Yusuf bows out from LCCI, urges new DG to improve on existing legacy

By Felicia Nwosu

Muda Yusuf, former Director-General of the Lagos Chamber of Commerce and Industry, has been retired, while he urges the newly appointed DG, Dr. Chinyere Almona to sustain and improve on the legacy that has been built.

Muda Yusuf disclosed this while speaking with Nigeria’s leading Brand & Marketing publication, MARKETING EDGE, during an exclusive interview. The former DG, while sharing his 24 years journey with the LCCI and his role as a Director-General for 13 years, described it as a great experience for having contributed to the growth and progress of the country from a private sector perspective. He expressed satisfaction that the chamber was able to create a conducive business environment to enable private sector be able to make much contribution to the growth of the economy. This, he said, is what the LCCI is all about.

He noted that though the chamber is not yet where it is supposed to be due to various challenges confronting the economy, but urged that the momentum must be sustained with strong advocacy as there is hope for more bountiful harvest.

Highlighting some of his enduring and memorable achievements and reforms, he mentioned that the strong advocacy introduced by the Chamber has achieved significant reforms and impactful engagements in areas such as the foreign exchange environment with the advocacy for convergence, which he said will help to increase liquidity and inspire much better confidence in investors, as well as help to reduce the problem of lack of transparency in foreign exchange management.

As part of the reforms introduced, he stated that steps have also been taken to change the face of the ports, in terms of digitization of the port system and reforming the customs procedures. He added that his tenure has also contributed immensely in the opening up of some sectors in the private sector, such as the Telcos, which before now, was essentially a public sector space, with only NITEL.

His words: “The LCCI took a very strong advocacy to open up that sector to the private sector, and today, it has yielded great impact on the economy. The Chamber also helped to expand the scope of public-private partnership, because we believe that private sector can add much more value to the economy, as government cannot just sit on everything.”

He noted that through all these, there has been noticeable involvement of the private sector in the economy in terms of infrastructure, transportation and many others.

According to him, his dream for LCCI as he retires is to see the Chamber grow higher and continue to be more influential. To benefit and bring value to its members so that they can see value in their contribution, as it continues to remain very relevant to all stakeholders in the Nigerian economy.

Almona’s appointment followed the retirement of Dr. Muda Yusuf after the expiration of his tenure, with effect from July 1, 2021.

Yusuf meritoriously served the chamber for a total of 24 years with the last 13 years being in the capacity of DG.

Dr. Chinyere Almona, before her appointment, led the Africa Corporate Governance Program of the International Finance Corporation and was also a Director at PricewaterhouseCoopers, leading the Corporate Governance, Risk, and Compliance Practice, which she established.

President LCCI, Mrs. Toki Magbogunje, said Yusuf would be missed by staff, members of the chamber and other stakeholders for his sound economic and analytical prowess that had contributed to the development of the Nigerian economy.

She said: “Dr Muda Yusuf, an astute economist of repute, joined the services of the chamber over two decades ago and rose to become the director-general through hard work and an unrivalled dedication to duty.

“We believe that, though he has retired from the Lagos Chamber of Commerce and Industry, he is not tired of contributing his quota to the prosperity of Nigeria, as the economic powerhouse of the African continent. We shall continue to benefit from his expertise as he moves to the next stage of his endeavours.”


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