The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has expressed its commitment to continually advocate for policies that will enhance ease of doing business and bring about further investments into the economy both locally and through foreign direct investments (FDIs).
NACCIMA National President Ide John Chinyelu Udeagbala in his new year address, said year 2023 opens an opportunity for the Nigerian government to appropriately review and remove policies that have retrogressed viable business establishments and have had drawbacks on well-established private companies that are presently struggling.
According to Udeagbala, NACCIMA, a significant participant in the Organized Private Sector of Nigeria (OPSN), is prepared to collaborate with the government on strategies to promote economic development and transform the nation.
He claimed that looking back on 2022 revealed it to be a post-Covid year marked by serious economic difficulties, with the ongoing Russia-Ukraine war adding to the rising global inflation.
He added that the country of Nigeria had an unprecedented high cost of energy, a general increase in the cost of doing business, an enormous increase in the prices of goods and services, an increase in government indebtedness, as well as high interest rates and weak GDP growth (resulting from Monetary Policy Committee rate adjustments).
Udeagbala noted that flowing from the above, the private sector experienced a harsh economic environment which negatively impacted many businesses and led to a situation where a lot of businesses were struggling to survive.
“We thus have on our hands, a case of persistent inflation, high unemployment rate while wage levels have remained stagnant or declining in real terms, due to the weakening Naira,” he stated.
The NACCIMA boss, however, said despite all the above “we must continue to weather through the Nigerian economic stormy clouds through advocacy for policies that will enhance ease of doing business.
“The unfavourable economic environment should give the government serious concerns and stress the need to partner with the private sector in enunciating policies that will enhance feasible solutions to the economic challenges facing the country.”
Udeagbala specifically stated that NACCIMA must maintain its commitment and keep working to keep businesses afloat as members of the Nigerian chamber of commerce community.
“NACCIMA as an apex business membership association will continue to advocate for policies that will enhance ease of doing business and bring about further investments into the economy both locally and through FDIs,” he said.
Udeagbala urged Nigerians to make sure they carry out their civic duty peacefully by going out on election days to vote according to their conscience and make sure that their vote counts while noting that 2023 is an election year to choose political leaders who will steer the ship of Nigeria for another four years.
