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NACCIMA meaning - what does NACCIMA stand for?

NACCIMA seeks tax relief for private sector

Lagos, Feb. 18, 2024: The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has tasked the Minister of Finance, Mr Olawale Edun, on transparent financial strategy and tax relief for private sector development.

The National President, NACCIMA, Mr Dele Oye, said this in a statement on Saturday in Lagos following the association’s visit to the minister.

He said the visit as a representative of the private sector was to engage constructively about the current state of the nation’s economy.

Oye noted that the collective objective was to foster an economic environment that balanced the needs of the public and private sectors while ensuring sustainable growth and stability.

He noted that the association’s findings revealed that while the private sector diligently fulfilled its tax obligations, there was an expectation of reciprocity in the form of efficient public services and infrastructure.

He, however, observed that recent trends showed that increased tax revenue does not necessarily translate into tangible enhancements in these areas.

Oye stated that while the cessation of fuel subsidies had yielded significant savings, these funds appeared to have been reallocated to the public sector rather than being invested back into the private sector to stimulate economic activity.

He stressed that without clear fiscal reforms detailing the allocation and utilisation of tax revenues, the economy was deprived of essential goods and services that could be provided by the private sector.

“In light of these challenges, we present the following requests of a comprehensive and transparent articulation of the government’s short-term financial strategy, clear policy signals regarding tax relief for the overburdened formal sector.

“This is alongside a defined government policy direction on pivotal issues such as food security, inflation, and infrastructure development, a robust human capital development plan encompassing all sectors and intervention strategies for the domestication of the African Continental Free Trade Area.

“It is important to get authorisation for the establishment of state police to enhance security infrastructure, ensuring the safety of citizens and the protection of economic interests,” he said.

Oye also emphasised the need for a commitment to curtail government expenditure, eliminating waste and inefficiencies, and reducing the disproportionate emoluments that serve a narrow political class at the expense of the nation.

He called for the full adoption and expeditious implementation of the African Development Bank’s Special Agro-Industrial Processing Zones to bolster food security, exports, and employment opportunities.

He also advocated bolstering the capacity of local development banks to provide single-digit interest rate loans, fostering entrepreneurship and supporting both existing businesses (brownfield) and new ventures (greenfield).

“We recommend the establishment of industrial clusters across various states through joint venture arrangements among the federal and state governments, development partners, and private investors, aimed at stimulating industrialisation and job creation.

“We suggest expanding the role of the Bank of Industry to finance sectors beyond the industrial realm that can reduce the demand for foreign exchange.

“We urgently appeal to the Minister to engage with the Central Bank of Nigeria Governor to revisit and honour forward contracts that are backed by proper and compliant documentation, ensuring that commercial banks can use these hedges effectively against each letter of credit opened,” Oye said.

NACCIMA meaning - what does NACCIMA stand for?

Borno now ready for business – NACCIMA

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Maiduguri, Oct. 11, 2023: The National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) says the improved peace in Borno has made it set for business and investments.

The 1st Deputy President of NACCIMA, Mr Jani Ibrahim, made this known on Tuesday in Maiduguri at the Annual General Meeting/Election of the executive members of Borno Chamber of Commerce, Industry, Mines and Agriculture (BOCCIMA).

Ibrahim, who represented the President of NACCIMA, Mr Dele Oye, at the occasion, said he was impressed with situation he saw in Borno and was happy that he came to see things for himself that has changed the narrative about the state used to be known for insurgency.

He tasked all stakeholders to reach out to the world on the real situation in Borno which has recorded gradual return of peace and the needed leadership being provided by the Zulum administration.

“We need to let people outside to know that Borno is ready for business; there is good business to be done in Borno.

“Before the end of this year, my company will be talking with some people in Borno on multi billion Naira business,” Ibrahim said.

In his remarks, Gov. Babagana Zulum urged investors to team up with the State Government in tapping the investment opportunities in the state.

Zulum, who was represented by his Deputy, Alhaji Umar Kadafur, said with the return of peace in the state, most displaced persons had returned to their ancestral land with businesses picking up.

