The Nation Newspaper

Tag: Abuja Chamber of Commerce and Industry

  • ACCI backs 15% fuel import tax, calls for gradual implementation to protect economy

    ACCI backs 15% fuel import tax, calls for gradual implementation to protect economy

    The Abuja Chamber of Commerce and Industry (ACCI) has applauded the Federal Government’s renewed commitment to boosting Nigeria’s domestic refining capacity through the introduction of a 15% Fuel Import Tax.

    While welcoming the policy, the Chamber recommended that its implementation be phased gradually to safeguard economic stability, protect consumers, and sustain business confidence.

    Speaking on the development, ACCI President Chief Emeka Obegolu, SAN, described the tax as a strategic and potentially transformative measure aligned with Nigeria’s long-term goal of energy self-sufficiency and industrial growth.

    He cautioned, however, that a sudden rollout could trigger unintended economic consequences.

    “The Abuja Chamber of Commerce and Industry acknowledges the government’s objective to promote local refining, conserve foreign exchange, and strengthen Nigeria’s industrial base. However, implementing the 15% Fuel Import Tax as a one-step measure may exert inflationary pressures, particularly as most domestic refineries are not yet fully operational,” Obegolu said.

    READ ALSO: Alleged N80.2b fraud: Court postpones Yahaya Bello’s trial to January 29

    He emphasised that a phased implementation would allow sufficient time for the rehabilitation and stabilization of refineries, prevent supply disruptions, and avoid sharp increases in fuel prices that could impact transportation, food costs, and small businesses.

    Obegolu further noted that the success of the tariff policy will depend on coordination, transparency, and stakeholder engagement.

    He urged the government to consult extensively with refineries, fuel marketers, transport unions, and consumer groups to ensure the tax meets its objectives without placing undue burden on citizens.

    The ACCI assured its readiness to collaborate with relevant ministries, departments, and agencies to design a policy framework that balances industrial protection with consumer welfare.

    The Chamber also recommended allocating a portion of the tax revenue to social and economic relief measures, including transportation subsidies, support for SMEs, and incentives for modular refineries to expand capacity.

  • ACCI committs to economic growth

    ACCI committs to economic growth

    The Abuja Chamber of Commerce and Industry (ACCI) yesterday said it is committed to the growth of the economy.

    It gave the commitment when it announced its 20th edition of the international trade fair of sustained excellence, innovation, and economic impact, stating that it has also evolved from a promising local exhibition into Nigeria’s largest and most influential multi-sectoral trade fair, recognised across Africa as a leading platform for trade, investment, innovation, and economic diplomacy.

    Its President, Emeka Obegolu (SAN) who was represented by the ACCI 2nd Deputy President and Chairman of the 20th edition of AITF, Dr Aliyu Idi Hong disclosed this during a press briefing on the Abuja 20th  international trade fair scheduled to hold from September 25th to October 6th, 2025 at the Abuja Chamber of Commerce premises in Abuja, with the theme: “Sustainability, Consumption, Incentive, and Taxation” stating that this edition is a historic milestone, not just another fair, but a celebration of 20th editions of the fair.

    Obegolu said: “On achievements of the Abuja International Trade Fair in the past 20 years,  the AITF has hosted over 2,500 exhibitors from Africa, Europe, Asia, and America. It has also attracted more than 1.5 million visitors from diverse economic sectors, facilitated billions of Naira in trade deals, investment, and partnership, established platforms that have driven B2B, B2G, and B2C engagements, provided consistent visibility for small and medium scale enterprise, enabling them to reach new markets locally and internationally.

    READ ALSO: Of envy and short memory in Ekiti politics

    “This trade fair also has fostered collaboration with over 40 diplomatic missions, trade agencies, and international business associations, this milestone reflected the Abuja International Trade Fair’s role as a catalyst for Nigeria’s economic growth and a key driver of Africa’s integration into global economy, because diplomacy is about trade. If there is no trade, then diplomacy has not achieved its major aim and objective.”

    He noted that, the theme for this edition underscored the chambers commitment to tackling pressing economic and environmental challenges.

    “As Nigeria’s economy continues to grow, the chamber will ensure that this growth is sustainable, inclusive, and driven by innovation,” he said.

    This year’s fair will bring together policymakers, industry leaders, entrepreneurs, and development partners to examine how consumption patterns, incentives, and taxations can be aligned to drive responsible production, investment, and environmental stewardship in line with United Nations Sustainable Development Goals (SDGs).

