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LCCI Counsel CBN on Options to Increasing Interest Rates

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CBN Pegs Interest Rate at 14%

 

The Lagos Chamber of Commerce and Industry (LCCI) does not share the Central Bank of Nigeria’s (CBN) stance on managing inflation with increasing interest rates.

The chamber voiced its opinion in a statement issued by its Director-General, Chinyere Almona.

While urging the CBN to consider what it described as “viable options” for managing the inflation, it averred that it doesn’t see frequent interest rate hikes capable of making the desired impact on the economy.

It was gleaned from the statement that since April 2022, inflation has increased from 16.82 percent to 21.91 percent in February 2023, despite a 6.5 per cent increase in the key rate over the same period.

The chamber’s expectation is that the CBN would hold off an increase or at best moderate, the key rate has given the weak relationship between it and inflation, especially after manufacturers and other businesses were groaning under high borrowing costs and the cash crisis.

The statement read in part, “While the CBN has the overarching mandate of ensuring price stability, we suggest it should not be done in a manner that compromises growth, more especially in the face of high unemployment.

“Inflation chips away at purchasing power leads to inventory stockpiles, undermines growth, and creates a lot of economic uncertainties. Taming it, however, should not be done at the expense of growth and the most vulnerable sectors.”

The chamber considers that the instrumentality of monetary policy alone appears insufficient to guarantee the desired results of low, stable, and predictable prices.

Consequently, it advocated that the structural rigidities around infrastructure and agriculture should be looked into and tackled to rein in inflation.

International News

JUST IN: Equatorial Guinea Blocks WhatsApp Multimedia Amid Engonga Sex Scandal

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The government of Equatorial Guinea has imposed new restrictions on WhatsApp, limiting citizens’ ability to download and share multimedia files through mobile data.

This policy follows recent directives for telecommunications operators to control access to “inappropriate content.”

READ ALSO: Court Acquits Former CJN, Walter Onnoghen In Corruption Case

The measure, however, has led to public frustration, with citizens now relying solely on WiFi for sharing photos, videos, and audio files.

The restrictions come in the wake of a high-profile scandal involving Baltasar Engonga, Director General of the National Financial Investigation Agency (ANIF).

Engonga, 54, is currently under investigation for fraud. During an unexpected search of his home and office, ANIF officials reportedly discovered a collection of more than 400 explicit videos involving Engonga and the wives of various prominent figures.

Among those reportedly involved are relatives of senior officials, including the wife of the Director General of Police, multiple government ministers’ spouses, and even family members of the President of Equatorial Guinea.

The leaked videos have caused a media uproar, with calls for transparency from the government.

Citizens are questioning whether the restrictions on WhatsApp multimedia sharing are part of an effort to prevent the spread of sensitive content related to the scandal.

So far, officials have not commented on the duration of these restrictions or whether they are linked to the ongoing investigation.

The local news platform Ahora EG has reported widespread frustration over the restrictions, quoting anonymous sources expressing concern about the impact on essential communication.

“Should an entire country pay for the actions of a few?” one source asked. “This measure interferes with work and educational activities for thousands who rely on WhatsApp, and it feels more like a move to control than to facilitate communication.”

Critics have also questioned the transparency of the new restriction, with some speculating it may be linked to Vice President Teddy Nguema’s recent announcement of a plan to install surveillance cameras in state offices.

This initiative, he said, is part of a broader government crackdown to reinforce public service laws and combat misconduct among officials.

As frustrations mount, Equatorial Guinea’s citizens are left awaiting clarity on the government’s intentions behind these measures.

With no official statements on how long the restrictions will remain in place, many continue to speculate whether these changes will be temporary or signal a new era of state control over digital communication.

 

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U.S. Election: Historic Decision Looms As Kamala Harris, Trump Enter Dead-Heat Contest

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On a high-stakes Tuesday, American voters are heading to the polls in an election that will either catapult Kamala Harris into history as the first woman president or grant Donald Trump a historic return to the White House.

After months of intense campaigning and unexpected developments, Democratic Vice President Harris, 60, and former Republican President Trump, 78, remain locked in one of the closest and most turbulent races of modern times.

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As polling stations open nationwide, both candidates are counting on a strong turnout in key swing states, including Arizona, Georgia, Michigan, and Pennsylvania.

With early voting already at record numbers, tens of millions more are expected to cast their ballots throughout the day, adding to the over 82 million who voted early.

Campaign Finale: Fierce Push for Every Vote

Both campaigns spent Monday frantically rallying supporters. In Pennsylvania, Harris stood on the iconic “Rocky” steps in Philadelphia, energized by celebrities like Lady Gaga and Oprah Winfrey.

