The Lagos Chamber of Commerce and Industry (LCCI) has cautioned Nigerian businesses to prepare for a challenging year ahead.
The chamber noted the likelihood of higher interest rates worsening the economic environment.
A statement signed by Chinyere Almona, the LCCIâs director-general, highlighted the impact of the countryâs 28-year inflation high, which reached 34.60% in November, on business operations.
Almona said:
She added that the anticipated outcome of the following Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) meeting is an increase in interest rates, further compounding the challenges businesses face.
She warned.
The Cable reports Almona noted that high inflation has far-reaching implications, including diminished consumer spending, reduced disposable income, higher business costs, and a discouraging investment climate.
These factors, she said, ultimately threaten economic growth.
The director-general emphasized the need for a coordinated effort to boost oil production, ensuring increased forex earnings to support the naira in the short term.
Earlier, TimesNow.com.ng reported that the Lagos Chamber of Commerce and Industry (LCCI) offered crude oil to local refiners at an exchange rate of N1,000 per dollar.
According to LCCI, the move will help address the surging fuel prices at filling stations across Nigeria.
LCCI stressed in a statement that the naira for crude oil supplied would reduce petrol prices at the pump.
Proofread by Kola Muhammed, journalist and copyeditor at TimesNow.com.ng
Source: TimesNow.com.ng