    Highlights of the Fair will feature over 100,000 participants across 12 days, exhibition covering trade, industry, agriculture, fintechs, sustainable energy, transportation, environmental solutions, and creative industries. There will also be panel sessions with the Central Bank, FRAS, FCT-IRS, National Council on Climate Change, relevant federal ministries, international agencies, commercial banks, fintech innovators, and clean energy leaders.

    It will also include a dedicated SMEs-focused platform, reaffirming our commitment to supporting small businesses as the backbone of economic development. This year’s edition will also be introducing the Barber Feast, Buy Africa, Build Africa. A major highlight of the 20th Abuja International Trade Fair will be the launch of the Barber Feast, Buy Africa, Build Africa, an initiative of the Abuja Chamber of Commerce and Industry to promote African products and services within the continent and globally.

  • Nigerian banks not structured to fund SMEs – Chamber

    Nigerian banks not structured to fund SMEs – Chamber

    Mr  Adetokunbo Kayode, President, Abuja Chamber of Commerce and Industry (ACCI), says the management of the funds for Small, Medium and Enterprises (SMEs) by banks in Nigeria is a weak link in the  financing of small businesses.

    He said this during his inauguration as the 10th President of the Chamber in Abuja on Tuesday.

    “We all appreciate government’s interest to support SMEs, especially on the issue of funding. But the management of the SME funds by the banks is a very huge issue, a weak link in the chain.

    “We all know our banks are not structured to fund SMEs. The organized private sector is therefore ready to help canvass and develop new concepts of alternate funding mechanism for SMEs. This will include finance leasing, peer certification for scrutiny of facility for SMEs,” he said.

    Kayode also called on the Federal Government to fully operate the National Economic Council and urged state governments to replicate same.

    According to him, that is the body that will help plan the economy, where critical policies are determined.

    He said this would bring the era of reactionary and ad hoc policies to an end.

    Read Also:‘We are growing SMEs  to drive Bayelsa’s economy’

    He advised that government at all levels should imbibe the ideal that governance was for the welfare of the people, and that to achieve that, there must be a national vision.

    He explained that vision 20:20:20 died the day it was launched because the government did not conceive, birth and own it.

    “A government must set up its own high ideals and with passion, chart a mission course to achieve that vision,” he said.

    The ACCI president called for an end to the emphasis by government agencies on revenue collection.

    “All these agencies have their core mandates; we want agencies in 2018 and beyond to concentrate on their core function which is to support enterprises to grow, rather than their unbridled demand for payment of revenues.

    “All these make doing business very harrowing and unprofitable. It is unacceptable for a people to pay for compliance with the law. Agencies ought to make it easier, cheaper, to obey the law, then make breaking the law very expensive,” he said.

    Kayode said the chamber would move from an amorphous organogram to a structured organisation. According to him, the chamber will set up a secretariat with four centres, including  business entrepreneurship, skills and technology centre and  the Abuja trade and convention centre.

    Mrs Iyalode Lawson, the National President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), also called for support from members to achieve its planned goals for the benefits of the association.

    Lawson advised the president to carry out his vision through public policy advocacy tools and in-depth knowledge.

    “The association believes that with the inauguration of the president, the chamber will achieve more remarkable increase in prestige, membership and finances.

    “I look forward to the establishment of new ventures while existing ones continue to thrive,” she said.

    Lawson said NACCIMA would support Abuja Chamber to advocate for policies and programmes that could benefit the private sector and encourage the growth and development of enterprises in Nigeria.

    NAN

  • ‘We need to redefine the role of chambers of commerce’

    Prince Adetokunbo Adeyinka Kayode (SAN), a four time cabinet minister under late President Umar Yar’Adua, and President Goodluck Jonathan was appointed as the new president of Abuja Chamber of Commerce and Industry recently. In this interview with Franca Ochigbo, he unveils his agenda for the Chambers amidst expectations from major stakeholders

    Setting agenda for Abuja Chamber of Commerce and Industry

    I will use the experience as a citizen who has served the federal government of Nigeria to its full capacity, considering the roles I have played in the private sector; it will help elevate the chambers to higher height. The Abuja Chamber of Commerce was established in August of 1986 as a company limited by guarantee with the principal object of promoting economic and industrial development within the FCT in particular and Nigeria in general.

    Abuja Chamber of commerce is a non-partisan, non-sectarian, member-funded organization solely representing the common interests of the business community and focused primarily on putting the interest of businesses in the FCT first. Presently, the Chamber has formed alliances with business leaders, trade associations, sister chambers, government agencies, & foreign embassies to accomplish its goals of enhancing the sustainable growth and development of businesses in the FCT

    The mission of the chambers is to represent and serve members as well as support the development of our national economy. Membership of the Chamber is open to registered companies which meet the Chamber’s stringent conditions for good corporate citizenship.