“Momentum is on our side,” she said, calling the race potentially “one of the closest in history” and urging supporters to get to the polls.

Meanwhile, Trump held his closing rally in Grand Rapids, Michigan, after stops in North Carolina and Pennsylvania.

Emphasizing his populist message, he depicted a nation under siege from crime and economic turmoil, promising that his leadership could restore America’s greatness.

“With your vote tomorrow, we can fix every single problem our country faces and lead America — indeed, the world — to new heights of glory,” he declared.

An Election of Unprecedented Drama

This election has been marked by surprising developments that left voters and analysts reeling.

Harris took over the Democratic nomination in July following President Joe Biden’s withdrawal, a dramatic shift that reshaped the race.

Trump’s campaign faced its own challenges, including surviving two assassination attempts and pushing forward even after a criminal conviction.

Despite these extraordinary events, polls show the race remains deadlocked.

Observers are bracing for potential delays in determining a winner, with the tight race suggesting that final results could take days.

In Washington, security is heightened with barriers around the White House and storefronts boarded up, fearing possible unrest.

Trump’s ongoing claims about election integrity — similar to those he made in 2020 — have already raised concerns about the potential for dispute if he loses.

Global Impact: Allies, Rivals Watch Anxiously

The international community is closely watching the U.S. election, as the outcome could reshape key policies.

A Harris administration would likely pursue climate action, support for NATO, and continued aid to Ukraine in its war with Russia.

Trump’s “America First” approach, however, signals a return to isolationist policies that unsettle allies while promising sweeping trade tariffs that concern trading partners.

The election’s significance extends beyond politics, as Harris would make history as the first Black woman and South Asian president in the United States, breaking another barrier after her 2020 election as vice president.

Trump, if successful, would make his own history, becoming only the second president after Grover Cleveland to win non-consecutive terms and the oldest president to assume office.

Divided Nation Faces Uncertain Path Forward

Harris’s campaign has focused on reproductive rights and healthcare, aiming to galvanize women and young voters.

Though she has condemned Trump’s “dark rhetoric,” she ended her campaign with an optimistic message, calling for unity and avoiding further mention of her rival.

Trump, meanwhile, has leaned into his populist appeal, casting himself as the country’s last line of defense against rising crime and immigration issues.

In his final speeches, he warned of election fraud — claims widely debunked by experts — and hinted that he might not concede if he loses, saying he should “never have left” the White House in 2021.

As polls close later tonight, Americans and the world wait anxiously for what could be a turning point in U.S. history. Regardless of the result, today’s vote promises to reshape the nation’s future and its role on the global stage for years to come.

 

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NEWS

Tragic Building Collapse In R/State Leaves One Dead, Several Injured

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A tragic building collapse in Rivers State has left a middle-aged contractor, identified as Udeme, feared dead after a two-storey structure under construction caved in at the Egbelu Mgbaraja area of Ogbogoro Community, Obio/Akpor Local Government Area.

This incident comes just one week after a three-storey building collapsed at the Iriebe axis of the same local government, though that incident fortunately recorded no casualties.

READ MORE: Fire Ravages Ajah Market In Lagos, Goods Worth Millions Lost

The latest collapse occurred on Monday, November 4, 2024, around 2 p.m., with construction workers on site when the structure gave way.

According to eyewitness Mr. Jonathan Obey, the building’s second floor suddenly buckled, trapping Udeme beneath the rubble, while another worker managed to escape with serious injuries.

Obey, who attempted to rescue the trapped contractor, suspected negligence, saying, “We couldn’t reach him despite our efforts. An inspection revealed substandard materials had been used, with the foundation only three feet deep for a two-storey building, which is insufficient. The rebar was of poor quality, and essential supports, such as a center beam, were absent.”

The Rivers State Government has since sealed off the property and declared the developer, Vincent Nwoye, wanted for questioning.

Rt. Hon. Evans Bipi, Commissioner for Physical Planning and Urban Development, visited the site and expressed his dismay, attributing the collapse to gross negligence.

“This tragedy was preventable,” Bipi stated. “The developer failed to obtain an approved building plan and used inferior materials. The government will ensure accountability and take severe action.”

Bipi extended his condolences to the victim’s family and the Ogbogoro Community, affirming that the government will facilitate the family’s recovery of their loved one’s remains. “We sympathize with the bereaved family and the entire community,” he added.

The Commissioner for Special Duties, Dr. Samuel Anya, also condemned the developer’s actions, highlighting the dangers posed when profit is prioritized over safety. “This loss is a direct consequence of unethical practices,” he said.

The government has committed to a thorough investigation and tighter regulatory enforcement to prevent further tragedies in Rivers State.

 

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