Saturday, April 19, 2014

‘Slow-down’ in Nigeria’s economy may affect businesses hard in 2013- LCCI

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The Lagos Chamber of Commerce and Industries seeks cooperation among economic regulators.

The Lagos Chamber of Commerce and Industry, the premier chamber of commerce in Nigeria, has warned that the current slow growth of Nigeria’s economy may affect businesses in the country if there is no collaboration among regulators.

The chamber, whose primary objective is to promote, support or oppose legislative or other measures affecting trade, industry, commerce and agriculture; as well as represent the opinion of the business community on the above matters in particular, and the economy as a whole, said the call has become expedient as the “slow-down in economy may begin to reflect harder on businesses in 2013 if fiscal and monetary authorities do not collaborate to achieve meaningful results.”

The chambers fears were expressed in a report titled ‘Environmental Scan, 2013 Outlook’ which was posted on its website. It highlighted that “Dangote Cement plans to close down its Gboko Plant while PZ Cussons and other leading FMCG (Fast Moving Consumer Goods) firms continue to flag out a slowdown in consumption as a major fear for 2013”.

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