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Chamber Predicts Rise In Inflationary Rate In 2021

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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.

 

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Accolades, Fanfare As Ogbakor Ikwerre President General Celebrates 80th Birthday

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The President General of Ogbakor Ikwerre Cultural Organisation Worldwide and the Mgboh XIII of the Mgboh Royal Family of Emohua Kingdom in Emohua Local Government Area of Rivers State, Eze (Barrister) Godspower Onuekwa, penultimate Friday celebrated his 80th birthday with pomp, pageantry and fanfare.

 

The celebration, which commenced with a symposium organised in his honour at Rivers State University on Thursday, August 21,2025, got to a resounding climax on Friday at Suntai Event Centre in Port Harcourt, where people from all walks of life, including business associates, friends, well-wishers, relatives, community folks, traditional rulers, and admirers, gathered to pay glowing tributes to the celebrant.

 

Before then, a well attended thanksgiving service was held that same Friday at Emmanuel Anglican Church, Okoro-Nu-Odo, to honour him and return gratitude to God Almighty for the fruitful and eventful life and accomplishments of the Emohua leader and icon.

 

 

The service which was officiated by Rt Rev Wisdom Budu Ihunwo, Bishop of Niger Delta North had other renowned and respected clerics like Most Rev(Dr) Blessing Enyindah, Dean, Church of Nigeria (Anglican Communion); Rt Rev(Dr) Emmanuel Oko-Jaja, Bishop, Diocese of Niger Delta; Rt Rev Innocent Ordu, Bishop, Diocese of Evo; and Ven Solomon Eze Nelson, Archdeacon, Okoro-Nu-Odo; among others lined up as officiating ministers.

 

The service lived up to its billing, as it featured powerful and soul-lifting praise and worship; point-blank prayers; and beautiful renditions, which electrified the entire atmosphere, essentially packaged to thank God for the life of the celebrant.

 

However, the crowning moment actually came when the who is who, the crème de la crème of the society, thronged the terraces and fabulously decorated expansive hall of Suntai Event Centre, to celebrate Eze Onuekwa, amid accolades, aplomb and panache, wining and dining, and clinking of glasses with him and all.

 

The chairman of the colourful ceremony, Chief Evans Woherem, who was represented by Eze(Prof) Christian Akani of the prestigious Ignatius Ajuru University of Education, praised the celebrant for his youthfulness in spite of clocking 80 years, generosity, humility, humaneness and selfless services to the Ikwerre ethnic nationality, the Niger Delta and Nigeria, and called on all and sundry to emulate his good legacies and simple disposition towards life and existence.

 

Goodwill messages also poured in in torrents to underscore and salute the doggedness, resilience, astuteness and uniqueness of the endearing life of the celebrant, with Prof Emenike Wami, the Ochia Ohna Ikwerre(XIV), taking the lead.

 

Prof Priye Iyalla, the wife of late renowned writer, novelist and playwright, Dr Elechi Amadi, held the audience spellbound as she masterfully reeled out the profile of the celebrant, amid intermittent applause from the crowd.

 

The Tiv Community from Benue State, resident in Rivers State, were not left out, as they honoured and decorated Eze Onuekwa in their complete traditional regalia.

 

Cultural displays from Baptist Church, Rumuowhor; ADNA Wogbuji Dancing Group, Egbeda; Tiv Dancing Group; and Promoter Eze and Rumu-Mgboh Emohua Wrestling Group, equally added colour and grace to the occasion, with the celebrant and his wife, Dame Ann Onuekwa, joining them to wriggle their waists and bodies in ecstasy.

 

In his response, the highly elated celebrant, Eze Onuekwa thanked all those gathered to celebrate with him, saying, celebrations would never cease in their homes, and attributed everything he represents in life, including his modest accomplishments to God.

 

Eze Onuekwa, while addressing newsmen, harped on the need for hard work among the youths and members of Ogbakor Ikwerre Cultural Organisation Worldwide, as a way of sustaining and giving meaning to the motto of the organisation, which he noted is anchored on peace, unity and progress.

 

He specially thanked God for sustaining his life, and for making everything possible for him and his family, saying, he was joyous that he has today become an octogenarian and elder statesman in Rivers State.

 

His son and medical practitioner, Dr Samuel Chizia Onuekwa expressed delight that people from far and near had come together to celebrate the father, whom he described as a role model and great inspirator.

 

He said it was a good thing that the children were celebrating their father when he is alive, stressing that the last time Eze Onuekwa was celebrated in such magnitude was 20 years ago, during his 60th birthday celebration, and prayed God to grant him many more years in good health.

 

Among dignitaries who graced the event were Senator Andrew Uchendu; Chief Sampson Agbaru; Prof Emenike Wami; Dr Peter Didia; Eze(Prof) Samuel Ugo Onyeka; and a host of others. Justice Iche Ndu(rtd); and C O Kattey were among personalities that attended the thanksgiving service, while the Vice Chancellor of Rivers State University, Prof Isaac Zeb-Obipi led the academics who graced the symposium, alongside Eze G A O Omodu.

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Ensure That Ogoni Is Heard In The Right Way, HYPREP Urges Creative Arts Trainees

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As the 100 Ogoni youths trained by the Hydrocarbon Pollution Remediation Project (HYPREP) in Creative Arts close out their training on Tuesday at the Theatre Arts Department, University of Port Harcourt, the Project Coordinator of HYPREP, Prof Nenibarini Zabbey, has urged the beneficiaries to use the skills acquired to ensure that the Ogoni stories are told and heard in the right way.

