Economic meltdown: NACCIMA tasks govt on developing policies to flourish businesses
… As Sen. Umeh, NEPC ED, SMEDAN CEO, 16 others become ACCI Fellows
By Matthew Denis
The Nigeria Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA) has urged the government to develop key policies that foster an environment where businesses thrive and trade flourishes, thereby creating an optimal operating environment to boost the economy.
Findings by NewsDirect Business indicate that current headwinds to the economy include insecurity, lower oil production, rising fuel and food prices, and further exchange rate depreciation. Economic growth is projected to increase to 3.2% in 2024 and 3.4% in 2025, driven by improved security, higher oil production, and stronger consumer demand.
The President of NACCIMA, Hon. Dele Kelvin Oye, made this disclosure during the 19th Abuja International Trade Fair (AITF), organised by the Abuja Chamber of Commerce and Industry (ACCI), held on Monday.
Represented by the First Deputy President, Engr. Jani Ibrahim, Oye stated, “This trade fair underscores the importance of creating robust ecosystems that promote trade, drive innovation, and support the long-term growth of our economy. By addressing the interplay of transportation, trade finance, and taxation, this year’s Fair will focus on the key driving factors of Nigerian economic transformation.”
He further commended the ACCI leadership, saying, “We truly commend and appreciate the steady growth recorded in all ramifications by the Chamber. Your program has become a significant fixture on our business calendar, consistently providing an invaluable platform for promoting trade and innovation, not just within the FCT but nationally and internationally as well.”
Oye explained that the theme for this year, “Mobility Options for Transportation, Trade Finance, and Taxation,” is both apt and timely, addressing key issues affecting business growth and sustainability in Nigeria.
He emphasised, “The significance of efficient transportation networks, accessible trade finance solutions, and fair taxation policies cannot be overstated as we seek to position Nigeria as a leader in regional and global commerce.”
As a leading member of the Organized Private Sector of Nigeria (OPSN), NACCIMA supports events like this that aim to bring together stakeholders from all sectors of the Nigerian economy. Oye expressed hope that the government would develop key policies to create an environment conducive to business growth and trade.
He commended all exhibitors for their commitment to the event, noting that their participation reflects the indomitable Nigerian entrepreneurial spirit. “Our inaugural shipment from the Apapa Port in Lagos on July 16, 2024, demonstrates our commitment to leveraging the opportunities inherent in the African Continental Free Trade Agreement (AfCFTA).”
Oye encouraged participants to take full advantage of the Fair to explore new avenues, form strategic partnerships beyond Nigeria, and contribute to the goal of sustainable economic development.
Highlights of the program included the investiture of ACCI national policy fellows to 19 dignitaries from various sectors, including academia, business, and civil society.
Notable recipients included Sen. Victor Umeh, Deputy Speaker Hon. Benjamin Kalu, Mrs. Nonye Ayeni of NEPC, Dr. Charles Odii of SMEDAN, and Prof. Na’Allah Abdul Rasheed, former VC of UniAbuja. Also honoured as ACCI fellows were NACCIMA President Dele Kelvin Oye, past ACCI President Prince Adetokunbo Kayode, and other prominent figures in the industry.
