ECOWAS Trade Liberalisation Scheme(ETLS)” in Lagos.

The ETLS is a trade instrument designed to facilitate intra-regional trade among member states.

The countries covered by the scheme are: Nigeria, Benin, Burkina Faso, Cape Verde, Cote d’Ivoire. Gambia, Ghana, Guinea, Guinea- Bissau, Liberia, Mali, Niger, Senegal. Sierra-Leone and Togo.

Dada said the workshop was to create awareness amongst a large number of manufacturers and industrialists in Lagos and the entire South West Geo-Political Zone.

Dada was represented by Amb. Ngozi Ukaeje, Director, African Multilateral Affairs Department, Ministry of Foreign Affairs.

He said the objective of the ETLS, in line with the provisions of Article 3 of the Revised ECOWAS Treaty, marrowed the establishment of a Customs Union among all countries in West Africa.

According to him, it also aims to eliminate customs duties and taxes of equivalent effect.

He furthered that Nigeria, being a signatory to the revised treaty and also to protocol A/P1/1/3 of Jan. 31, had fully implemented the ETSL by setting up the National Recognition of Community of Origin Committee (NRCOC).

He stated that the ETLS would pave way for Nigerian products, which were usually of a higher quality, to compete with others in member countries.

He noted that it would also encourage entrepreneurial development in Nigeria.

Dada, however, clarified that the Africa Continental Free Trade Area (AfCFTA) does not invalidate the ETLS, instead it would open countries to potentials of economic development and thatbboth would exist concurrently.

“The ministry is well aware of the information gap that has led to bottlenecks experienced in the registration process under the ETLS and hopes that this sensitization programme will ease those hurdles.

“It is imperative to sensitize the Organised Private Sector (OPS) as well as Small and Medium Enterprises (SMEs) on the benefits of ETLS, and its administration to fully explore the scheme.

“It is equally important to mention that the African Continental Free Trade Area (AfCFTA) is another stride in Africa’s regional integration history and is expected to generate significant gains.

“However, it is the rules of origin that will determine whether preferential trade liberalisation under the AfCFTA can be a game-changer for Africa’s industrialisation,” he said.

President, LCCI, Dr Michael Olawale-Cole, noted that the growth decline and economic shocks experienced by global economies significantly impacted the performances of agricultural, manufacturing and services.

Olawale-Cole represented by Deputy President, LCCI, Dr Gabriel Idahosa, noted that while there were some  challenges with the ETLS.

Olawale-Cole said it had however achieved mild progress in areas such as macroeconomic policy harmonisation, research and youth empowerment, freer trade.

According to him, the challenge of several West African nations are over-reliant on money from import taxes.

He noted the dependency was a threat to the integration arrangement, and which could be addressed constructively.

Olawale-Cole said the OPS and ECOWAS must work together to improve regional integration in West Africa via combined efforts of all relevant parties.

This, he said include chambers of commerce, governments, security agencies, development partners, and so on.

“In recent times, the aggressive drive by governments to increase revenue has been the major rationale for increasing tariffs rather than the protection of local firms and prevention of dumping.

“This is evident in the fact that tariffs which is one of the main facets of integration, is highly discriminatory and, thus, does not instil much trust among member-states.

“Government should not limit private sectors participation to sensitisation phase alone where the request to drive reforms are minimal, but active participation of OPS should be strengthened by engaging LCCI and others at the policy formulation stage.

“Consensus reached at this stage will require less sensitisation because it is all inclusive and represent the submission or position of all stakeholders without prejudice to government intentions on the policy,” he said.

Governor of Lagos, Mr Babajide Sanwo-Olu, reiterated his commitment to expanding and harnessing the potentials of the business community through the development and improvement of electricity generation in the state.

Sanwo-Olu, represented by Mr Olalere Odusote, Commissioner for Energy and Natural Resources, said improved power generation would engender competitiveness of companies in the state while participating in the AfCFTA.

“We have to keep expanding the way we think and do business in the state to maintain relevance at the national, intra-African and international level to drive trade.

