By Adedapo Adesanya
The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has raised a fresh worry over the current state of the nation’s economy, government policies and their possible effect on the exodus and closure of businesses in the country.
A statement from NACCIMA signed by its National President, Mr Dele Oye, appealed to the federal government to urgently address the fundamental issues undermining the country’s economic stability and business climate.
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.”
The group then urged the government to 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; reduce red tape/over-regulation and simplify the bureaucratic processes for doing business in Nigeria.
Other suggestions by the chamber include opening up investment opportunities for critical infrastructure to the private sector; and reducing government footprint (like the NNPC 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,” it said.