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.
Nation
Rivers State Judiciary Counters NBA National Position over Contempt Ruling, Says Judge Acted Within the Law
The Rivers State Judiciary has faulted the Nigerian Bar Association National over its March 26, 2026 press release condemning the jailing of a lawyer for contempt, insisting the trial judge acted lawfully to protect the court’s integrity.
In a rejoinder issued by Chief Registrar High Court,David D. Ihua-Maduenyi, Esq., the judiciary said it was necessary to “set the records straight” following reactions to the NBA’s statement on the contempt conviction of Mrs. Lovinah Ugbana Benjamin.
Titled: “JUDGES MUST NOT BULLY LAWYERS OR
ABUSE POWER TO PUNISH FOR CONTEMPT AS A TOOL
FOR INTIMIDATION OF LAWYERS”
RE: IN THE MATTER OF CONTEMPT OF COURT BY MRS.
LOVINAH UGBANA BENJAMIN
IN SUIT NO.
PHC/301/2016 CORAM C. NWOGU J., OF THE HIGH
COURT OF RIVERS STATE.
The state judiciary explained that case in question is Suit No. PHC/301/2016 before Justice Chinwendu Nwogu of the Rivers State High Court, where Mrs. Benjamin served as defence counsel.
The statement read thus
“We are compelled to make this rejoinder regarding the
incident of the conviction for contempt and subsequent
unconditional discharge of Mrs. Lovinah Ugbana Benjamin,
Learned Counsel for the Defendants in the above suit by Hon.
Justice Chinwendu Nwogu of the High Court of Rivers State in
order to set the records straight, and not allow the
misinformation, misconception and reactions arising from the
NBA National Press Release in the matter to fester as reality or
truth.”
In the suit under reference wherein the said Learned
Counsel appeared for the Defendants, the Learned Counsel
attempted to mislead the Court by her signed and filed final
written address, by knowingly and falsely presenting non-
existent facts and evidence of a witness. When confronted by the
Court, she admitted that what she stated in her final written
the address was not true and she was unapologetic.”
“The to uphold the dignity and integrity of the Court, which the
said Learned Counsel treated with clear and brazen contempt, the
Court after following due process, convicted her for contempt and
sentenced her to prison for 3 days only, instead of the 3 months
statutory term due to passionate plea from the Bar.”
“According to the statement the suggestion of the NBA National in paragraph 10 of the
Press Release under reference that “where a court considers
counsel’s conduct improper, the proper course is to invoke
recognised disciplinary mechanisms, including referring
counsel to the Legal Practitioners Disciplinary Committee
(LPDC), rather than resorting to summary punitive measures”,
is not an invariable rule because the act of the Defence Counsel
constitutes contempt in facie curiae which the Court can punish
instantly, hence the action of the Judge is not an abuse of power
or an act of intimidation.”
“Nevertheless, due to the numerous calls from respected
members of the Bar to the offices of the Chief Registrar and the
Honourable Chief Judge for the release of the said Learned
Counsel, and the intervention of the NBA Port Harcourt Branch
delegation led by its Chairman, Mrs. Cordelia U. Eke to the Judge.
in his Chambers in the morning of 26/03/2026 where the
delegation upon learning the true facts of the incident, apologised
and pleaded for the release of the said Learned Counsel.
“The Judge
having accepted the apology signed a production warrant and
upon her production in court and oral application by Mrs. Cordelia
U. Eke, discharged her unconditionally that same morning.”
The statement further stated that It is therefore shocking to read later that day the NBA
National Press Release signed by its President and Secretary, Mazi
Afam Joseph Osigwe (SAN) and Dr. Mobolaji Ojibara respectively,
fiercely threatening and hastily advocated the following ultimata and
the immediate release of the affected
Counsel.
:That the Hon. Chief Judge of Rivers State
immediately investigate the circumstances
surrounding this incident and take
appropriate administrative action.
That appropriate disciplinary steps be taken
by the National Judicial Council, where
necessary.
That the remand of Mrs. Lovinah Ugbana
Benjamin under the circumstances be
condemned and set aside”
“That all NBA branches in Port Harcourt and
its environs and all legal practitioners
boycott the proceedings before the Court of
Hon. Justice Nwogu for a period of 7 days if
Mrs. Lovinah Ugbana Benjamin is not
released within 24 hours.
“It seems to us that it is either the NBA Port Harcourt Branch
leadership did not relate the true position to the NBA National or
if they did, the NBA National decided to speak daggers, not peace
to impugn the Judge as a villain.
“We find the position of the NBA National on this subject very
offensive and embarrassingly raising a feeling of acrimony against
the Judge in particular, and the High Court bench of Rivers State
in general. We categorically state that the Hon. Justice Chinwendu
Nwogu is one of our respected and respectful Judges with
unblemished integrity.
We view this Press Release as an isolated departure from the
enterprising and amiable leadership of the NBA National,
especially its President, whom we hold in high esteem and
admiration.”
“Whilst we appreciate the concern of the NBA National in
bringing attention to the event of 25th March 2026, we assure that
the Bench and the Bar in Rivers State remain veritable partners
in the administration of justice.
“We firmly restate that the Bench in Rivers State holds the Bar
in high esteem and this event would not disrupt the cordial
relationship between the Bench and the Bar.”