NACCIMA To Partner FG To Revamp Factories, Economy

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has expressed readiness to collaborate with the federal government to find solutions to the economic situation in the country.

The National president of NACCIMA, Dele Kelvin Oye, while proffering workable solutions amidst continued mass exodus of micro and macro factories across the country, stated that, the federal government alone cannot bring the needed economic revival, unless the private sector supported it.

The NACCIMA boss who made this known to LEADERSHIP on Sunday in Lagos said, it is a call for action on the part of government as the closure of both macro and micro businesses are affecting the planned wooing of foreign investors by President Bola Ahmed Tinubu.

He explained that “NACCIMA stands ready to work closely with the government and other stakeholders to develop long term intervention plans for local and global investors as we navigate these short term challenges. We therefore encourage all stakeholders to continue to explore all options which help us during this difficult period.”

He appealed to the government to urgently address the fundamental issues undermining the country’s economic stability and business climate by reviewing monetary policies to reduce debt, deficit financing and excess expenditure to tackle inflation and stabilise the currency.

“Enhance rural security and transport links across the country to protect lives and property. Develop and communicate a clear and investor-friendly fiscal policy for 2024 and beyond by reducing red tape/over-regulation and simplify the bureaucratic processes for doing business in Nigeria.

“Open up investment opportunities for critical infrastructure to the private sector. Reduce Government footprint (like the current NNPC fiasco of being a regulator and a player) The government needs to provide clear and unambiguous support to businesses by being behind businesses  and not in front of it. Government policies should be geared towards trade facilitation and not revenue collection alone,” he stressed.

According to him, “NACCIMA, the apex chamber of commerce in Nigeria, acknowledges that this is a difficult time for all companies in Nigeria. We also understand the complex nature of our diverse/mixed economy and how different corporations are impacted by the current situation.

“We must therefore be balanced in referencing the closure of several businesses and the exit of some multinational companies, as well as the expansion efforts being undertaken by several local and non international companies.”

Reiterating his advice to Tinubu to include NACCIMA in policy formulation, he said: “For this reason, we would like to make some contribution to any consideration being undertaken by corporations who are yet to make a final decision to expand or exit the Nigerian market. NACCIMA’s position is based on a long term outlook for the Nigerian Market. However, NACCIMA concedes that the short term challenges are real and impactful.”

Furthermore, he noted that the absence of a published fiscal policy for 2024 impacts the uncertainty and decision making process at the strategic and board  level of most private entities.

“We therefore seek some policy guidance on target inflation, investment plans and other macroeconomic targets. We also seek forward guidance on currency management, security and inflation. The recently released statistics paint a grim picture for the remaining quarter as the losses of major manufacturing entities occasioned by currency devaluation is disheartening,” he stressed.

The NACCIMA helmsman stressed that, “on a positive note, we must report that some local  and multinational companies are weathering the storm and investing heavily in expansion projects. We want to commend the Dangote Group, Mangal Cement, Nestle, Kam steel, M Saleh Group, Arise Group, SecureID, Brightwaters Energy, Emzor Pharmaceuticals, BUA Cement, and Transcorp Hotel for demonstrating staying power, resilience and confidence in the Nigerian market. Their investments, totaling billions of Dollars, are a testament to the potential of the Nigerian economy.”

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