Nation
Chamber Predicts Rise In Inflationary Rate In 2021
The Lagos Chamber of Commerce and Industry (LCCI) says inflation rate will rise in 2021.
The chamber made the assertion in its Economic Review for 2020 and Outlook for 2021 made available to newsmen, yesterday in Lagos.
Its Director-General, Dr Muda Yusuf, attributed the projected inflation outlook for the incoming year to the combination of food supply shocks, heightened insecurity in major food-producing states, foreign exchange policies, illiquidity and higher energy costs.
“We, however, believe a broad-based harmonisation of fiscal and monetary policies towards addressing the identified structural constraints will significantly help to moderate inflationary pressure in the medium term,’’ he stated.
On sectorial review and outlook, the LCCI’s D-G said performance was largely weak across sectors in the third quarter of 2020 because of lingering effects of Covid-19 disruptions.
Yusuf stated that the trend would likely persist into the last quarter of 2020 and the first quarter of 2021 as the economy gradually recovers from the recession.
He noted that a resurgence of Covid-19 pandemic would cause another disruption in activities in the oil and non-oil sectors.
“We expect Information, Communication Technology, financial institutions, and agriculture to drive growth in the non-oil sector in the short-term while the country’s commitment to Organisation of Petroleum Exporting Countries (OPEC) agreement is expected to dampen recovery prospects of the oil sector,’’ he stated.
On Agriculture, the LCCI’s D-G said he foresaw the CBN sustaining its intervention in the sector in year 2021 in a bid to boost domestic food production and minimise food supply gap.
“While the ban on importation of rice, poultry and other agricultural commodities still subsists amid border reopening, there is risk of resurgence of smuggling of agricultural products into the country considering the porous nature of Nigeria’s land borders.
“This, combined with the commencement of Africa Continental Free Trade Area (AfCFTA), could see Nigeria being a destination for imported food products in the absence of adequate border monitoring measures.
“Additionally, heightened security concerns around the country, especially in the northern part and resurgence in herder-farmer conflict in the Middle Belt, the southwest and southeast, if unaddressed, will hamper local food production in the near term.
“Nonetheless, we expect a modest growth performance in year 2021,’’ he said.
As outlook for the manufacturing sector, Yusuf said the reopening of the land borders should provide succour to the sector even as the kick-off of AfCFTA serves as an avenue for manufacturers to penetrate new African markets.
He noted that critical challenges currently beguiling the sector alongside the new competitiveness pressure foisted by the AfCFTA might dampen the recovery prospects of the sector in year 2021.
“We expect the CBN to sustain its intervention efforts in the manufacturing sector as part of measures to boost economic recovery.
“We see the CBN maintaining policies that support credit extension to the real economy.
“The low interest environment in the money market favours big manufacturing players in terms of raising cheap capital, but the business environment will remain challenging for manufacturing SMEs.
“In our view, credit flows to the manufacturing sector will fail to achieve desired outcomes without putting in place measures to address structural, bottlenecks in the ports and customs processes and other policy challenges to productivity.
“Thus, we see growth of the manufacturing sector being subdued in the near to medium term,’’ he said.
Yusuf said the banking industry was expected to sustain positive growth trajectory in Q4-2020 amid the numerous regulatory limitations.
“We expect CBN to maintain its regulatory surveillance in the industry in ensuring the industry is financially sound amid evolving Covid-19 disruptions.
“Resurgence of Covid-19 pandemic, oil price volatility sluggish economic recovery and lingering external pressure are major downside risks to the growth prospects of the banking sector in year 2021.
“Loan-to-Deposit-Ratio policies drove the impressive performance in Q1-2020 by 24 per cent and Q2-2020 by 28.41 per cent.
“Momentum eased in Q3-2020 (6.8 per cent) as banks became more reluctant in providing credit to business given weak macroeconomic conditions.
“Nevertheless, banking industry remained financially sound with Capital Adequacy, Non-Performing Loan Ratio and Liquidity Ratio at 15.5 per cent, 5.73 per cent and 35.6 per cent as of end-October 2020, respectively,’’ he said.
The LCCI’s D-G said the oil sector would further contract in Q4-2020 in the light of lower production in compliance to OPEC+ agreement.
“We note OPEC+ has agreed to ease supply cut by 0.5 million barrels per day starting from Jan. 1, 2021 due to sluggish recovery in fuel demand, much lower than 2.0 million barrels per day earlier planned.
“Crude oil production will likely be lower in year 2021 as OPEC+ sustains efforts to prevent oil glut.
“We project that OPEC+ will be cautious in relaxing output reduction given the uncertainties around Covid-19 pandemic and global oil demand.
