Saturday, March 18, 2023
  • Home
  • Markets & Companies
  • Business & Economy
  • INNOVATION
  • EMPIRE
  • OPINION
  • CULTURAL CURRENTS
  • Features
  • AE Magazine
  • CORPORATE RENDEZVOUS
Financial Street
No Result
View All Result
  • Home
  • Markets & Companies
  • Business & Economy
  • INNOVATION
  • EMPIRE
  • OPINION
  • CULTURAL CURRENTS
  • Features
  • AE Magazine
  • CORPORATE RENDEZVOUS
Financial Street
No Result
View All Result

LCCI seeks solution to rising inflationary pressure

Ehime Alex by Ehime Alex
February 18, 2021
in BUSINESS & ECONOMY
0
Inflation rate up by 0.06% amid lockdown, says NBS
2
SHARES
20
VIEWS
Share on FacebookShare on TwitterShare on LinkedInShare on WhatsApp

On the back of a soaring inflationary pressure, the Lagos Chamber of Commerce and Industry has called on the federal government to intensify efforts to tackle insecurity and foreign exchange challenges in the country.

The Director General of LCCI, Dr. Muda Yusuf, made the call in a statement on Wednesday.

READ ALSO

Impact of fintech on Nigerian economy

Experts canvass elimination of entitlement syndrome in workplaces

He said there was a need to stabilise the foreign exchange market to reduce liquidity concerns, associated uncertainties, and disruptions in the economy.

Read Also:

  • Ndi Enugu, wake up, shine your eyes
    Ndi Enugu, wake up, shine your eyes

The country’s headline inflation had risen to a record 46-month high after the figure for January 2021 inflationary pressure stood at 16.47 per cent.

Yusuf said, “The Lagos Chamber of Commerce and Industry notes with concern the continued uptrend in domestic consumer prices as headline inflation further accelerated to 16.47 per cent in January 2021, the highest since May 2017.

“The uptick in domestic prices was largely driven by the persistent food inflationary pressures, with food inflation hitting a record 20.57 per cent, the highest level since the 2009 CPI series began.”

However, he blamed the food index inflation on festive-induced demand for food items, which led to its rise in January 2021.

Yusuf asserted that the naira exchange rate depreciation and the forex liquidity challenges were two major drivers of core inflation pressures.

He worried that the consistent rise in domestic prices would profoundly impact entrepreneurs and the larger investing community.

“Higher prices translate to increased production costs for manufacturing companies, with consequent impact on their bottom-line since it is not in all situations that higher inputs cost can be transferred to consumers.

“This weakens the capacity of corporates to deliver value to shareholders via dividend payment amid dim profit prospects.

“Rising food prices would see most low, and middle-income households spend more on food commodities, with little amount to save and invest, thereby pushing more Nigerians below the poverty line,” Yusuf explained.

Tags: Core inflationInflationary pressureLCCI

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
Ehime Alex

Ehime Alex

Ehime Alex reports the Capital Market, Energy, and ICT. He is a skilled webmaster and digital media enthusiast.

Related Posts

fintech
BUSINESS & ECONOMY

Impact of fintech on Nigerian economy

February 20, 2023
Plexus Greensage HR meeting
Front Page

Experts canvass elimination of entitlement syndrome in workplaces

January 31, 2023
Afrinvest West Africa
BUSINESS & ECONOMY

Afrinvest highlights investment outlook, opportunity for 2023

December 8, 2022
Nigeria Insurance
Front Page

Lowering life’s risks through insurance

December 5, 2022
business technology
BUSINESS & ECONOMY

IT and going concerns

November 30, 2022
Afrinvest soars
BUSINESS & ECONOMY

Tech-driven, growth-oriented Afrinvest soars in wealth management

November 21, 2022
Next Post
CBN warns Nigerians against falling victim to cybercrime

Foreign exchange market rises by 21.69%


Naira4Dollar Rates
ADVERTISEMENT

RECENT STORIES

Ndi Enugu

Ndi Enugu, wake up, shine your eyes

March 16, 2023
Nigeria

Peter Obi: A New Nigeria is Truly Possible

March 9, 2023
Enugu

Oby Onwe: Defying political odds in Enugu

March 4, 2023
fixpolitics

INEC has breached trust of Nigerians –FixPolitics

March 2, 2023
Monetary

Monetary policy: Nigeria on the road to India?

February 22, 2023
political

Restoring Nigeria’s economy with disruptive political class

February 22, 2023
Enugu West

Enechionyia advocates good governance for Enugu West

February 22, 2023

TRENDING

  • Ndi Enugu

    Ndi Enugu, wake up, shine your eyes

    0 shares
    Share 0 Tweet 0
  • Why Nigerian consumers prefer foreign goods

    0 shares
    Share 0 Tweet 0
  • The world of hire purchase transporters in Lagos

    2 shares
    Share 0 Tweet 0
  • What naira devaluation means for Nigeria’s economy

    0 shares
    Share 0 Tweet 0
  • Changing face of Nigeria’s financial industry with Optimus

    0 shares
    Share 0 Tweet 0
Financial Street

© Financial Street 2021. All Rights Reserved.

More Links

  • Privacy Policy
  • Terms of Use
  • Contact Us

Follow Us

No Result
View All Result
  • HOME
  • CONSUMER PERSPECTIVE
  • PERSONAL FINANCE
  • MARKETS & COMPANIES
    • APPOINTMENTS
    • COMMODITIES
    • COMPANIES
  • BUSINESS & ECONOMY
    • AGRICULTURAL ECONOMY
    • AGRO-ECONOMY
    • AVIATION
    • BRANDS
    • CONSUMER GOODS
    • ECONOMY
    • ENERGY
    • ENVIRONMENT
    • FINANCIAL INCLUSION
    • INSURANCE & PENSIONS
    • INVESTMENT
    • MANUFACTURING
    • MARITIME
    • MONEY
    • MSMEs
    • PRODUCT REVIEW
    • STARTUPS
  • CULTURAL CURRENTS
  • EMPIRE
  • CORPORATE RENDEZVOUS