He reiterated the commitment of his administration to pursue industrial development and stimulate the growth of small and medium scale businesses in the state which is bordering Niger, Chad and Cameroon.

Zulum said the state would soon showcase its economic potentials in the upcoming North East Domestic Trade Fair to hold in Bauchi.

In their respective remarks, the President of BOCCIMA, Alhaji Ahmed Ashemi, and the Director General, Alhaji Abdu Usman, lauded the Zulum administration for its commitment in transforming the state.

Ashemi and Usman, who were re-elected with other executive members for a second term, however appealed for more support from the government.

NACCIMA meaning - what does NACCIMA stand for?

NACCIMA seeks economic inclusivity, enabling environment

Lagos, Oct. 3, 2023: The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) says Nigeria must continue to strive toward economic inclusivity and create enabling environment for businesses to thrive.

The association’s National President, Mr Dele Oye, in a statement on Monday in Lagos, also called for transparency and accountability.

Oye said that such an atmosphere would empower individuals and uplift communities  and ultimately lead to Nigeria’s economic progress.

“Our journey towards economic advancement has been marked by numerous challenges and  promising achievements.

“We have witnessed a steady progress in our efforts to diversify our economy, reduce dependency on oil and embrace entrepreneurship as a catalyst for change.

“Today, we acknowledge the immense potential within our nation, abundant natural resources and the entrepreneurial spirit that we can harness for the betterment of all Nigerians,” he said.

The NACCIMA president urged business operators not forget the importance of ethical business practices.

He added that they must uphold the values of integrity, fairness and professionalism in all interactions.

According to him, the values are critical to building a globally-competitive business community that attracts investment, fosters partnerships and expands presence on the international stage.

Oye tasked Nigerians to remind themselves of the remarkable potential that Nigeria possessed and reaffirm commitments to the country’s growth and prosperity.

He added that collaboration between the public and private sectors was essential to further enhance the country’s economic prospects.

“Let us remember that our nation’s progress is an ongoing endeavour.

“The challenges we face are significant, but our resolve is stronger.

“Let us continue to advocate for policies that stimulate investment, empower local industries and nurture innovation.

“Let us work diligently towards achieving a Nigeria that is economically vibrant, socially just, and environmentally sustainable,” he said.

NACCIMA meaning - what does NACCIMA stand for?

NACCIMA wants palliative for productive industries

Abuja, Aug. 24, 2023: The Nigerian Association of Chambers of Commerce Industry, Mines and Agriculture (NACCIMA) has appealed to the Federal Government to extend palliative on petrol subsidy removal to all sectors of the economy.

The National President of NACCIMA, Otumba Dele Oye made the appeal at the 3rd quarterly council meeting of the association on Thursday in Abuja.

The Federal Government recently announced a five billion Naira palliative for each state of the federation, including the Federal Capital Territory to cushion the impact of the removal of the petrol subsidy.

Oye said that the removal of petrol subsidy was not only affecting consumers but also the productive industry.

According to him, the removal of the petrol subsidy and the floating of the Naira currency have in one way or the other affected industries.

“They are all affected either positively or negatively because every new policy has its own casualties but also people benefiting from the operations.

“This is because in a liberalised system people do not have the opportunity of getting the official dollar rate and naturally even to play in a level playing field which increases competition.

“So, in the long term is good for the country, but in the short term you have to find a way to take into consideration people who are wrongly affected so that the prices do not cause unusual inflation.

“It is important that the government ensures that the palliative also goes to the industries,’’ Oye said.

He further said that it would take time for businesses to adjust to the new policy of Naira floating.

“The short term is always a bit difficult for a lot of people, because it takes time to adjust for businesses to get to know the new policy and also to work with it.

“It seems one of the reasons why we are suffering is that we were supposed to do certain investments by buying fuel at the proper rate.

“We were enjoying the free rate and what has happened is that our demand has gone far beyond our needs.

“So, what I am saying is this burden has now been removed and that is why I can see some level of excess cash coming into the coffers of government.

“So, this can go into development but there are people who are affected in the short term because it is bound to increase the cost of production,’’ Oye said.