“Lagos is working with the national level to provide more electricity in line with the need of the state seeing that the amount of power gotten from the national grid is insufficient.

“Just imagine how much savings we would generate from diesel generator use alone and we would ensure that all the monies spent on that would go back to productive use.

“We want everyone to understand what Lagos means to Nigeria and to Africa and work with us to achieve the greatness the state promises,” he said.

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LCCI expresses commitment to protect businesses’ interest

The Lagos Chamber of Commerce and Industry (LCCI) on Friday restated its commitment to protect the interest of business community via public policy advocacy.

Its President, Dr Michael Olawale-Cole, made the commitment at the LCCI Members’ Day with the theme: “Connecting the Dots” in Lagos.

Olawale-Cole said that the chamber, as one of the leading voices of the organised private sector, would continue in its advocacy for a better business environment to engender the success of businesses.

He added that the LCCI would continue to engage government at the State and Federal levels to push agenda of the business community as it navigates through economic uncertainties and risks.

“The chamber’s Secretariat is well positioned to provide discounted bespoke services to help our members navigate risks and uncertainties.

“Similarly, the LCCI offers a platform for interaction and networking with trade missions from different countries and supports foreign trade ventures of members.

“We are committed to working tirelessly to provide more services, enhance your experiences and increase your satisfaction with the chamber’s services,” he said.

Also, Sir Ladi Smith, the Chairman, Membership and Welfare Committee of LCCI, said the chamber launched its loyalty scheme which offered rewards, discounts and other special incentives for products and services from partner organisations to LCCI members.

Smith said that some of these, he said, were discounted airlines, hotels, electronics, clothing and technology, urging members to take advantage of these discounted services offered to them.

“We implore all members to position themselves to optimally derive the value of these benefits for your organisations.

“Your chamber shall continue to stimulate key economic indices to impact your business growth.

“We also expect, in the spirit of reciprocity, that your organisations will continue to contribute their quotas to the development, growth and expansion of the frontiers currently embraced by our great institution,” he said.

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LCCI tasks FG to sustain N1.97trn Q2 trade surplus

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The Lagos Chamber of Commerce and Industry (LCCI) has tasked the Federal Government on investments in export infrastructure and other mechanisms to sustain the country’s trade surplus of N1. 97 trillion recorded in the second quarter of 2022.

LCCI president, Dr Michael Olawale-Cole, gave the advice at a press conference on the state of the economy on Thursday in Lagos.

The value of exports rose by 4.31 per cent to N7.41 trillion in Q2 from N7.10 trillion in Q1.

However, the value of imports declined by 7.89 per cent to N5.44 trillion in Q2 from N5.90 trillion in Q1 with trade balance standing at a surplus of N1.97 trillion in the second quarter.

Olawale-Cole stressed that sustaining the trade surplus meant the country needed enhanced and automated port operations, tackling high production costs, and boosting the supply side of the foreign exchange market to improve liquidity and its easy access.

He added that Nigeria also needed to diversify its exports by boosting local crude refining capacity, production of petrochemical products, and accelerating reforms in the oil and gas sector to attract more foreign investments in the coming months.

He commended government on the initiative to produce the new national trade policy 2023-2027, which would replace the outdated trade policy that had been in place for years.

“It is hoped that when this policy is approved by the Federal Executive Council (FEC), it will support robust trade relations between Nigeria and the rest of the world,” he said.

Assessing the country’s domestic outlook, the LCCI president said the growth of 1.2 per cent recorded for agriculture and 3 per cent for manufacturing were low when compared with other sectors that grew above 5 per cent.

This, he said, indicated the threats facing these sectors that power the real sector and added that the woes in these two sectors were responsible for the frightening rise in the country’s inflation rate.

Olawale-Cole posited that the above, with the excruciating burden of debt service, subsidy payments, and worsening insecurity, may lead to the constraints of many more production in the coming months.

The industrialist recommended that fuel subsidies should be removed, and oil theft curtailed, if not eliminated, to provide fiscal space for subsidised production of goods, services, infrastructure, health, and education financing.

