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Tag: ACCI

  • ACCI urges FG to expand CNG, EV conversion centres, introduce subsidies

    ACCI urges FG to expand CNG, EV conversion centres, introduce subsidies

    The Abuja Chamber of Commerce and Industry (ACCI) has called on the federal government to intensify efforts in establishing and expanding Compressed Natural Gas (CNG) and electric vehicle (EV) conversion centres across Nigeria, while introducing targeted subsidies to make vehicle conversion more affordable.

    ACCI President, Emeka Obegolu, made the appeal during the 2025 End-of-Year media parley in Abuja, stressing that such measures would encourage widespread adoption of CNG, particularly among public transport operators, taxis, buses, and ride-hailing fleets.

    “The expansion will ensure that the benefits of cleaner and cheaper energy alternatives reach the commuting public. With strategic partnerships between government and the private sector, Nigeria can reduce operational costs, build technical capacity, and accelerate nationwide adoption of CNG and electric mobility,” Obegolu said. 

    He added that the transition would not only lower transportation and production costs but also help stabilize the macroeconomic environment, contributing to the government’s goal of achieving single-digit inflation.

    Looking ahead to 2026, ACCI has outlined a robust programme to strengthen the business ecosystem and accelerate economic growth within a secure and stable environment. 

    Key initiatives include the ACCI–NACCIMA Livestock Summit 2026, aimed at transforming Nigeria’s livestock sector, and a national campaign promoting green technology and energy efficiency.

    The 2026 agenda also features the National Livestock Conference and Exhibition, Renewable Energy Conference and Exhibition, Circular Economy Conference, and International Railway Conference and Exhibition, among other strategic programmes to drive sustainable development and innovation across sectors.

  • ACCI calls for gradual implementation of 15% fuel import tariff

    ACCI calls for gradual implementation of 15% fuel import tariff

    Abuja Chamber of Commerce and Industry (ACCI) has commended the Federal Government for its renewed commitment to strengthening Nigeria’s domestic refining capacity through the introduction of a 15% Fuel Import Tax. The Chamber, however recommends that the implementation of the policy be carried out in phases and gradually to ensure economic stability, protect consumers, and sustain business confidence.

    Speaking on the development, the President of the ACCI, Chief Emeka Obegolu, SAN, PhD, described the policy as strategic and potentially transformative, noting that while its intent aligns with Nigeria’s long-term goal of achieving energy self-sufficiency and industrial growth, a sudden implementation could trigger unintended economic consequences.

    According to him, “The Abuja Chamber of Commerce and Industry acknowledges  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, especially at a time when most domestic refineries are not yet fully operational.

    “While the Chamber supports policies that protect and encourage local industries, there is a need for a carefully sequenced rollout that allows sufficient time for the rehabilitation and stabilization of the nation’s refining infrastructure. A phased implementation strategy will allow the market to adjust gradually, prevent supply disruptions, and avoid sharp increases in fuel prices that could affect transportation, food costs, and small business operations”.

    Read Also: ACCI charge Nigerians to embrace mechanised agriculture

    Obegolu noted that the success of the new tariff policy will depend largely on policy coordination, transparency, and stakeholder engagement. The government should  intensify consultations with industry players, including refineries, fuel marketers, transport unions, and consumer groups, to ensure that the tax achieves its intended objectives without creating undue hardship for citizens.

    He assured that the ACCI stands ready to work with the relevant ministries, departments, and agencies to design a policy framework that balances the goals of industrial protection and consumer welfare. The focus should be on achieving a sustainable transition, supporting local refineries to scale up production while maintaining healthy competition within the market.

    The Chamber also recommended that a portion of the projected revenue from the import tax be channeled into strategic social and economic relief measures, such as transportation subsidies, support for small and medium-sized enterprises (SMEs), and incentives for modular refineries to expand their capacity.

  • ACCI announces 19th Abuja international trade fair

    ACCI announces 19th Abuja international trade fair

    The Abuja Chamber of Commerce and Industry (ACCI) has announced the 19th Abuja International Trade Fair (AITF).

    The Second Deputy President, Abuja Chamber of Commerce and Industry Chairman, 19th AITF Committee, Dr. Aliyu Idi Hong, announced it at a briefing.

    The fair with the theme, “Mobility Options for Transportation”  will hold from September 20 to October 1, 2024, at the Abuja Trade and Convention Centre, Lugbe.

    Read Also: Soyinka gets Cuba’s Union of Writers and Artistes’ global award

    Hong said the fair would offer domestic and international exhibitors’ opportunities to showcase their products, access new markets, establish valuable business relationships, and stay ahead of industry trends.

    He said: “In today’s interconnected world, mobility is a key driver of the global economy, influencing trade, finance, and taxation in profound ways. AITF 2024 aims to provide a platform for knowledge sharing, networking, and collaboration, bringing together experts, policymakers, and industry leaders to chart a path toward a more efficient, sustainable, and innovative future for mobility.’’

