News
LCCI urges Nigerian Govt to sustain N1.97trn Q2 trade surplus

The Lagos Chamber of Commerce and Industry (LCCI) has urged the Federal Government to invest in export infrastructure and other mechanisms to sustain the country’s trade surplus of N1. 97 trillion recorded in the second quarter of 2022.
LCCI president, Dr Michael Olawale-Cole, made the call at a press conference on the state of the economy on Thursday in Lagos.
The News Agency of Nigeria (NAN) reports that the value of exports rose by 4.31 per cent to N7.41 trillion in Q2 from N7.10 trillion in Q1.
However, the value of imports declined by 7.89 per cent to N5.44 trillion in Q2 from N5.90 trillion in Q1 with the trade balance standing at a surplus of N1.97 trillion in the second quarter.
Olawale-Cole stressed that sustaining the trade surplus meant the country needed enhanced and automated port operations, tackling high production costs, and boosting the supply side of the foreign exchange market to improve liquidity and easy access.
He added that Nigeria also needed to diversify its exports by boosting local crude refining capacity, production of petrochemical products, and accelerating reforms in the oil and gas sector to attract more foreign investments in the coming months.
He commended the government on the initiative to produce the new national trade policy 2023-2027, which would replace the outdated trade policy that had been in place for years.
“It is hoped that when this policy is approved by the Federal Executive Council (FEC), it will support robust trade relations between Nigeria and the rest of the world,” he said.
Assessing the country’s domestic outlook, the LCCI president said the growth of 1.2 per cent recorded for agriculture and 3 per cent for manufacturing were low when compared with other sectors that grew above 5 per cent.
This, he said, indicated the threats facing these sectors that power the real sector and added that the woes in these two sectors were responsible for the frightening rise in the country’s inflation rate.
Olawale-Cole posited that the above, with the excruciating burden of debt service, subsidy payments, and worsening insecurity, may lead to the constraints of many more productions in the coming months.
The industrialist recommended that fuel subsidies should be removed, and oil theft curtailed, if not eliminated, to provide fiscal space for subsidised production of goods, services, infrastructure, health, and education financing.
He added that while the Central Bank of Nigeria (CBN) embarked on monetary tightening to tame inflation, it should ensure that targeted concessionary credit to the private sector was sustained for Micro, Small and Medium Enterprises (MSMEs).
“The CBN needs to gradually transition to a unified exchange rate system and allow for a market-reflective exchange rate.
“The CBN also needs to roll out more friendly supply-side policies to boost productive sectors, bolster investor confidence and help attract foreign investment inflows to the economy.
“As a matter of urgency, the government must tackle the flood menace in the country by implementing environmental guidelines and establishing preventive infrastructure.
“The impact of climate change on agriculture is becoming more evident by the day, and quick response is critical to avert food insecurity and worsening food inflation,” he said.
Addressing Nigeria’s power generation, Olawale-Cole noting the constant collapse of the national grid, said it was evident that it could not supply sufficient power to meet the electricity demand of Nigerians.
This, he said, was because of reported issues of vandalisation of power installations, a disrupted gas supply, challenges with 100 per cent metering, and the inability of distribution companies (DISCOs) to take up generated power.
He noted that with the cost of diesel at record levels and poor power supply, businesses were running at unsustainable costs and producing at uncompetitive prices.
This, he stressed, could lead to job losses if the output remained constrained due to the unbearable cost of production.
“If not quickly tackled, these challenges will likely subdue the Gross Domestic Product (GDP) growth potential and projections for 2022.
“We recommend that government should invest more in technology to fight the vandalism of pipelines and power installations.
“The government should create funding for critical infrastructure and special-purpose intervention in the power sector.
“The most sustainable solution to Nigeria’s power shortages is the transition to renewable energy and the decentralisation of the national grid,” he said.
On insecurity, the LCCI president commended the sacrifices of the Nigerian security personnel and urged them to consolidate the gains recorded.
This, he said, was important because of the forthcoming general elections in 2023 and, by extension, the stability of democratic governance in the country.
He noted that in the absence of peace and security, it would be challenging to hold credible, free, and fair elections that would reflect the choices of the electorate of those to lead them.
He also stressed the need to address the root causes of youth unemployment, drug abuse, uncontrolled small arms, and unmanned borders through which foreigners infiltrate the country.
(NAN)
LCCI urges Nigerian Govt to sustain N1.97trn Q2 trade surplus
Headlines
Akwa Ibom APC Gears Up to Receive President Tinubu as Governor Umo Eno Joins Party

