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 Head of the Department of Anatomy at the University of Port Harcourt’s College of Health Sciences, Prof Gabriel Sunday Oladipo, has underscored the urgent need for Nigeria to develop a comprehensive forensic science infrastructure, warning that the nation’s ability to investigate and solve crime is being hampered by lack of scientific data and systems.
In his inaugural lecture titled, “Man: Fearfully Different, Wonderfully Made,” delivered as part of the 207th Inaugural Lecture Series of the university, Prof Oladipo highlighted that while no two individuals are exactly the same, the country currently lacks the robust systems needed to collect and manage biological and anthropometric data that could support criminal investigations.
He explained that the natural variations among humans — from fingerprints to physical measurements — form the foundation of personal identification in forensic work. These biological differences, he said, are essential for distinguishing one person from another, especially in the context of criminal investigations where clarity of identity can mean the difference between justice and impunity. Without this scientific foundation, he argued, law enforcement agencies lack a critical tool in the fight against crime.
Experts have noted that Nigeria’s forensic science capacity has historically lagged behind needs, with only a few forensic facilities available and many law enforcement agencies struggling to access or use scientific evidence effectively. One review of the state of forensic investigation in Nigeria found that outdated facilities and limited adoption of modern forensic methods have left many cases unsolved or poorly investigated, even as crime rates rise across the country.
In Lagos, efforts to improve forensic capabilities have focused on DNA analysis, with the Lagos State DNA Forensic Centre — the first of its kind in West Africa — providing critical support for criminal investigations and helping to identify human remains, link related cases, and assist with paternity testing. However, such initiatives are yet to be replicated at a national scale, leaving many regions without access to these vital scientific tools.
Prof Oladipo’s lecture went beyond academic theory to propose concrete actions. He called for the establishment of a National Institute of Forensic Science responsible for creating and managing a nationwide anthropometric and forensic data bank. This repository, he stressed, would significantly enhance Nigeria’s capacity to track crime, assist law enforcement agencies, and improve the administration of justice by providing reliable scientific evidence for investigative and legal processes.
He also highlighted the importance of strengthening research and training in forensic science. Many Nigerian universities currently lack the funding and infrastructure to offer complete undergraduate or postgraduate programs in areas such as forensic anthropology, DNA analysis, and crime scene investigation, a gap that forces aspiring experts to rely on collaborations with institutions abroad. By fostering a research-friendly environment and securing greater support from both government and private sectors, Nigerian institutions could produce homegrown experts capable of advancing forensic science in the country.
Awareness of forensic science’s role in criminal justice remains low among the general public and even among some security professionals. Studies have shown that a significant portion of Nigerians are unfamiliar with basic forensic concepts or the existence of tools such as DNA profiling and national forensic databases — tools that are common features of criminal justice systems in countries like South Africa and the United Kingdom.
Prof Oladipo also urged regular training and retraining programs to keep forensic practitioners updated with evolving scientific methods. According to him, continuous professional development is critical in a field where technological advances — from biometric databases to digital forensic tools — are transforming how crimes are investigated and solved.
The lecture was attended by academics, students, and professionals drawn to the intersection of science, identity, and justice, all of whom heard the professor make a compelling case for scientific innovation and institutional reform as central to Nigeria’s effort to contain crime and strengthen its justice system.
The event not only showcased Prof Oladipo’s expertise in human anatomy and forensic psychology but also positioned forensic science as a strategic national priority — one that could bring clarity to investigations, support victims and their families, and ultimately enhance public safety across Nigeria.
The University of Port Harcourt Women Association (UPWA) on Thursday staged a vibrant and memorable edition of its Annual Inter-House Sports Competition at the University of Port Harcourt Sports Village, drawing an impressive turnout of pupils, parents, staff and invited guests.
The event, organised by the UPWA International Group of Schools, brought together children from the pre-nursery, nursery and secondary sections in a colourful celebration of youth athleticism, discipline and teamwork. The arena came alive with cheers and excitement as pupils, clad in their various house colours, marched in a ceremonial parade before proceeding to compete in a wide range of track and field events, relays, novelty races and other team-based activities designed to promote physical fitness and healthy competition.
Declaring the competition open, the Vice-Chancellor of the University of Port Harcourt, Professor Owunari Georgewill, commended UPWA for sustaining a tradition that continues to nurture young talents beyond the classroom. He noted that sports remain a critical component of holistic education, helping to build resilience, confidence, leadership skills and social interaction among children.
In her remarks, the President of UPWA, Professor Udeme Georgewill, expressed appreciation to parents, teachers and members of the organising committee for their dedication and sacrifice in ensuring the success of the programme despite prevailing economic challenges. She described the event as a reflection of unity and collective effort within the school community.
“This is the first time White House is emerging overall winner, and that shows remarkable improvement and great sportsmanship,” she said. “We all had fun. It is not easy putting an event like this together considering the economic situation, but we are grateful to the parents for being part of this journey. The excitement everywhere is truly heartwarming.”
The competition featured spirited participation from the various houses, including Purple House, San Chicago Red House and White House, with pupils demonstrating strength, speed, coordination and teamwork. Parents and supporters filled the stands, cheering enthusiastically and adding colour to the spectacle, while teachers ensured orderliness and safety throughout the proceedings.
Professor Georgewill emphasized that the true essence of sports lies not merely in winning trophies but in participation and personal growth. “Sports is not just about winning. It is an avenue for growth, discipline and opportunity. The fact that a child is able to participate is already a win. Losing this year does not mean you cannot win next year. Keep trying,” she encouraged, urging pupils to see both victory and defeat as stepping stones to greater achievements.
She further observed that while there are many competing interests in the Nigerian sports sector, consistent grassroots investment remains essential for discovering and nurturing future champions.
The colourful ceremony culminated in medal presentations, trophy awards and group photographs, with UPWA executives, including Vice President I, Professor Adedamola Onyeaso, joining the participating teams to celebrate the day’s achievements.
The annual inter-house sports competition continues to stand as one of UPWA’s flagship events, reinforcing its commitment to balanced education, character formation and the promotion of healthy lifestyles among its pupils.
