LCCI President breaks down in tears over state of economy

The President of the Lagos Chamber of Commerce and Industry (LCCI), Asiwaju Michael Olawale-Cole, burst into tears while addressing the media on the state of Nigeria’s economy.

Olawale-Cole, speaking in Lagos on Tuesday, expressed concerns over the high and rising inflation rate, which stood at 15.70 per cent as of February, up from the 15.60 per cent recorded in January 2022.

According to him, headline inflation is expected to remain elevated as the combination of supply chain disruption due to the Russia-Ukraine war, food supply shocks, forex policies, higher energy costs, forex illiquidity and heightened insecurity in major food processing states will continue to mount pressure on domestic consumer prices

He stated that a broad-based harmonisation of fiscal and monetary policies toward addressing the identified structural constraints would significantly help moderate inflationary pressure in the short term.

The LCCI boss also expressed worry over issues bordering on debt sustainability, foreign exchange market, monetary policy development, foreign trade, capital importation, the Russia-Ukraine war, oil theft, power sector, among others.

He said the situation had reached a worrisome dimension, particularly with the recent on the Abuja-Kaduna train, which claimed some lives. (Daily Trust)