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.
