Market News

BY Emmanuel Addeh in Abuja

The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) at the weekend announced its partnership with the Federal Ministry of Industry, Trade and Investment aimed at driving the global competitiveness of businesses in the country and enhancing economic growth. The partnership was announced after a meeting between NACCIMA President, Dele Oye and the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, and other stakeholders, at NACCIMA’s Office in Lagos, the organisation said in a statement.

The meeting, among other things, focused on addressing key business challenges facing the private sector, including the persistent volatility of the naira, rising interest rates, and foreign exchange issues that have exacerbated some business losses due to the currency depreciation. It also emphasised the importance of harnessing Nigeria’s rich oil and gas resources wisely to promote sustainable growth.

The need for careful examination of the 2024 tax reform bills and their likely negative impacts on the free trade zone incentives was discussed, focusing on their potential impact on businesses and the necessity for NACCIMA’s engagement in the policy formulation process. According to Oye, strategies for attracting Foreign Direct Investment (FDI) were a focal point, with suggestions for improved collaboration between NACCIMA and the ministry to facilitate matchmaking between Nigerian businesses and global investors.

According to him, this will ensure that pledges made during international summits effectively benefit local enterprises, as well as the necessity of prioritising and collaborating with credible private sector organisations to avoid missteps in bilateral engagements. NACCIMA further advocated for its representatives to be included in board appointments and decision-making processes critical to industrial policy development.

The forum also advocated for prioritising the needs of domestic investors through an open-door policy and advocacy to address their challenges and the need for more government support for development banks, to ensure adequate funding for the productive sector.  

As part of the collaborative effort, both NACCIMA and the ministry expressed optimism about establishing a working formula for future engagement, to enhance coordination efforts, ensuring that government policies align effectively with the needs of the business community.

The partnership marks a positive step forward in creating a conducive environment for trade and investment, ultimately aiming for sustainable development that benefits all Nigerians, NACCIMA said. While the NACCIMA president thanked the minister for her humility, as well as her honest and frank disposition in the discharge of her duty, Oduwole lauded Oye for agreeing to host her and her delegation.