He added that while the Central Bank of Nigeria (CBN) embarked on monetary tightening to tame inflation, it should ensure that targeted concessionary credit to the private sector was sustained for Micro, Small and Medium Enterprises (MSMEs).

“The CBN needs to gradually transition to a unified exchange rate system and allow for a market-reflective exchange rate.

“The CBN also needs to roll out more friendly supply-side policies to boost productive sectors, bolster investor confidence and help attract foreign investment inflows to the economy.

“As a matter of urgency, the government must tackle the flood menace in the country by implementing environmental guidelines and establishing preventive infrastructure.

“The impact of climate change on agriculture is becoming more evident by the day, and quick response is critical to avert food insecurity and worsening food inflation,” he said.

Addressing Nigeria’s power generation, Olawale-Cole noting the constant collapse of the national grid, said it was evident that it could not supply sufficient power to meet the electricity demand of Nigerians.

This, he said, was because of reported issues of vandalisation of power installations, a disrupted gas supply, challenges with 100 per cent metering, and inability of distribution companies (DISCOs) to take up generated power.

He noted that with the cost of diesel at record levels and poor power supply, businesses were running at unsustainable costs and producing at uncompetitive prices.

This, he stressed, could lead to job losses if the output remained constrained due to unbearable cost of production.

“If not quickly tackled, these challenges will likely subdue the Gross Domestic Product (GDP) growth potential and projections for 2022.

“We recommend that government should  invest more in technology to fight the vandalism of pipelines and power installations.

“The government should create funding for critical infrastructure and special-purpose intervention in the power sector.

“The most sustainable solution to nigeria’s power shortages is the transition to renewable energy and the decentralisation of the national grid,” he said.

On insecurity, the LCCI president commended the sacrifices of the Nigerian security personnel and urged them to consolidate the gains recorded.

This, he said, was important because of the forthcoming general elections in 2023 and, by extension, the stability of democratic governance in the country.

He noted that in the absence of peace and security, it would be challenging to hold credible, free, and fair elections that would reflect the choices of the electorate of those to lead them.

He also stressed the need to address the root causes of youth unemployment, drug abuse, uncontrolled small arms, and unmanned borders through which foreigners infiltrate the country.

“We also need to boost security enforcement through frequent recruitments into the security agencies and be well-supported with modern weaponry and deployment of warfare technology.

“Community policing and intelligence gathering need to be officially endorsed and systematically managed.

“In addressing the most significant components of human development, we urge governments at all levels to remain consistent in funding education, health, infrastructure and security,” he said.

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LCCI rates digital economy as critical to building resilience against risk

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The Lagos Chamber of Commerce and Industries(LCCI) has said that the digital economy has continued to play a very critical role in building resilience against disruptions from risks, pandemics, and natural disasters.

Dr Olawale Cole, President, LCCI, stated this at the eight edition of the yearly Information Communication Technology and Telecommunication (ICTEL) EXPO on Wednesday in Lagos.

The theme of the EXPO is: “Ensuring Efficient Digital Infrastructure in Nigeria.”

The EXPO is organised by the Trade Promotion Board of the Lagos Chamber of Commerce and Industry.

Cole said that the EXPO created a platform for key players and stakeholders in the Nigerian ICTEL industry to share perspectives on emerging issues and trends in the digital economy.

According to him, the theme suggests that this year, the ICTEL EXPO will not end at the close of the event tomorrow.

”We are determined this year to follow the theme through and ensure follow up initiatives that would make the communiqué from our robust interaction at this event a working manual for relevant stakeholders,” Cole said.

The President said that by means of innovation, the ICT sector or the digital economy powers many sectors today, driving competitiveness, cost-efficiency, and resilience in supply chains.

He said that innovative disruptions are emerging in agric-tech, health-tech, edu-tech, e-government, etc.

He explained that the digital economy has become more relevant in many spheres of our lives.

“With sound regulations, policies and governance, the digital economy can create new possibilities and economic opportunities for businesses and investors.

