“Job losses are also very likely due to constrained production and disrupted supply chains.”
The LCCI at an event described Mr Osinbajo as a “worthy vice president” and “fantastic leader”.
“We note with concern the continued contraction of the trade sector grappling with headwinds arising from exchange rate depreciation and forex illiquidity.”
The LCCI boss was optimistic that the CBN’s Monetary Policy Committee, set to meet next week, would address the persisting inflationary pressure.
“Discretionary interpretations on product classification and valuation poses enormous corruption risks in Customs processes.”
“Government authorities at national and sub-national levels should address security concerns in the country.”
Resurgent COVID-19, food supply shocks, heightened insecurity, foreign exchange policies, and higher energy costs are factor to consider.
LCCI called for a competitive market framework.