He said that providing loans at a single digit rate could provide certain cushioning effects to industries affected in the short term.

“This is because it is from us we generate the money from the tax to sustain the economy.

“So, government must focus and find a way to make sure that the palliative goes to every sector,’’ he said.

On his part, Dr Al-Mujtaba Abubakar, President Abuja Chamber of Commerce and Industry (ACCI) said that the business community needed incentives to cushion the effect of the fuel subsidy removal and the depreciation of the Naira.

Abubakar who was represented by the Director-General of ACCI, Victoria Akai, also emphasised the need for stable power supply and harmonisation of tax to enable businesses thrive.

According to him, the business community is in dire need of incentives that will cushion the effect of the fuel subsidy removal and the depreciation of the Naira.

“I urge you to use your good office to liaise with relevant government agencies to press home our demands including stable power supply and harmonisation of tax amongst other need.

“I will like to commend the determination of the NACCIMA President to further deepen the relationship of NACCIMA and policymakers which I believe will go a long way to bring the much-needed relief to the business community,’’ Abubakar said.

NACCIMA meaning - what does NACCIMA stand for?

NACCIMA tasks Nigeria on urgent actions to avoid recession

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The Nigerian Association of Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA) has urged the Federal Government to address the necessary economic parameters to prevent Nigeria from slipping into recession.

Mr John Udeagbala, National President, NACCIMA, gave the charge on Friday in Lagos, via a report from the association’s third quarter economic briefing.

Udeagbala said the advice was imperative, following the possible false sense of security from the 3.11 per cent economic growth recorded in this year’s first quarter.

He said that the statistics might not have fully captured the supply and value chain disruptions brought about by the COVID-19 pandemic and the Russia-Ukraine conflict.

“While other stakeholders might see this as the leveling out of economic growth from the COVID-19 pandemic, the private sector is concerned that external shocks brought about by the Russia-Ukraine conflict, have put immense pressure on the productive capacity of our economy.

“We therefore, urge once again, the implementation of government policy that places priority on improving domestic production, otherwise face a likely state of economic recession by the end of 2022,” he said.

On inflation, the NACCIMA president said that the decision of the Monetary Policy Committee of the Central Bank of Nigeria (CBN) to raise the Monetary Policy Rate from 13 to 14 per cent was welcomed.

He, however, stated that the move was majorly an inflation management measure, and did not address the root cause of the inflation such as rising food prices, devaluation of the Naira, and high cost of energy and transportation.

“Nevertheless, we look forward to the continued implementation of the Central Bank’s intervention in the agriculture, manufacturing, energy, healthcare and export sectors, which will ensure some improvement in food and energy supply,” he said.

Addressing the country’s power situation, Udeagbala called on the government to renew its focus on implementing policies to ensure Nigeria’s energy sufficiency to become a net exporter of petroleum products and eventually, electricity.

He also called for urgent action in fixing domestic refineries, or the implementation of the Petroleum Industry Act, which is currently hobbled by the petroleum subsidy regime.

“If we estimate that Nigeria has spent an average of N2trillion a year for the past 16 years on petroleum subsidy, it is time to ask ourselves, how many refineries could we have built in that time?

“As we acknowledge the economic impact of the sudden removal of petroleum subsidy, we advocate a gradual removal with attendant policy initiatives to cushion the effect on the economy.

“We can start by taking a look at other developing countries in this space, such as Trinidad and Tobago, who never had to carry out Turn Around Maintenance on their only refinery, or revisit crude oil to petroleum product swap arrangements,” he said.

Addressing unemployment, Udeagbala lauded the government’s innovative policies such as, approved tax reliefs and other incentives for startups to harness Nigeria’s digital innovation and entrepreneurship ecosystem.

He urged the government to further consider the security implications of the high unemployment rate of 33 per cent, and do more to address the regular faceoff with the Academic Staff Union of Universities (ASUU).

He emphasised the need for a foundation of quality education as a basis to ensure the employability of the Nigerian youth.