The trainees, who had completed a four- month training in script writing, film production and make-up are beneficiaries of the HYPREP sustainable livelihood programme, aimed at providing high demand skills to Ogoni youths in the lucrative creative arts and entertainment industry.

Zabbey described the Creative Arts training as well as other programmes and interventions as HYPREP’s strategic sustained effort to create alternative sources of livelihood.

”Targeted capacity building for Ogoni youths and women remains a central strategy in HYPREP’s livelihood restoration and improvement efforts. Our goal is to reach every part of the Ogoni community and ensure that no group or talent pool is left behind. This training is a deliberate step to empower young people who aspire to make their mark in the creative and entertainment industry”, he said.

While commending the trainees for producing four short films within the training period, one of which was premiered at the ceremony-Dirty Festival, the Project Coordinator noted that the training would serve as a springboard into the industry, and enable them earn a living, become entrepreneurs, and open new doors of opportunities for themselves and their communities. The three other movies are Open Pain, Bomu and Green War.

He enjoined them to utilise their skills and platforms to promote civic responsibility, peace, and environmental sustainability, urging them to ensure that Ogoni is heard in the right way, speak for HYPREP and highlight the progress being made in implementing the recommendations of the UNEP Report.

Other speakers at the event, including the Director of Technical Services of HYPREP, Prof. Damian-Paul Aguiyi; Dr Ovunda Ihunwo, Head of the Theatre Arts Department of the University of Port Harcourt; Chief Douglas Experience, the Project Coordinator of Halibiz Consult Limited; and Mrs Josephine Nzidee, Head, Sustainable Livelihood of HYPREP, all applauded HYPREP for the training, and charged the trainees to maximise the opportunity.

The trainees were later presented certificates of participation.

Visibly elated Ms Lebee Tornwe, one of the beneficiaries, thanked HYPREP and the Project Coordinator for offering the trainees the rare opportunity to acquire skills in the creative arts and entertainment industry, and expressed delight that Dr Ihunwo and Halibiz Consult Limited gave their all in grooming them.

With the wrapping up of the Creative Arts training(100), HYPREP has trained 230 Ogoni youths in high demand skill sets ,viz; seafaring(100); and aviation (30). The Project will this year, commence training in other skill areas, including Mechatronic, Aviation, Full-Stack Development, Commercial Diving, Underwater Welding and Geographic Information Systems (GIS).

Still in the offing is the training for Ogoni Persons Living with Disabilities in five skill sets- fish farming; basic computer skills; photography; fashion and design; and shoemaking in line with their Needs Assessment and HYPREP’s policy of inclusivity.

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NYCOP Urges Stakeholders To Develop, Empower Ogoni Youths

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The National Youth Council of Ogoni People (NYCOP) had called on stakeholders to work collaboratively towards the development and empowerment of Ogoni youths.

NYCOP made the call in a communique issue over the weekend after an emergency Congress in Port Harcourt and signed by its President, Comrade Raymond Nwibani Marcus.

In the communique, NYCOP endorsed President Bola Tinubu’s appointments of the Governing Council and Board of Trustees (BOT) members of the Hydrocarbon Pollution Remediation Project (HYPREP), particularly Rt. Hon. Emmanuel Nwika Deeyah as Chairman of HYPREP’s BOT.

It respectfully appealed to the President to consider appointing a representative from the Movement for the Survival of the Ogoni People (MOSOP) under the leadership of Engr. Olu Andah Wai-Ogosu, being the pioneering social vehicle for Ogoni advocacy since the inception of the Ogoni struggle, adding that it would significantly contribute to the decision-making process.

The body commended the overall management of HYPREP and urges the President to continue funding the HYPREP project.

NYCOP furthermore recommended considering the conversion of HYPREP from a project to a full-fledged agency of the Federal Government of Nigeria.

The communique also stated that NYCOP thanked President Tinubu for establishing the Federal University of Environmental Technology, and for appointing key staff, forming a dialogue committee, and initiating infrastructural projects like the Eleme axis of the East-West Road and the Bonny-Bodo Road, significantly enhancing regional connectivity and economic prospects.

 

In solidarity with the Renewed Hope Agenda, the endorsed President Tinubu’s second-term bid, saying it believes his leadership embodies the aspirations of the Ogoni people and Nigerians at large.

“After thorough consideration of the Disciplinary Committee’s report, NYCOP resolves:

” To indefinitely suspend Comrade Nade Nade Burale from his position as Secretary General due to misconduct.

“To declare Comrade Saviour Imeabe persona non grata on Ogoni youth issues, given his actions’ potential to instigate crisis in Ogoni and beyond” the communique stated.

NYCOP in his resolution issued a 7-day ultimatum to former HYPREP BOT Chairman Mike Nwialeghi to explain the $100 million HYPREP fund investment, warning of potential litigation.

NYCOP reaffirmed its commitment to safeguarding Ogoni youth interests and preventing personal aggrandizement.

According to the communique the resolutions demonstrate NYCOP’s efforts to promote the collective welfare and advancement of Ogoni youth.

“We will no longer tolerate any individual or group using the name or issues of Ogoni youth for personal aggrandizement.

” Our mandate is clear: to promote the collective welfare and advancement of Ogoni youth” the communique said.

NYCOP passes a vote of confidence in Hon. Emmanuel Nwika Deeyah, acknowledging his impeccable credentials and credibility to lead the BOT of HYPREP effectively.

 

Kiadum Edookor

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