    The Abuja Chambers of Commerce vision is to be the foremost chamber of commerce in Nigeria, with key objective of making the Chamber more accessible to local businesses while increasing membership is a major priority in our future plans. We continually strive to improve the level of service. Our strategic direction and key objective is to make the Chamber more accessible to local businesses and giving local businesses assurance that they are part of proactive organisation. Our purpose is to lead the private sector in the delivery of sustainable growth and prosperity of commercial activities and businesses in the FCT. The principal aim of the Chamber is to promote and protect trade, business, commerce and public welfare in the FCT as well ensuring that our members respect the rule of law and apply best commercial practices in all aspects of the businesses.

    Building a synergy of cooperation

    Under my administration, I will ensure that all members are brought together quarterly to discuss issues, fashion ideas as well as key into available opportunities that will present themselves. I appreciate the past President Tony Ejinkeonye for steering the ship of the chamber in the right direction and we will continue to create a coherent and comprehensive business network. In the course of doing this, we have become a centre of business information, support, training and guidance. In the same manner, we have strived to attract investments by effectively networking and creating proactive business strategies.

    It gladdens me to look back and proudly say, we have led the private sector in the delivery of sustainable growth and prosperity of commercial activities and businesses in the FCT and its environs. The principal aim of the Chamber is to promote and protect trade, business, commerce and public welfare in the FCT as well as ensuring that our members apply best commercial practices in all transactions.

    Our activities have impacted positively on, agriculture, technology, invention strategies, sectorial linkages and trade facilitation. Even as businesses continue to face challenges, we are happy that, very soon, we will have an industrial park, multipurpose convention centre as well as expand our scope into areas like, entertainment, art and culture, among several other initiatives.

    Expansionist drive

    I will support every move by the council to deepen the horizon of economic activity among several players across the various sectors of the economy and nations. This will be an avenue to created and offer direct services and on a first-class scale to both local and international audience. ACCI has grown in leaps and bounds to become a platform for the support of the development of our national economy by harvesting or tapping from the abundant opportunities in and around Abuja.

    We have resolutely remained supportive to the growth and development of Micro, Small and Medium Enterprises (MSMEs), in view of the critical role they have played over the years, that accounts for their critical contribution to national growth.

    ACCI believes the government has penchant for growing these enduring enterprises and would advocate for all efforts geared towards entrenching initiatives that will account for its sustained operations to be more vigorously pursued now that we have seen light at the end of the tunnel.

    Furthermore, an opportunity has presented itself for us to, as a country, once more, take a diagnostic look at our comparative and competitive advantages with the singular objective of embarking on activities, programmes and projects that will reap from the benefits and gains of economic diversification.

    We have envisaged sustained prospects anchored on greater and robust growth which is very certain, just as we are hoping that the present administration will vehemently sustain the current economic diversification with efforts channeled into agriculture and mining.

    At this juncture, let me use this opportunity to call on all concerned authorities to assist in acquisition of better management and technical skills; identify in order to secure donors and other means of finance for such sub-sectors; to strengthen the capacity of support institutions which assist SMMEs in acquisition of loans and in marketing. In the same manner, there is need for effective implementation and monitoring of policies directed towards improving their plight.

    The chamber is working round the clock on returning Nigeria to the path of sufficiency through non-oil export; this is very apt to the nation, considering the fact that Nigeria just exited an economic recession notching up growth of 0.55 per cent in the second quarter of 2017. The economic recovery was driven by improved performance largely on agriculture, manufacturing and trade sectors of the economy even as oil played a role in it.

    Vote of confidence

    Speaking on the expectations of stakeholders, Chijioke EkeChukwu, the outgoing DG of the Chambers described Kayode in superlative and affectionate adjectives.

    Kayode is a man full of experience having been a seasoned lawyer; he has worked in some institutions as a lawyer and the Attorney General of the Federation. He became minister for Defence, Culture, Labour. He comes in with a lot of experience. One would have said having had such position he may not be strong enough to handle the affairs of the Chamber, but he is very strong and articulate,  coming with a lot of experience, restructuring plans and visions to turn around the chambers of commerce or what chambers of commerce should look like globally.

    He has a good numbers of contacts that could collaborate with the chambers of commerce to turn around the place. Before he took over he already started working, so what we are seeing now is the confirmation of the contacts he has made and a lot is happening already. He is a man full of ideas. I call him the digital President because he believes so much in using the Internet to do a whole lot of things. A lot of money is expected from the use of Internet if used optimally.