“The regular face-off between the Federal Government and ASUU, leading to incessant strikes, has gradually altered the educational systems in the country, limiting the number of productive graduates available.

“NACCIMA calls on the Federal Government to resolve such pending issues with a sense of urgency, even as we hope that the two-week ultimatum given to the Minister of Education by President Muhammadu Buhari will yield a lasting result,” he said.

On the country’s public debt, Udeagbala counselled all levels of government to consider other sources of funding, such as leveraging on public-private partnerships for tax credits spread over time.

He said the advice was very necessary because Nigeria’s current debt levels were unsustainable, as the International Monetary Fund (IMF), projects that by 2026, all of Nigeria’s revenue would go to servicing debt.

“The economy cannot run based on increasing the number of taxes borne by the private sector, as we have witnessed by recent laws passed by the National Assembly.

“We advocate policies that systematically and consistently increase the tax base in terms of the volume of production or the number of taxpayers.

“We also counsel that the executive and legislature make concerted efforts to reduce the cost of governance as a way to reduce the pressure to run a government based on debt,” he said.

NACCIMA meaning - what does NACCIMA stand for?

Excise duty of N10 per litre of non-alcoholic drinks offensive  

Some members of the organised private sector yesterday kicked against the federal government’s introduction of an excise duty of N10 per litre on all non-alcoholic, carbonated and sweetened beverages in the country.  

They argued that the policy would be an additional cost burden to producers of the product, and expressed concerns that it might lead to job losses.  

The Manufacturers Association of Nigeria (MAN); Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA); Lagos Chamber of Commerce and Industry (LCCI); and Centre for the Promotion of Private Enterprises (CPPE) said they were worried by the deleterious economic consequences of the new excise duty.  

MAN lamented that despite the obviously overwhelming negative effect, the federal government was more interested in the revenue gains from the excise duty and was only trying to explain away the bad policy by linking it to citizens’ health.  

The association stated that the reintroduction of the excise duty would cause the beverage sub-sector of the food and beverage industry to lose up to N1.9 trillion in sales revenue between 2022 and 2025. This, it estimated, would be a 39.5 per cent loss, due to imposition of new taxes with concomitant effect on jobs and supply chain businesses.  

According to Director General of MAN, Segun Ajayi-Kadir, the revenue aspirations of government in introducing the excise may not be justified in the long-run.  

Ajayi-Kadir stated, “Let us look at it this way: the government is estimated to generate an excise tax of N81 billion between 2022 and 2025 from the group. This will not be sufficient to compensate the corresponding government’s revenue losses in other taxes from the group.  

“For instance, the corresponding effect of reduced industry revenue on government revenues is estimated to be up to N142 billion contraction in Value Added Tax (VAT) raised by the sector and N54 billion Company Income Tax (CIT) reduction between 2022 and 2025.  

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NACCIMA meaning - what does NACCIMA stand for?

NACCIMA raises alarm over trade deficit

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has raised the alarm over Nigeria’s growing trade deficit, which stood at N3 trillion in the third quarter (Q3) of last year.

The Chamber said the huge trade deficit was a reflection of the fact that the country has not rigorously implemented its policies to truly consume and produce what it consumes.

Speaking with The Nation, NACCIMA Director-General Amb Ayo Olukanni said from the beginning of last year, the Chamber had at every opportunity raised alarm about Nigeria’s growing trade deficit.

“This was as we observed the growing gap between import and export, which was also reflected in the pressure on the Naira and loss of its value in the Foreign Exchange (forex) market,” he said

The NACCIMA chief, therefore, said this year, Nigeria must rigorously pursue policies especially as envisioned in the 2022 Budget to reduce importation and improve on her non-oil export.

He said perhaps more importantly, in addition to dealing with the nation’s well known problem of infrastructure across the country, it must empower local industries to significantly improve their productive capacity to meet local needs.

“In this respect, our new national policies on Small and Medium (SMEs), which include micro enterprises, deserve attention and more support this year 2022. In addition to all of these, our culture of love for foreign goods must also be curbed,” Amb Olukanni said.