“Governments and organisations must leverage technology for innovation, competitiveness, and resilience in the face of risks and uncertainties.

“As an advocacy pressure group and a lead promoter of Small and Medium Enterprises (SMEs), we appreciate the significance of this sector to business growth and sustainability.

“And we are ready to lend necessary support to the actualization of the goals set out by the Government to build and sustain a robust and supportive digital economy.

“We have assembled together eminent speakers whom we are confident will do justice to various issues as they reflect on the theme of this great event and the expectations of all of us,” Cole said.

The president of the chamber said that the digital economy is evolving and impacting more areas of life and business because of its multifaceted and dynamic nature and due to the transformational power of digital technologies.

He said that the digital economy or the internet economy enables and supports various business, social and government activities through electronic commerce, lifestyle apps, and e-government platforms, respectively.

He said that the  digital economy is considered the single most important driver of innovation, competitiveness, and growth.

“The digital economy has continued to play a very critical role in building resilience against disruptions from risks, pandemics, and natural disasters.

“The ICT sector, for instance, remains one of the most resilient sectors that thrive even in economic recessions and disruptions,” Cole said.

He said that the Federal Government had announced a target of 40 billion dollars private capital investment in digital infrastructure by 2025, besides facilitating about one billion dollar in private equity.

“And just last week, FG inaugurated the National Council on Infrastructure, with a plan of doubling Nigeria’s infrastructure stock of the Gross Domestic Product (GDP) from the prevailing 35 per cent to about 70 per cent,” Cole said.

The president of the chamber said that issue has always not been with good initiatives, but in their implementation.

“That remains a big concern to us as a Chamber, hence the desire to make a difference with the 2022 ICTEL EXPO,” Cole said.

He said that data from the National Bureau of Statistics (NBS) showed that the ICT sector in the second quarter of 2022 recorded a growth rate of 6.55 per cent in real terms, year-on-year.

He said that the figure was higher by 0.99 per cent over the corresponding quarter of 2021.

“Quarter-on-Quarter, the sector exhibited a growth of 13.41 per cent in real terms.

“Of total real GDP, the sector contributed 18.44 per cent in Q2 of 2022, higher than in the same quarter of the previous year in which it represented 17.92 per cent and higher than the preceding quarter in which it represented 16.20 per cent.

“The non-oil sector was driven in the second quarter of 2022 mainly by Information and Communication (Telecommunication); Trade; Financial and Insurance (Financial Institutions) among others,” Cole said.

He expressed gratitude to sponsors, partners and speakers for identifying with the chamber at the 2022 ICTEL EXPO.

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LCCI advises Nigeria on the consequences of banning motorcycles, mining

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The Lagos Chamber of Commerce and Industry(LCCI) has urged the Federal Government to put into consideration the unintended consequences of the proposed nationwide ban on the use of motorcycles and mining activities.

Dr Chinyere Almona, the Director-General of LCCI, made the plea in a statement, while reacting to the government proposed decision on Saturday in Lagos.

Almona, also appealed to the Federal Government to consider the implications such action would have on the mining industry and business environment.

The National Security Council had on Thursday announced that it was considering a nationwide ban on motorcycles and mining activities in the country as part of its strategy to curb terrorist activities, checkmate loopholes and cut off their sources of funding.

This was the outcome of the meeting presided over by President Muhammadu Buhari at the State House in Abuja.

Addressing State House Correspondents after the meeting, the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, said that investigations were still ongoing, especially to establish the correlation between mining and motorcycles which was suspected to be providing funding for the supply of arms to the terrorists.

Almona said: “We cannot afford to jeopardise the fortunes of mining in Nigeria with a blanket ban on mining activities, when we should be able to isolate illegal miners and demobilise criminals from mining sites.

“We urge the government to reconsider ways to demobilise criminal activities from mining sites and create a safe environment, where mining can thrive.”

She said though, the chamber understood that criminals were using motorcycles as a means of mobility and escape from the security agencies, it was unacceptable to label the entire Nigerian mining ecosystem as sponsors of banditry and terrorism.