“Thus, we expect oil and gas sector growth to be subdued in year 2021 on the continued implementation of OPEC+ Declaration of Cooperation and weak oil price outlook.
“Also, increasing preference for renewable energy globally will put downward pressure on crude oil demand and prices. We are not optimistic of a significant growth performance in oil industry in year 2021,’’ he said.
He said that considering the dim outlook for revenue in the face of weak economic fundamentals, government would most likely underperform its revenue projections with attendant impact on fiscal deficit and debt portfolio.
“Budget deficit for year 2021 is expected to remain elevated above the projected N5. trillion and this poses a risk to Nigeria’s fiscal sustainability.
“We believe the Federal Government will be inclined towards securing concessionary borrowings with low interest rate and long maturity profile in the global market, rather than raising Eurobonds, especially now that the country is faced with foreign exchange scarcity,’’ he said.
The Standard Bearers (SB) Islamic Organisation has raised concerns over the growing rate of binge drinking among Nigerian youths, attributing the trend largely to the widespread availability of sachet alcohol.
The group’s position follows the recent move by the National Agency for Food and Drug Administration and Control (NAFDAC) to enforce a ban on alcoholic beverages packaged in sachets and bottles below 200 millilitres.
In a statement jointly signed by its National Coordinator, Dr. Nurudeen AbdulRaheem, and National Secretary, Malam Qaasim Adegbuyi, the organisation declared its full support for NAFDAC’s decision, describing it as a timely and necessary public health intervention.
AbdulRaheem noted that sachet alcohol, often sold for as little as ?100, has made excessive drinking more accessible, particularly to young people and minors. According to him, the affordability and small packaging of such products have worsened binge drinking, youth addiction and community insecurity.
He explained that binge drinking involves consuming multiple alcoholic drinks within a short period, typically within two hours, a practice that can lead to severe physical and mental health complications as well as legal and social problems.
The SB National Coordinator cited global health data indicating that alcohol is responsible for more than three million deaths annually worldwide and remains a major contributor to road accidents, violence, liver disease and mental health disorders.
While acknowledging concerns from industry stakeholders over the economic implications of the ban, AbdulRaheem maintained that public health considerations must take precedence.
“Public health and the protection of young lives must come first,” he stated, adding that Islamic ethical values, like many societal norms, emphasise the protection of life, intellect and family stability.
The organisation urged NAFDAC and the Federal Government to remain resolute in implementing the policy while also providing transition support for businesses that may be affected by the ban.
According to the group, the enforcement of the ban represents a significant step toward promoting a safer and healthier society.
By Favour James
The Hydrocarbon Pollution Remediation Project (HYPREP) has successfully concluded its Seafarers Training Programme for 100 Ogoni youths, positioning them for opportunities in the competitive global maritime industry.
The beneficiaries, who underwent four months of intensive training at Charkin Maritime Academy, Port Harcourt, received their certificates during a close-out ceremony held on Tuesday, February 10, 2026. The event was attended by top management staff of HYPREP, the HYPREP Project Support Lead and Representative of Renaissance Africa Energy Company Limited, the Executive Director of Training and Strategic Planning of Charkin Maritime Academy, the Head of the Seafaring Department, the Principal Consultant of DCL Consulting Firm, and other dignitaries.
Addressing the graduates, HYPREP Project Coordinator, Prof. Nenibarini Zabbey, described the ceremony as a celebration of hard work, dedication, and the beginning of a new chapter in the lives of the young beneficiaries.
He said the graduation symbolises vision, resilience, and hope — hope translated into skills, certificates, and tangible opportunities for a better future for Ogoni youths.
According to him, the passing-out ceremony marks an important milestone in HYPREP’s mandate to restore livelihoods and promote sustainable development in Ogoniland. He urged the beneficiaries to make productive use of the skills and certifications acquired.
“These skills and achievements should not end here but serve as a springboard for self-reliance, dignity of labour, and long-term economic empowerment for the good of Ogoniland and Nigeria,” he stated.
Prof. Zabbey noted that the seafaring programme is significant not only to the beneficiaries but also to HYPREP’s broader livelihood restoration strategy and the Federal Government’s blue economy agenda.
He explained that by equipping the youths with globally relevant maritime skills, HYPREP is opening alternative income opportunities while discouraging oil theft, artisanal refining, re-pollution, and other environmentally harmful practices. He added that the initiative aligns with the directives of the 2016 HYPREP Establishment Gazette and reinforces the Project’s commitment to implementing the recommendations of the UNEP Report on Ogoniland.
Commending Charkin Maritime Academy as a dependable training partner, Zabbey described the institution as one of the foremost maritime training centres in the country.
