Business
NACCIMA Calls for Swift Government Action to Halt Economic Decline and Business Exodus
The National President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Dele Kelvin Oye, has sounded an alarm over the deteriorating state of Nigeria’s economy. He highlighted the growing trend of business closures and the exodus of companies from the country, urging the Federal Government to take immediate steps to address the underlying issues threatening the nation’s economic stability.
In a recent statement, Oye expressed concern over the challenges businesses are facing, stressing the importance of addressing both the immediate economic hurdles and the broader expansion efforts of resilient companies. “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,” Oye stated.
He further emphasized the need for a long-term perspective on Nigeria’s economic potential, while acknowledging the immediate difficulties businesses encounter. “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 these challenges, Oye commended the resilience of certain businesses, pointing to companies like Dangote Group, Mangal Cement, Nestlé, and Kam Steel, which continue to invest in Nigeria. “It is heartening to see local and multinational companies demonstrating unwavering confidence in our market. Their significant investments underscore the latent potential within our economy,” he said.
NACCIMA’s statement included a strong call for immediate governmental action, urging the implementation of a coherent fiscal policy for 2024. The policy should focus on reducing national debt, managing inflation, and stabilizing the currency. Additionally, NACCIMA called for improvements in rural security and infrastructure to ensure safe and efficient business operations, the reduction of bureaucratic red tape and regulatory burdens, and the encouragement of private sector participation in critical infrastructure projects.
Oye concluded by expressing NACCIMA’s commitment 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,” he said.
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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