General
LCCI Emphasizes Tackling Poor Power Supply, High Energy Cost
By Adedapo Adesanya
The Lagos Chamber of Commerce and Industry (LCCI) has advised the federal government to focus on addressing Nigeria’s perennial problem of poor power supply and high cost of energy.
The LCCI expressed this in a statement titled Balancing Relief and Responsibility: The $500 million World Bank Loan and Nigeria’s Economic Future, where it noted that taking this path would help create an enabling business environment where small businesses could thrive rather than majoring providing short-term cash disbursement to small enterprises and vulnerable population.
The chamber raised concerns that the recently approved $500 million World Bank’s loan for Nigeria might exasperate the country’s rising debt burden and expose Nigeria to fiscal vulnerabilities, weaker investors’ confidence and limited government’s ability to execute long-term economic reforms.
The chamber noted that although this intervention was aimed at supporting poor and vulnerable households and firms, it was imperative to state that its broader implications on businesses and the economy posed a concern to the business community.
The Director General of LCCI, Mrs Chinyere Almona, stated that: “The LCCI stands on the point that a more impactful stimulus for economic growth is that the government solves the perennial problem of poor power supply and high cost of energy and creates an enabling business environment where small businesses can thrive, creating jobs and generating revenues for the government.
“While the World Bank loan offers immediate relief, long-term economic resilience can only be achieved through a comprehensive strategy that fosters economic diversification, enhances productivity, and strengthens institutional frameworks for effective governance.”
She argued that from a business perspective, while targeted stimulus programs could offer temporary relief, structural economic challenges such as inadequate infrastructure, multiple taxations, and foreign exchange volatility remained unaddressed.
“Businesses require a stable operating environment, and while social welfare programs are essential, they must be complemented by policies that foster productivity, investment, and job creation.
“There is also concern about the efficiency of fund allocation and utilisation, given that only 16 per cent of previously approved World Bank’s loans under the current administration have been disbursed.
“This raises questions about the absorptive capacity of relevant institutions and the risk of funds being underutilised or mismanaged,” she expressed.
The LCCI noted that the loan’s direct impact on small businesses and vulnerable populations, through grants and livelihood support, presents a potential short-term stimulus that could enhance food security and community resilience, mitigating the effects of economic hardship at the grassroots level.
It, however, warned the government to consider carefully the broader macroeconomic effects of seeking external borrowing to provide short-tern economic stimulus in the face of Nigeria’s rising debt burden, particularly given the slow pace of disbursement and implementation of previously approved loans.
“With the World Bank’s share of Nigeria’s external debt reaching $17.32 billion, the question of debt sustainability becomes increasingly pressing.
“If not efficiently managed, additional borrowing could exacerbate fiscal vulnerabilities, weaken investor confidence, and limit the government’s ability to execute long-term economic reforms,” the chamber said.
The LCCI recommended the following strategic approaches to the government to maximise the benefits of this loan while mitigating its associated risks.
“There must be a transparent and efficient disbursement mechanism that ensures funds reach the intended beneficiaries, particularly small businesses and vulnerable communities.
“A robust monitoring and evaluation framework should be established to track the impact of these funds and prevent misallocation.
“The government should adopt a prudent debt management strategy that prioritises concessional financing and ensures that borrowed funds are tied to projects with clear economic returns.”
It also recommended the strengthening of domestic revenue generation through tax reforms and expanding the productive base of the economy in order to reduce reliance on external borrowing.
“Beyond short-term palliatives, the government must implement structural reforms that create a conducive business environment. Policies should focus on improving infrastructure, ensuring policy consistency, and addressing foreign exchange challenges to support private sector growth and attract investment,” LCCI added.
By Adedapo Adesanya
The Department of State Services (DSS) has arraigned the former Attorney General of the Federation (AGF) and Minister of Justice, Mr Abubakar Malami, and his son, Mr Abudlazizz Malami, on a five-count charge of abetting terrorism financing and illegal possession of firearms.
They were arraigned before Justice Joyce Abdulmalik of the Federal High Court in Abuja, where they pleaded not guilty to the charges.
In the charge, the former AGF was accused of knowingly abetting terrorism financing by refusing to prosecute terrorism financiers whose case files were brought to his office as the AGF in the last administration for prosecution.
