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The Lagos Chamber of Commerce and Industry, LCCI during the week rated the performance of the Nigerian economy in the third quarter of 2011 low.
Chief Femi Deru, the President of LCCI, said, at the quarterly media briefing in Lagos that the chamber was concerned about the increasing cost of operations arising largely from high energy and transportation costs.
“The chamber believes that the economy has yet to benefit from the government's transformation agenda in the area of energy, foreign exchange market, inflation, Gross Domestic Growth and others,’’ Deru said.
Chairman of Revenue Mobilization Allocation and Fiscal Commission (RMAFC), Engineer Elias Mbam has warned that a new revenue formula without an appreciable increase in size of the national cake may do little to lift the 36 States out of their present financial quagmire and potent fears of insolvency.
So the Commission is taking the diversification and enhanced revenue generation campaign to the grassroots for stakeholders’ buy-in as part of efforts to pursue and achieve an ever-increasing size of the cake for sharing among the three tiers of government,
There are strong fears that South Africa which led Africa into prosperity in telecommunications may just also lead it into ruin as there are strong indications that the state may soon muzzle the powers of the regulator.
Nigerian Pilot gathered recently that there is a draft of a proposed bill on changes to the Electronic Communications Act which clearly heads to strengthen the powers of the Minister and reduce those of the ICASA, Independent Communications Authority of SA.
Concession Development Company, CDC, a manufacturer of renewable electrical appliances, is set to flood the market with over 4 million energy inverter bulbs capable of saving 3, 000 to 5, 000 megawatts in the country.
Managing Director of the company, Val Ozieh in an exclusive interview with our correspondent, said the objective of the initiative was to enable every Nigerian have access to renewable energy and efficient electrical appliances, among others.
The federal government has inaugurated a 17-man committee to monitor activities at the ports in a build-up to ensuring the clearance of goods within 48 hours. Dr Ngozi Okonjo- Iweala, the Coordinating Minister for the Economy, said, while inaugurating the committee on Tuesday in Abuja, that it would monitor the progress on the reform of the ports.
She said that the inauguration was an indication of government’s commitment to creating the enabling environment for the private sector to save the cost of doing business in the country.
BusinessWorld Corporate Achievement Awards, a celebration of top performers among Nigeria’s quoted companies, holds Friday November 25, 2011 at Eko Hotel and Suites, Victoria Island, Lagos. The event which starts at 6.30 pm will be chaired by Gbenga Obadara, a Senator of the Federal Republic of Nigeria, while the guest speaker is Professor Dora Akunyili, former minister of Information and Communications.