According to her, this looked like an attempt to blame all legitimate mining operators for the activities of banditry and terrorism in the country.

“The Nigerian mining industry employs several thousands in the formal and informal economy of the country,” she said.

Almona said that the artisanal and small-scale mining ecosystem accounted for at least 90 per cent of activities in the mining sector.

She said: “The announcement of the intended ban on mining, had further validated to foreign and local investors, that it is unsafe for them to invest in the country’s mining sector.

“Furthermore, the existing local investors who have secured loans to finance their mining projects across Nigeria, are at risk of losing their investments of several years.

“The proposal has further damaged the diversification plans of the Federal Government to pursue a non-oil exports-based economy.

“According to the Central Bank of Nigeria’s (CBN) economic reports from 2015 to 2020, the total value of solid minerals exports within that period was 1.75 billion dollars.

“Duly licenced mining companies should be clearly differentiated and distanced from the activities of bandits and terrorists, whom the National Security Council have based their proposal upon,” she said.

The LCCI director-general stressed the need for enforcement of all necessary laws and policies to guarantee security of local and foreign investments in the solid minerals sector, for guaranteed returns on investments.

She urged government to empower the solid minerals and mining sector, through the deployment of Geographic Information System (GIS), automation of application and processing of mining licences.

Almona also identified, leases and permits, all through a one-stop-shop platform.

She explained that the Integrated Automation and Interactive Solid Minerals Portal (IAISMP) should truly be a “go-to portal” for real time information on the sector.

The director-general pointed out there was need for government to also finalise plans to build a national electronic geo-data archiving management system to be called the Nigerian Geo-Data Centre at the Nigerian Geological Survey Agency (NGSA).

She said that all these would make it easy to access information on mining by investors across the globe.

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LCCI urges stakeholders to adhere to safety regulations on LPG usage

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The Lagos Chamber of Commerce and Industry (LCCI) has urged those who benefited from the distribution of industrial burners and gas cylinders in the state to adhere to safety regulations.

Mrs Abosede Okeyemi, Director, Membership, LCCI, gave the advice at the last lap of the second phase of the LCCI Eko Gas sensitisation with the theme: #EkoforGasforEko.

The exercise held for five Fridays in Ikorodu, Ketu, Igando, Agbado Oke-Odo and Sura Market, Lagos Island respectively.

According to Okeyemi, the people should adhere to regulation in the usage of Liquefied Petroleum Gas (LPG).

She said that the second phase was designed to intensify awareness on the significant benefits of using LPG as alternative fuels to biomass (charcoal, firewood) and kerosene.

She urged the beneficiaries to keep phones and other materials that were not gas friendly and likely to cause mishaps away during usage.

“In line with the mandate of the LCCI on promoting conducive business environment, this event is organised to draw awareness to the benefits of LPG use.

“This is consistent with the goal 7 of the United Nations’ Sustainable Development Goals that aims to ensure access to affordable, reliable, sustainable and modern energy for all.

“We charge all the beneficiaries across the five areas in Lagos that we visited to employ safety precautions when using gas,” she said.

In his remarks, Mr Abubakar Folami, LPG Group Chairman, LCCI, noted that the event signalled an end to the pilot programme which started in May.

Folami said that work would begin to revisit the exercise across all 57 Local Community Development Area via the guidance of the Community Development Chairmen (CDC).

He lauded all the market leaders, CDC chairmen for their efforts in ensuring that the items got to those that truly needed it to shore up their businesses.

Responding, Alhaja Raliat Adebayo, Iya Oloja, Sura Market, also lauded LCCI on the initiative and advised the beneficiaries to ensure good use of the items to increase business productivity.

Also, Alhaji Rasak Noibi, CDC Chairman, Sura, said that LCCI should accommodate more beneficiaries into the scheme to alleviate poverty and improve the standard of living.

Three beneficiaries namely Mrs Sherry John, Alhaja Kehinde Bangbala and Mrs Toyin Okewumi emerged at the sura market exercise on Friday.

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