“This partnership has delivered high-quality results today, and we intend to expand it as we intensify efforts to provide sustainable alternative livelihoods for the Ogoni people,” he said.
He expressed confidence in Ogoni youths as drivers of unity, peace, and progress, noting their resilience and commitment to peace in the area. He reaffirmed HYPREP’s commitment to supporting the aspirations of youths and women in Ogoniland.
The Project Coordinator likened knowledge and certificates to fuel in a vehicle, stressing that they are meant to propel the graduates toward greater heights.
“We hear your voices calling for restoration, and today, environmental and livelihood restoration are gradually unfolding before your eyes, bringing renewed hope. We continue to lay brick upon brick, building pillars of Ogoni development, as evidenced by the Centre of Excellence for Environmental Restoration (CEER), which is 93 per cent completed,” he added.
He emphasised that HYPREP’s approach integrates all projects and interventions toward achieving environmental sustainability and long-term development in Ogoniland.
Also speaking, the HYPREP Project Support Lead and Representative of Renaissance Africa Energy Company Limited, Engr. Ehioze Igbinomwahia, said the graduates had gained not only technical maritime skills but also discipline, resilience, and confidence to compete globally.
He described their graduation as the beginning of a new journey and noted that the UNEP Report emphasised that environmental restoration must be complemented by sustainable livelihoods, capacity building, and youth empowerment.
“Without empowering people, restoration cannot be complete. Programmes such as this maritime training represent practical steps toward creating employment pathways, dignity, and long-term community stability,” he said.
Engr. Igbinomwahia added that Renaissance Africa Energy Company Limited remains committed to supporting environmental recovery, human capacity development, and sustainable economic opportunities in Ogoniland and the wider Niger Delta.
Highlighting the importance of discipline and safety, he urged the graduates to be ambassadors of professionalism and integrity.
“The sea you are about to enter is vast and sometimes challenging, but it is also full of opportunity. Let discipline guide your actions, let safety remain your constant companion, and let your character speak for you wherever you go,” he advised.
Similarly, the Executive Director of Training and Strategic Planning at Charkin Maritime Academy, Captain Joseph Awodeha, who represented the Chairman, Dr. Charles Wami, emphasised discipline and safety as critical to career success in the maritime sector.
The Head of the Seafaring Department, Captain Jonathan Hammond, urged the graduates to remain humble and disciplined, noting that such virtues are essential for career growth.
In his remarks, the Principal Consultant of DCL Consulting Firm, Barrister Dornu Baridan, commended the beneficiaries for successfully scaling through the
rigorous selection process and completing their training as seafarers.
The Nigerian Society of Engineers, Port Harcourt Branch, Rivers State, has elected 14 member executives to lead the organization for the 2025/2026 year. Engr. Belema Fubara Ekine, FNSE, is the 23rd chairman.
The inauguration ceremony, held at the Engr. Ishmael A. Branch Secretariat, 3 Benard Carr Street (Waterworks Yard), Port Harcourt, attracted members of the engineering profession from within and outside the state.
Other elected executives include:
Engr. Samuel H. Kwelle, MNSE – Vice Chairman
Engr. Dr. Promise Jumbo, FNSE – General Secretary
Engr. Priye P. K. Lawson, MNSE – Assistant Secretary
Engr. Patrick O. Udegbunam, MNSE – Treasurer.
Others are Engr. Hilda D. Batubo, MNSE – Financial Secretary
Engr. Bowei M. Dauseighe, MNSE – Technical Secretary
Engr. Charles O. Okwakpam, MNSE – Assistant Technical Secretary
Engr. Agnes Komolafe, MNSE – Membership Secretary
Engr. Dike N. Livingstone, MNSE – Publicity Secretary
Also elected are Engr. Ayebaye Daniel Wanatoi, MNSE – Welfare Secretary
Engr. Oribiokpomari I. Comfort, MNSE – Internal Auditor
Engr. Dr. Idaeresoari Harriet Ateke, FNSE – Immediate Past Chairman
Engr Dr Hachimenum Amadi, FNSE (Ex-Officio)
In his a goodwill message, the Secretary to the Rivers State Government, Hon. Frederick Anabraba, urged the new executive to maintain high ethical standards and move the association forward.
In his acceptance speech, the newly elected chairman, Engr. Belema Fubara Ekine, FNSE, promised an inclusive administration and teamwork, focusing on collaboration with stakeholders. He had begun building partnerships with Rivers State University and the University of Port Harcourt.
The highlight was the inauguration lecture, “Engineering Solution for Security, Energy Access and Sustainable Development,” delivered by Engr. Victor Bandele, Deputy Managing Director, Deepwater Assets, TotalEnergies EP Nigeria Limited.
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