Business

LCCI: An economy largely driven by trade and services not healthy

“The disproportionate reliance on the services sector, with declining contributions from agriculture and manufacturing, poses sustainability risks.

“Economic growth driven largely by trade and finance must be complemented by robust industrial and agricultural expansion to create quality jobs, enhance value addition, and ensure food security.”

Dr Almona added:
” LCCI advised the federal government to “address structural bottlenecks that hinder productivity across key sectors to achieve a sustainable and inclusive growth trajectory.

LCCI urged the government to consider the following to boost the economy: A comprehensive industrialization strategy should be developed to boost local manufacturing capacity.
Policies that incentivize domestic production, enhance

The disproportionate reliance on the services sector, with declining contributions from agriculture and manufacturing, poses sustainability risks.

Published

2 years ago

March 5, 2025

OhiBaba

551 Views

▪︎Dr. Chinyere Almona

The Lagos Chamber of Commerce and Industry (LCCI) has said that the country’s reliance on trade and services, at the expense of industries is not healthy for the economy.

The LCCI, therefore called on the federal government to develop a comprehensive industrialization strategy to boost local manufacturing capacity, among other policies.

The Director- General, Dr. Chinyere Almona, noted that while the GDP growth figures indicate a positive trajectory, they raise critical concerns regarding real productivity and economic stability.

“The disproportionate reliance on the services sector, with declining contributions from agriculture and manufacturing, poses sustainability risks.

Dr Almona added:” LCCI advised the federal government to “address structural bottlenecks that hinder productivity across key sectors to achieve a sustainable and inclusive growth trajectory.

LCCI urged the government to consider the following to boost the economy: A comprehensive industrialization strategy should be developed to boost local manufacturing capacity.

Policies that incentivize domestic production, enhance the ease of doing business, and facilitate access to finance for small and medium enterprises (SMEs).

Increased investment in mechanization, irrigation, and improved seed varieties is essential to boost agriculture and food security.

Related Topics:Economic growth Featured GDP growth

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Business

Naira Exchange Rates Thursday, 5 Nov 2026

Published

1 day ago

November 5, 2026

OCHEFA

106 Views

BLACK/ PARALLEL MARKET RATES

₦1400DOLLAR (USD)

₦1830POUND (GBP)

₦1515 EURO (EUR)

₦950 CANADIAN DOLLAR (CAD)

₦70 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED

₦190 Chinese YUAN (CNY)

₦100 Ghanaian CEDI (GHS)

West African CFA ₦2240 (XOF)

Central African CFA ₦2180 (XAF)

₦820 Australian Dollar AUSSIE (AUD)

Business

NNPCL wants to sell 10% equity via IPO on NGX, LSE

NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.

Published

2 days ago

November 4, 2026

OCHEFA

137 Views

The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.

The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.

The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.

Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.

The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.

Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.