The All Progressives Congress (APC) in Akwa Ibom State has announced its readiness to host President Bola Ahmed Tinubu and other top party leaders as it officially welcomes Governor Umo Eno into its ranks.
Speaking at a press briefing in Uyo on Friday, APC chieftain and former presidential aide, Senator Ita Enang, disclosed that the party was fully prepared to receive the president, Vice President Kashim Shettima, APC National Chairman, and governors elected on the party’s platform for the historic reception.
Governor Umo Eno had on June 6 formally defected from the Peoples Democratic Party (PDP) to the APC, in a move widely described as a political game-changer in Akwa Ibom.
Enang, a former Special Assistant to the President on National Assembly and Niger Delta Affairs, said the governor’s defection had effectively aligned the state with the central government.
He assured Governor Eno and his supporters that the APC would embrace them wholeheartedly and honour all agreements reached.
“As progressives, we shall work with the governor and his supporters to ensure that they fit into the party without hitches,” Enang stated. “We will also work with them to align programmes of the state government with the ideals and manifesto of the party.”
He further described the governor’s move as a “merger” that promises significant benefits for Akwa Ibom and its citizens.
The planned reception is expected to mark a major political event in the state, signaling a realignment of forces ahead of future elections.
Headlines
Ekiti Launches Aggressive Anti-Flood Campaign, Dredges Ofigba River

The Ekiti State Government has intensified efforts to prevent flooding across the state with the launch of a comprehensive dredging campaign, targeting critical waterways in both rural and urban areas.
Chairman of the Ekiti State Environmental Protection Agency (EKSEPA), Chief Bamitale Oguntoyinbo, disclosed this on Friday during an inspection visit to the ongoing dredging project at the Ofigba River in Ise-Ekiti.
Oguntoyinbo, who was accompanied by EKSEPA board members, said the visit was to assess the progress of work being carried out to mitigate flood risks in the community. He expressed satisfaction with the pace and quality of the dredging work.
“I and other board members of EKSEPA are delighted with the level of job done by the site engineer because he is actually working with the directives of three-kilometer dredging of waterways,” he said.
According to him, the dredging commenced on June 4, and so far, 1.8 kilometers of the river have been successfully cleared.
He applauded Governor Biodun Oyebanji for prioritizing the safety and welfare of residents by initiating the state-wide anti-flooding campaign.
“I want to commend our amiable governor, Mr. Biodun Oyebanji, for embarking on zero tolerance campaign against flooding in every community and town in Ekiti,” Oguntoyinbo stated.
He also praised the General Manager of EKSEPA, Mr. Olukayode Adunmo, for his commitment to the project’s supervision and success.
In his remarks, Adunmo emphasized the urgent need to clear waterways choked by refuse, which impede water flow and contribute to flooding during the rainy season.
“Dredging of Ofigba River in Ise-Ekiti in Ise/Orun Local Government Area is necessary because some of the waterways have been blocked by refuse,” he explained. “There is the need for us to remove every blockage to enhance free flow of water and avert flooding during heavy rainfall.”
Adunmo also commended Governor Oyebanji for taking proactive steps to protect lives and properties across the state.
Residents of Ise-Ekiti have welcomed the government’s intervention. Chief Godwin Ojo, a community leader, expressed gratitude to the governor for his timely action.
“We thank the governor for the move to avert flooding in our community,” Ojo said. “May God grant him more wisdom to pilot the affairs of the state to an enviable height.”
The dredging campaign forms part of the Oyebanji administration’s broader commitment to environmental safety and disaster prevention.
Developmental
Tinubu to visit Kaduna Thursday to inaugurate key projects

President Bola Tinubu is expected in Kaduna State Today Thursday for the inauguration of several key developmental projects executed by the administration of Gov. Uba Sani.
The News Agency of Nigeria (NAN) reports that the visit forms part of activities marking Sani’s two years in office.
The projects lined up for inauguration include the 300-bed Specialist Hospital in Millennium City, Kaduna, built by the state government to bolster the provision of healthcare services.
Tinubu will also inaugurate the Institute of Vocational Training and Skills Development in Rigachikun, road projects in Soba, and Samaru Kataf LGA’S as well as the 24-kilometre Kafanchan Township Road.
Others are the Tudun Biri Road, the 22km road linking Kauru and Kubau LGAs as well as the Vocational and Skills Training Centre in Tudun Biri.
Tinubu is also expected to unveil 100 Compressed Natural Gas (CNG) buses, as part of efforts to modernise the state’s public transportation system.
The projects are part of the administration’s focus on infrastructurde evelopment, healthcare delivery, youths empowerment, and economic growth.
The state government described the visit as a significant moment for the people of Kaduna and an opportunity to showcase ongoing efforts to transform the state through impactful governance.
Sani, who marked his second year in office this month, has prioritised human capital development, rural infrastructure, and jobs creation since taking office in 2023.
Tinubu’s visit to Kaduna State was rescheduled from Wednesday to Thursday.
He was initially supposed to visit Kaduna on Wednesday, but due to the recent attacks in Benue, he shifted his trip.
The president visited Benue on Wednesday to commiserate with the victims of the recent attacks and assess the humanitarian crisis.
During his visit to Benue, Tinubu met with stakeholders, including traditional rulers, political and community leaders, and youth groups, to seek lasting solutions to the hostilities.
He also condemned the ongoing violence and called on the residents to embrace peace and mutual understanding.
NAN recalls that the Benue Government had declared a work-free day for Tinubu’s visit, urging the residents to turn out in large numbers to welcome him.
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