    Five years target

    For the next five years, major structures are going on right now, a six floor event complex, and the biggest event centre ever opened in Abuja going on right now almost fifty percent completed, we also have another structure that will be housing the distribution centre, this is meant to be taking litigations out of court, for people to settle out of court and settled by the dispute resolution centre. Conventions, international seminars are going to be taking place within our convention centres.

    A good number of visitors coming in are going to be using it for one thing or the other. Presently we have collaboration with a lot of private sectors who will be using the centre. By the time all this projects are finished, it will be difficult to say they don’t know where the chamber is located. Many people say so today but soon the story will change. All this are coming as a result of his initiative and efforts.

    One major responsibility of the Chamber of Commerce is advocacy which is done every day, telling the government what needs to be done, what they do not need to do, how to improve on ease of doing business, making sure we are working with organised private sector and group to be able to ensure all government palliatives are benefitted from.

     

  • Abuja chamber backs FG new petrol price

    Abuja chamber backs FG new petrol price

    The Abuja Chamber of Commerce and Industry Limited (ACCIL) on Thursday expressed support for Wednesday’s petrol price increase to N145 per litre by the Federal Government.

    This is contained in a statement in Abuja by President of the chamber, Mr Tony Ejikeonye.

    “We believe that deregulating the petroleum downstream sector is a sure step towards economic and national development; therefore, we support it.

    “As a chamber of commerce and industry, we have always supported policies of government that are geared towards enhancing the welfare of Nigeria’s citizens, especially business concerns.

    “Albeit the policy may seem to be draconian at first, nothing pays more than patience and sacrifice.

    “The policy will affect business operations but we believe that subsequent inflow or investment into the sector will crash prices,” he said.

    Ejinkonye recalled that the same thing happened with cement and telecommunications and in the long run, it was good for the economy.

    According to him, countries like Indonesia, Ethiopia, Malaysia, where deregulation of the petroleum downstream sub-sector had gained ground never found it easy at first “but they endured, and are now enjoying’’.

    He expressed the belief that Nigerians would overcome the upheavals associated with the implementation of the policy.

    The chamber president said that though deregulation may seem draconian, it would bring unrestricted competition that would lead to unparallel development in the Nigeria economy.

    He said that the gains realized from the subsidy removal if properly managed, would aid in providing critical infrastructure in the country.

    According to him, it will also accelerate employment opportunities for the teeming youths in the country.

    Ejinkonye said that the Organized Private Sector in Abuja would continue to engage the government to ensure that companies licensed for building refineries delivered on their mandates.

    He said that government alone could not absorb the graduates whose number increased geometrically on a yearly basis, given that investors employed domestic labour for their operations.
    He said that the deregulation of the downstream sub-sector would further trim economic problems and lighten social burdens caused by government control.

     

  • Chamber to Buhari: improve the fortunes of SMEs

    Chamber to Buhari: improve the fortunes of SMEs

    The Abuja Chamber of Commerce and Industry ABUCCIMA has urged the incoming government to come up with policies that will enable Small Medium Enterprises access the N220b SME fund domicile in the Central Bank of Nigeria.

    In a statement by the Vice President Media, Abuja Chamber of Commerce Jude Igwe, the SMEs represent roughly 85 per cent of the economy and they have been globally acknowledged as the engine of growth of any economy, Nigeria inclusive and the chamber movements all over the world are mostly populated by this group.

    “We do appreciate the past government’s provision of N220b SME fund domiciled with the Central bank which has remained largely undisbursed to beneficiaries due to conditions that are impossible.

    “We urge the new government to urgently intervene and review these conditions and come up with terms that would make it easy for the SMEs to access this fund and produce the necessary growth in the economy which is the target for setting up the fund.

    “The wellbeing of SMEs is so critical in any economy that desires growth, generation of employment and production of consumer goods that it should not be ignored for a moment. Government should therefore endeavour to provide the enabling environment for SMEs to thrive and this should include right fiscal policies, provision of funds and elimination of multiple taxation and provision of the necessary infrastructure.

    “The acute shortage of power in Nigeria is the number one area that affects and puts unbearable pressure on all other aspects of the economy including the demands on the petroleum sector.

    “The issue of provision of adequate power for the nation must be urgently addressed so as to bring back to life a lot of industrial and manufacturing concerns that have gone comatose as a result of unsustainable costs of running their operations on generators.

    The consequences of this are staring us in the face -low productivity, retrenchment of workers, none employment of job seekers, lack of consumer goods locally and pressure to import finished goods to sustain local demands and general down turn in the economy.