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The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has raised a clarion call about the worsening state of Nigeria’s economy, highlighting the concerning trend of business closures and the departure of companies from the country.
In a recent statement, NACCIMA’s National President, Dele Kelvin Oye urged the Federal Government to tackle the pressing issues undermining the nation’s economic stability and business climate.
Oye stated, “We are witnessing a critical juncture in Nigeria’s economic landscape. The current environment presents significant challenges for businesses, reflecting the multifaceted nature of our economy. It is crucial to address both the troubling trend of business closures and the ongoing expansion efforts by resilient companies.”
He emphasised, “NACCIMA advocates for a long-term perspective on Nigeria’s economic potential while acknowledging the immediate challenges businesses face. The absence of a clear fiscal policy for 2024 is exacerbating uncertainty, affecting strategic decisions across the board. We call on the government to provide decisive policy guidance on inflation targets, investment strategies, currency stability, and broader macroeconomic issues.” Despite the economic hurdles, Oye highlighted the resilience of some businesses: “It is heartening to see local and multinational companies like Dangote Group, Mangal Cement, Nestlé, and Kam Steel continuing to invest in Nigeria, demonstrating unwavering confidence in our market. Their significant investments underscore the latent potential within our economy.”
NACCIMA’s statement included a strong call for governmental action, urging the immediate implementation of a coherent fiscal policy for 2024 focused on reducing national debt, managing inflation, and stabilizing the currency. It also called for improvement in rural security and infrastructure to ensure safe and efficient business operations.
The body is also seeking reduction of bureaucratic red tape and regulatory burdens to facilitate smoother business activities and encouraging private sector participation in critical infrastructure projects and minimizing government interference in business affairs.
Oye concluded, “NACCIMA is dedicated to working closely with the government and other stakeholders to develop sustainable solutions that will benefit both local and international investors. We urge all parties to explore and implement strategies that will help navigate this challenging period and foster a more robust and stable business environment.”