  • ACCI: Diversification possible via private sector partnership

    ACCI: Diversification possible via private sector partnership

    The President, Abuja Chamber of Commerce and Industry (ACCI) Emeka Obegolu has urged the federal government to go into a deeper partnership with the private sector to achieve its diversification target.

    Obegolu stated this during his inauguration as the 12th President of Abuja Chamber of Commerce and Industry, ACCI in Abuja, noting that Nigeriana should be patient as the hardship will come to an end soon.

    According to him, “The measures put in place by the government have brought hardship to Nigerians but with time yield the desired result.

    Read Also; Cost of living, price control and other matters

    “The private sector is the engine room of any   economy, with lots of opportunities too.  When small businesses flourish it can provide good jobs if government acts as a productive partner.

    “Again, the chamber will collaborate with the defence and national security leadership to institute an annual summit on security, defence and business, in lieu of the prevailing security challenges in the country.  This move will assure foreign investors that Nigeria is a safe destination for business.

    Speaking, Deputy Speaker House of Representatives, Benjamin Kalu has, urged the ACCI to develop programmes that would include youths and women empowerment in the society. This will enable them to contribute to social and economic development in the country.

  • 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

  • ACCI backs Fed Govt’s external borrowing

    ACCI backs Fed Govt’s external borrowing

    The Director-General, Abuja Chamber of Commerce and Industry (ACCI), Chijioke Ekechukwu has said Federal Government’s plan to borrow $5.5billion Euro bond loa will not strangulate the economy.

    In a statement endorsed by its Media and Protocol Officer, Gena Reuben Lubem, the DG said when the government got approval of the National Assembly to source for the foreign loan,  many  believed it would hut the economy.

    He said: “The borrowing is targeted at infrastructural projects and refinancing of maturing domestic debt with less expensive long-term external debt, there is no cause for alarm; many other countries have borrowed far above what Nigeria is taking from the Eurobond.

    “We shouldn’t be shy to borrow money to fund the deficit of the budget, infrastructural development and local projects. There is no problem with that and Nigerians should not worry.

    “On hiring of Malaysian expatriates to fix the economy, such actions should be discouraged as Nigeria has competent hands that can successfully navigate the country out of the economic quagmire it has found itself.”

  • ACCI appoints Ekechukwu as new DG

    The Abuja Chamber of Commerce and Industry (ACCI) has appointed Mr Chijioke Ekechukwu as its new Director General.

    The appointment took effect from May, 2, 2017.

    Ekechukwu, who holds BSc degree in Economics, MBA in Management and MSC in Finance, is an entrepreneurial executive with extensive leadership experience.

    He has worked for more than 25 years in various organisations.

    Before he joined ACCI, he was the Group Managing Director of Bristol Group with core businesses in investments, property and schools.

    He was a director in First Generation Mortgage Bank Limited.

    Ekechukwu is a fellow of the Chartered Institute of Loan and Risk Management of Nigeria, Fellow of the Institute of Management Consultants; Member of Nigeria Institute of Management (Chartered) and a former President of Rotary Club of Abuja.

    He has attended many professional courses locally and abroad and married with children.

  • ‘2016 budget ‘ll set Nigeria on economic recovery path’

    ‘2016 budget ‘ll set Nigeria on economic recovery path’

    The Abuja Chamber of Commerce and Industry (ACCI) yesterday said inspite of the bleak economic outlook and predictions for Nigeria, the 2016 budget proposal holds key to the nation’s economic recovery.

    Its President, Tony Ejinkeonye, who spoke in an interview in Abuja, argued that that if the budget proposal is passed by the National Assembly and it is faithful implemented, it holds the promise of setting the economy on the path of quick recovery.

    He said: “Despite the prediction that oil price may fall as low as $20 per barrel, there are still huge potentials for inclusive growth and sustainable development in the coming year notwithstanding the fact that about the 50 per cent revenue is expected from oil receipts to fund the N6.08 trillion budget together with the projected increase from internally generated revenue (IGR).

    “For the country to actualise its goals, we need a measure of fiscal discipline and strict budgetary control monitoring and implementation.

    “President Muhammadu Buhari, in his budget presentation to the National Assembly indicated that the focus of the budget would be on inclusive growth. This was expected to be achieved using the budget as a platform for putting Nigerians to work and having job creation as the primary focus of every aspect of the execution of the budget.

    “This is to be driven by the private sector and signifies a clear understanding of what is needed in this regard as private sector and not civil service jobs have the potential of solving the problems  presently affecting the country.”

    He said the proposal for the reduction in tax rates for smaller businesses as well as subsidised funding for priority sectors such as agriculture and solid minerals are in the right direction.

    “There were indications that the spending would both stimulate the economy and the policy of funding a scheme to employ about 500,000 graduate teachers by states and local government areas would go a long way in reducing unemployment,” he added.

    The ACCI chief also commended the revised Micro, Small and Medium Enterprises Development fund (MSMEDF) guidelines issued by Development Finance Department of the Central Bank of Nigeria (CBN) to support banks and other financial institutions. According to him, the revision of the guidelines that help start –ups under the fund to access funds at zero interest rate and collateral requirements for start-up to include educational certificates is healthy for economic development.