{"id":176512,"date":"2022-04-12T20:13:34","date_gmt":"2022-04-12T19:13:34","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=176512"},"modified":"2022-04-12T21:14:30","modified_gmt":"2022-04-12T20:14:30","slug":"lcci-president-weeps-during-media-briefing-over-nigerias-parlous-state","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/04\/12\/lcci-president-weeps-during-media-briefing-over-nigerias-parlous-state\/","title":{"rendered":"LCCI president weeps during media briefing over Nigeria&#8217;s parlous state"},"content":{"rendered":"<p>There was mild drama on Tuesday when the President of Lagos Chamber of Commerce and Industry (LCCI), Asiwaju Michael Olawale-Cole became overly emotional during media briefing.<\/p>\n<p>Olawale-Cole broke down in tears while addressing the media on the unsettling state of Nigeria\u2019s economy in Lagos.<\/p>\n<p>Olawale-Cole said the high and rising inflation rate, which stood at 15.70percent as of February up from 15.60percent recorded in January 2022 is troubling and calls for deep concern.<\/p>\n<h5><strong>&#8211; <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/04\/12\/nigeria-others-at-risk-of-financial-weakness-more-inflation-imf\/\">Nigeria, others at risk of financial weakness, more inflation \u2013 IMF<\/a><\/strong><\/h5>\n<h5><strong>&#8211; <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/04\/05\/high-public-debt-worsening-inflation-in-nigeria-others-imf\/\">High public debt worsening inflation in Nigeria, others \u2013IMF<\/a><\/strong><\/h5>\n<p>Looking forward to the second quarter, he said the headline inflation is expected to remain high as the combination of supply chain disruption due to the Russia-Ukraine war, food supply shocks, forex policies, higher energy costs, forex illiquidity, heightened insecurity in major food processing states will continue to mount pressure on domestic consumer prices<\/p>\n<p>He stated that a broad-based harmonisation of fiscal and monetary policies toward addressing the identified structural constraints will significantly help moderate inflationary pressure in the short term.<\/p>\n<p>The LCCI boss also expressed worry over issues bothering on debt sustainability, foreign exchange market, monetary policy development, foreign trade, capital importation, the Russia-Ukraine war, oil theft, power sector, among others.<\/p>\n<p>He said the situation has reached a worrisome dimension, particularly with the recent on the Abuja-Kaduna train which claimed some lives.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There was mild drama on Tuesday when the President of Lagos Chamber of Commerce and Industry (LCCI), Asiwaju Michael Olawale-Cole became overly emotional during media briefing. Olawale-Cole broke down in tears while addressing the media on the unsettling state of Nigeria\u2019s economy in Lagos. Olawale-Cole said the high and rising inflation rate, which stood at [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":133455,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[3380,22009,26905,35159],"class_list":["post-176512","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-inflation","tag-lagos-chamber-of-commerce-and-industry-lcci","tag-lcci","tag-olawale-cole"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>LCCI president weeps during media briefing over Nigeria&#039;s parlous state<\/title>\n<meta name=\"robots\" content=\"index, follow, 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