Business outlook in 2016 will be tense – LCCI

BUSINESS outlook in Nigeria will remain tense in 2016 due to the declining trend of global oil price and its attendant impact on government revenue and foreign reserves, the Lagos Chamber of Commerce and Industry, LCCI, has said.

The implications on cost of and access to credit will be undesirable, while businesses, especially those with high forex exposure, will continue to face challenges of meeting foreign obligations to suppliers and partners, Director-General of the chamber, Mr. Muda Yussuf, said in his economic and business review in 2015 and perspective for 2016.
According to him, the development will also impact contractual trust and integrity,even as he said that risk of default in financial obligations in both public and private sectors will be high as macro-economic conditions and cash flow remain tight.
He said the insurance industry will remain largely underpenetrated with insurance density at about 0.225%.
“Therefore, significant change in this industry with respect to growth and penetration remains bleak even as the sector is still highly fragmented. The declining GDP is also expected to strain to a large extent, the performance of this industry’’, he stated.






Check the Nigerian Pilot newspaper for the full story.






Comments

Post a Comment

Popular posts from this blog

10 World Most Eloquent People

Image
Only the eloquent can adequately describe eloquence. It includes articulation, a mellifluous tone of voice and poise under pressure. To be eloquent is to speak well in a persuasive and deeply thoughtful way. Though it appears to come easily, eloquence does not often come naturally. The most talented speakers often have training in rhetoric and behavioral psychology. Here are 10 great examples of eloquent speakers who have made their mark on the world. 1. Martin Luther King, Jr “I Have a Dream” is perhaps the most powerful speech in American history. In poetic, unequivocal language, he explains how people can live up to their ideals for the sake of their children. 2. Abraham Lincoln In a speech only two minutes long, Lincoln explained the moral justification for the Civil War in his Gettysburg Address. 3. Winston Churchill In a few short years Churchill transformed himself from a burly, unemployed, failed novelist to a leader of the free world with ...
Read more

St. Finbaar’s College, Akoka wins the annual Helmbridge Science Challenge for secondary schools in Lagos State.

St. Finbarr’s College Akoka, Lagos at the weekend won the annual Helmbridge Science Challenge for secondary schools in Lagos State. The school in a six-week-long competition defeated May Day College and Topgrade Secondary School, Surulere in the preliminaries to qualify for the final. The Akoka boys who walked-over Penny International College Coker, the defending champions, for late coming, went into sporadic jubilation on their victory. The News Agency of Nigeria, NAN reports that 16 schools participated in the competition, including Yaba College of Technology Secondary School, St. Finbaar’s College, Penny Internatinal College, Shining Lord’s Secondary and Technical School. Others are St. Michael’s Anglican College, Jubilee Model Grammar school, Fountain Heights Secondary School, St. Gregory’s College and St. Jude’s Private Secondary School. Also in the competition are Methodist Boys’ High School, Birch Freeman High School, Community Senior Grammar School and ABS College. ...
Read more

BIAFRA: IPOB, MASSOB shut down markets, Uwazuruike expelled

Image
  Visit Late Odumegwu Ojukwu’s house to seek his blessing Uwazuruike expelled, Madu takes over as MASSOB leader Forget Biafra, secession —Nwabueze Over seven thousands members of the Indigenous People of Biafra, IPOB, yesterday,   shut   down markets and all commercial activities in Nnewi, Anambra State in solidarity protest for the release of the Director of Radio Biafra, Mr. Nnamdi Kanu, who has been incarcerated by  the Directorate of State Services, DSS, for over one month. Members of the IPOB mobilized from Onitsha, Asaba, Awka, Ekwulobia, Awka-Etiti, Enugu, Imo, Ebonyi and Abia states, converged at  Nnewi from where they marched to the house of the late Ikemba Nnewi, Dim Chukwuemeka Odumegwu Ojukwu to ask for his blessing even in death. This came as constitutional lawyer and leader of eminent group of Nigerians, The Patriots , Professor Ben Nwabueze (SAN),  admonished  the  groups to have a re-think over th...
Read more