According to him, Nigeria has the capacity to produce most of what it imports. “We should, therefore, put a stop to importation of such categories of goods such as textile, canned food and drinks etc. Government must also provide the enabling environment for our industries to rise to the occasion,” he admonished.

Olukanni said NACCIMA is of the firm opinion that members of the Chambers movement across the country are credible partners that can help improve the nation’s local productive capacities.

“We, therefore, call on state governments to work with city and state Chambers in their jurisdiction to ensure that the private sector at the sub-national level truly serves as a platform to increase local production.

“The objective should be to reduce importation of goods as we concertedly work to reduce and even end our trade deficit,” he said, noting that “year 2022 is an opportunity for us to truly walk the talk as a less import dependent country.”

NACCIMA meaning - what does NACCIMA stand for?

NACCIMA seeks effective implementation of budget

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has said that top priority should be given to the effective implementation of the 2022 budget.

NACCIMA Director-General, Ayoola Olakanni, on Saturday said the effective implementation of the budget would drive the country’s economic growth and development.

President Muhammadu Buhari had on Dec. 31 signed the N17.127 trillion appropriation bill into law.

Olukanni said that the real challenge of the budget was to see how it would positively impact the lives of the people and various sectors of the economy.

He noted that recent news from the modest performance in agric sector and prospects from mining sector were sources for some form of optimism in 2022.

Olukanni, however, doubted the budget’s capacity to meet its goal of investment in critical infrastructure to meet the infrastructure deficit and support the needs of the private sector.

“Significant part of the budget is rightly devoted to defence and improvement of internal and promotion of agriculture and food security.

“It is, however, obvious that the budget has been prepared with the 2023 election in mind.

“Already, the private sector has raised an alarm on the increasing difficulties of obtaining the required foreign exchange for raw materials for industry leading to consequential high cost of goods and inflationary trend.

“But perhaps more important is the issue of capacity development of the private sector which is expected to play a key role in the implementation of the budget.

“The economy may have recorded some modest growth overall but it still an economy struggling, especially given the deep crises of infrastructure.

“We must ensure that the budget makes significant impact on the energy sector if its impact is to be meaningful and be a budget of growth and sustainability,” he said.

Olakanni also called for synergy in the budget’s implementation with supportive funding such as the National Collateral Registry for Micro, Small and Medium Enterprises (MSME).

He also called for closer attention to the Information and Communication Technology (ICT) sector due to the key role in recent years and positive impacts on all sectors of the economy.

Olakanni noted that the potential of the sector had been demonstrated beyond all doubts particularly in the ongoing COVID-19 pandemic.

“As we continue to live with the pandemic, it is obvious that the ICT sector will be key to help maintain the growth trajectory of the economy and also help keep socio- economic activities, financial and economic activities and transactions on track.

“This is because there will be increasing reliance on e-commerce, and online business activities with people using their phones for business transactions and enterprises relying on the internet and other social media platforms to conduct business.

“It is, therefore, note worthy that budget 2022 has paid some attention to improvement and upgrading of Nigeria’s digital infrastructure as in 2022, we are certainly likely to see an increased demand for access to broadband service.

“NACCIMA has taken note of the promise by the Nigerian Communications Commission at every opportunity in recent time that it will continue to work to upgrade Nigeria’s digital infrastructure.

“In doing so, there is an urgent need to mainstream the private sector into its plan and especially in the context of budget 2022,” he said.

NACCIMA meaning - what does NACCIMA stand for?

NACCIMA women want 30 percent public procurement sum

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The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) Business Women Group (NAWORG), Thursday urged the federal government to ensure 30 percent of all procurement sum is given to women businesses to improve nation’s economy.

Hajiya Aisha Abubakar, Chairperson, NAWORG, made the call at a press briefing after a roundtable advocacy event for the Implementation of the Presidential Executive Order on the Consideration and Allocation of Quota to Women Owned Businesses in Public Procurement in Abuja.

The theme of the briefing is “Enhancing Women’s Economic Empowerment through inclusive Government Procurement Processes”.