Recall that the secret police had arrested Mr Malami, shortly after his release from Kuje prison in Abuja more than two weeks ago after Justice Emeka Nwite of the Federal High Court in Abuja granted him and two others bail in the sum of N500 million in another case involving the Economic and Financial Crimes Commission (EFCC).
Mr Malami and his son are also accused by the DSS of engaging in conduct in preparation to commit act of terrorism by having in their possession and without licence, a Sturm Magnum 17-0101 firearm, 16 Redstar AAA 5’20 live rounds of Cartridges and 27 expended Redstar AAA 5’20 Cartridges.
His arrest in January followed weeks of reports of surveillance by the secret police in front of the prison facility since the time Mr Malami, his wife and son were remanded there over the money laundering charges.
As per reports, Mr Malami had gathered that he would be picked up upon regaining his temporary freedom and so decided to wait out the DSS. However, after his eventual emergence, the operatives took the ex-AGF into detention again.
By Adedapo Adesanya
The Lagos State Waterways Authority (LASWA) has initiated an inter-agency partnership with the Centre for Rural Development (CERUD) to establish the Coastal Community First Responder Programme (CCFRP).
The first responder programme is aimed at promoting safe and secure transportation across Lagos waterways.
The initiative was unveiled during a meeting between a LASWA delegation and officials of the Ministry of Local Government, Chieftaincy Affairs and Rural Development at the secretariat in Alausa.
Leading the LASWA team, Mr Olademeji Shittu said the programme is designed to reduce fatalities and material losses on Lagos waterways, particularly in hard-to-reach coastal communities.
According to Mr Shittu, the CCFRP will focus on empowering community volunteers through targeted capacity building for sustainable rural development, while also equipping them with relevant skills that can enhance employability within the maritime sector.
He noted that trained volunteers will serve as community-based first responders, working in close collaboration with LASWA to strengthen search and rescue operations.
Providing the rationale for the programme, Mr Shittu highlighted the recurring cases of marine incidents and fatalities on Lagos waterways, often worsened by delayed emergency response in remote coastal areas.
He explained that residents of these communities are usually the first on the scene during accidents, making it necessary to formalise their role through structured training and partnerships.
He added that the collaboration with CERUD will help create a sustainable framework that aligns community development with safety and emergency response, while fostering a sense of ownership and responsibility among coastal residents.
According to a statement, the Coastal Community First Responder Programme is expected to enhance emergency preparedness on Lagos waterways, improve response times during marine incidents, and contribute to safer water transportation across the state.
By Adedapo Adesanya
The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have suspended their planned protest in the Federal Capital Territory and instructed workers under the Federal Capital Territory Administration (FCTA) to return to their duties with immediate effect.
The directive followed an overnight engagement involving labour leaders, the Minister of the FCT, Mr Nyesom Wike, and members of the Senate Committee on the FCT.
The meeting, which began late on Monday, stretched into the early hours of Tuesday, culminating in an agreement that led to the unions’ decision to halt the protest action and restore normal activities across FCTA offices.
This comes after Justice Emmanuel Subilim of the National Industrial Court issued an interim order restraining the NLC, TUC, and three others from embarking on any form of industrial action or protest.
Ruling on an ex-parte application filed by the Minister of the FCT and the FCT Administration, Justice Subilim granted an interim order restraining the 1st to 5th respondents and their privies or agents from embarking on strike pending the hearing of the motion on notice, also ordering the 5th-9th defendants who are security agencies to ensure no break down of law and order.
The ex-parte motion, which was filed by the counsel to Mr Wike and the FCTA, Ogwu Onoja, submitted that the Chairman of the FCT council had sent a message of mobilization to members and affiliated unions for a mass protest scheduled for February 3.
This move, he noted, was in violation of the orders of court, adding that after the ruling of the court on January 27, the order of the court was served on the defendants, same day the NLC and TUC issued a statement to all affiliated unions to intensify and sustain the strike.
The statement jointly signed by both unions directed that the striking workers should resume the strike as the unions’ counsel, Mr Femi Falana, has filed an appeal against the interlocutory ruling.
He further pointed out that With the statement, JUAC issued a circular directing all employees to continue the strike.
This position they say is aimed at causing break down of law and order in the Nations capital.
The court subsequently adjourned the case until February 10 for hearing.
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