Abubakar said channelling some percentage of the procurement sum to women entrepreneurs would ensure their inclusion in public procurement processes and enable them contribute to the nation’s economy annually.

According to her, despite President Muhammadu Buhari’s Executive Order 003; instructing all Ministries, Departments and Agencies (MDAs) to grant preference to local manufacturers in their procurement of goods and services, a little percentage goes to women-owned businesses.

” The case for gender equality is founded in both human rights and economic arguments. As such, closing gender gaps must be a central part of any strategy to create more sustainable and inclusive economies and societies.

“We, therefore, advocate specifically for improved market demand for products and services of women-owned businesses by leveraging on the Presidential Executive Order 3 published in 2017, titled, Executive Order On Support for Local Content in Public Procurement by the Federal Government.”

Abubakar, said that the case for gender equality is founded in both human rights and economic arguments.

“While gender parity in education attainment is improving, women still remain severely under-represented in key, growth-enhancing fields of education such as science, technology, engineering and mathematics.

“Women are less likely to work for pay, and do more unpaid housework than men. Given this backdrop, it is no surprise that women’s position in business leadership and entrepreneurship needs to be strengthened,” she said.

The Chairperson also called for increased access to support networks, including professional advice on legal and fiscal matters, apart from importance for improved market demand for products and services of women-owned businesses.

Also, Mrs Vera Ndanusa, President, Nigerian Association of Women Entrepreneurs, said inclusiveness, transparency, competitiveness and professionalism in Nigeria’s public procurement will improve participation of women businesses.

Ndanusa,who is also the National Coordinator, Partnership for Advancing Women in Economic Development (PAWED), said the 003 and 005 provides an opportunity for women businesses to thrive.

“In Nigeria, women businesses accounts for only 1% of all procurements at the federal and state levels.

” This is due to lack of access to information about the opportunities, legal and regulatory challenges, and other barriers preventing women from having access to this critical sector of national growth.

“While globally, procurement is estimated to be $5.5BN, Nigeria spends $1.1bn on procurement.This equivalent to N473bn. Only N4.73bn goes to women businesses.

“Let us, therefore, work together to ensure that the commitment by Nigeria’s stakeholders to ensure 30% of all procurement is given to women businesses by 2026 becomes a reality,” she said.

Also, Deputy Registrar, UNWomen, Mr Lansana Wonneh, stressed the need for the government to strengthen women owned business to move the naion’s economy, create job opportunities and bridge gender gap.

On his part, Mr Ayoola Olukanmi, Director General, NACCIMA, reiterated their commitment to the success of the implementation of the Executive Order so that the 30 percent procurement sum for women businesses would become a reality.

NACCIMA meaning - what does NACCIMA stand for?

NACCIMA seeks increased production of made in Nigerian goods

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) is advocating for an increase in the production of goods and services in the country as a measure to reduce hike in prices of items.

Mr John Udeagbala, National President, NACCIMA, said in Benin on Thursday on the sideline of the 4th Quarter Council Meeting 2021 and Investiture of the President and Members of the Executive Council of the Benin Chamber of Commerce, Industry, Mines and Agriculture (BENCCIMA).

The NACCIMA president remarked that the hike in prices of items was due to high inflation rate, noting that prices would reduce when production was increased.

“If we have more jobs, industries operate at full capacity, then the economy will become better.

“Our aim is to see that the economy is improved by advocating that businesses get the best platforms to excel especially the Micro, Small and Medium Enterprises”.

Speaking during the council meeting, the NACCIMA president said the gathering was to chat a path of progress for the various chambers that make up the body.

According to him “Our aim is to build a united and secure country for everyone through advocacy of good policies”.

In her remarks, Mrs Aina Omo-Ojeonu assured of the chamber’s readiness to partner with the Edo government in boosting economic activities in the state.

She urged members of NACCIMA to explore the opportunities in state in the areas of agriculture, mining, tourism, telecommunications, construction, health care, education and training, among others.

Also present at the meeting/ Investiture were representative from the Nigeria Institute for Oil Palm Research, Rubber Research Institute of Nigeria, German  Development Agency (GIZ), among others.

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