The Nation Newspaper

Tag: NACCIMA

  • NACCIMA to elect new President

    The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) will on May 22, 2013 hold its Annual General Meeting (AGM)to elect a new President and other National Officers to run the affairs of the association for the next two years.

    The 53rd AGM of the NACCIMA, billed for Grand Central Hotel Kano, Kano State will transact the following businesses: receive the 2012 National President’s Annual Report, receive and consider the National Treasurer’s Report and the Audited Accounts for the Year ended 31st December 2012, elect Officers for the Year 2013/2014 and appoint Auditors.

    The Association Annual Conference, which comes up on May 23, will be declared open by the President Goodluck Ebele Jonathan, after which the formal investiture of the new President, Alhaji Mohammed Badaru Abubakar, Mon, mni, following the completion of the outgoing President’s tenure.

    The conference, with the theme: Development Financial Institutions: “Key Partners for Economic Prosperity” will see the Managing Director of Infrastructure Bank Plc, Mr. Adekunle AbdulRazaq Oyinloye and Managing Director of Bank of Industry, Ms. Evelyn Oputu deliver papers while Alhaji Suleiman Baffa will preside over the Technical Session.

  • NEMA hails NACCIMA

    The National Emergency Management Agency (NEMA) has hailed the Nigeria Association of Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA) for its N250million emergency relief project aimed at supporting disaster victims.

    Speaking at the launch of the project in Abuja, NEMA’s Director-General, Alhaji Muhammad Sani Sidi, said the project was timely, because many communities are confronted with various challenges of natural and human induced disasters.

    According to him, the reason NACCIMA is suporting the fund is borne out of the strong desire to reduce the impact of disasters, ensure the speedy recovery of affected persons and their means of livelihoods and partner with government in the development of the country.

    The NEMA helmsman advocated a synergy between the government and the private sector to restore normalcy and ensure the achievement of the set targets of development.

    He observed that members of the private sector through NACCIMA are looking beyond the profitability of their shareholders and are investing their resources in the service of humanity as part of their corporate social responsibility.

    “This commendable initiative of NACCIMA, which is in line with global best practices presents a win-win scenario for both the private and public sectors of the economy,” he said.

  • AGOA Pact: NACCIMA decries trade imbalance

    •Says Nigeria not benefiting

    The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has lamented the imbalance of trade between Nigeria and the United States, saying that Nigeria is not benefitting from the African Growth and Opportunity Act (AGOA) pact.

    Speaking with The Nation, the Director-General of NACCIMA, Dr John Isemede, said it is difficult for Nigerians to export value added products to the United States than it is for Nigeria to import same.

    AGOA was signed into law by President Clinton in May 2000 with the objective of expanding U.S. trade and investment with sub-Saharan Africa, to stimulate economic growth, to encourage economic integration, and to facilitate sub-Saharan Africa’s integration into the global economy.

    He explained that most of the bilateral trade policies are not working in Africa’s favour, most especially Nigeria.

    “The Economic Partnership Agreements (EPA) is not working in our favour. For bilateral trade to be enhanced, the developed economies should start thinking of how to invest in Nigeria’s economy rather than taking raw materials from us, while dumping refined products back to the system. We need to protect the interest of coming generations. Nigeria deserves a win-win situation.

    “Many times, value-added products are rejected by the United States and some other European nations under the disguise that the products do not conform to some standards. Standards should not be imposed on Africans for products not produced in America; rather such standards should be developed based on an agreement between the countries involved.”

    He lamented that the benefits of AGOA are limited, saying the US continues to undermine the competitiveness of African entrepreneurs with domestic subsidies and other tariff and non-tariff barriers.

    He said: “The Nigerian market is still quite wide and untapped; why go far with the challenges of finding outlets in the US even if you produce quality goods?

    “I think the US should have come up with a kind of a ‘Marshal Plan of Action’ to Africa instead of AGOA, which is certainly difficult for entrepreneurs of African descent to take advantage of with a view to helping Africa.

    “The whole AGOA policy is not as beneficial as we have been deceived to believe, that America is trying to use it to support Africa’s growth. The framers of this policy have not done so to encourage growth in Africa, since it mandates participating African countries to depend wholly on America in sourcing their vital input, which if sourced locally, would not only have increased productivity – particularly, factor productivity – but also have had some economic and social trickle effects.”

    He also explained that a country does not have to make progress in all areas to qualify for AGOA benefits, adding that, 37 of the 48 countries in sub-Saharan Africa are eligible for AGOA benefits.

    He listed some of the countries benefiting from AGOA as Lesotho, South Africa, Mozambique and Kenya.

  • NACCIMA,Niger Republic boost bilateral trade

    The National Association of Chambers of Commerce, Industry, Mines and Agriculture of Nigeria (NACCIMA) and the Niger Chamber of Commerce, Industry and Cottage Industry have inaugurated the Nigeria-Niger Chamber of Commerce to promote bilateral relations.

    According to the Chambers, the inauguration of the joint institutions is aimed at enhancing bilateral trade, while serving as a vehicle for promoting cross border trade within the region.

    In a communiqué issued at the end of the first General Assembly of the Nigeria-Niger Chamber of Commerce held under the aegis of the Nigeria-Niger Joint Commission for Co-operation in Kano, the Governor, Musa Kwankwaso urged stakeholders of both countries to work in harmony in concretising business to enhance transactions between the two countries.

    He commended the chambers for achieving the goals of the first trade and investment summit between Kano and the Republic of Niger held the previous year.

    He noted that there were high expectations on the need for improved bilateral trade between the countries.

    NACCIMA’s President, Dr. Herbert Ajayi, expressed his satisfaction for the establishment of the Chamber, noting that the idea had been on the agenda of the commission for over 25 years.

    He praised the stakeholders for their efforts to put in place the bilateral institution for the trade exchange.

  • NACCIMA condemns infrastructural decay

    THE Federal Government has been urged to formulate policies to support businesses, especially Micro, Small and Medium Enterprises (MSMEs).

    The President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dr. Herbert Ajayi, urged the government to adopt a bail-out mechanism that can reduce the harsh operating environment.

    He said: “The present state of power supply has continued to constrain capacity utilisation in industries and also increase cost of doing business.

    “The economy will move faster and record a higher percentage in implementation of projects, if security and power challenges are addressed. Many businesses, especially the MSMEs are groaning under the high tariff of electricity, while continuing to spend more on generating power through fuelling of generators.”

    Ajayi listed some of the challenges facing operators as high cost of infrastructure, insecurity and dumping of sub-standard goods in the country.

    He added that lack of adequately equipped enterprise zones, industrial clusters and parks at state and local government levels have also been hindering the private sector’s growth.

    Ajayi urged ministries and parastatals to take the lead in encouraging local production by patronising locally made goods.

    The economy, he said, is heavily import-dependent, both for industrial raw materials and finished products.

    NACCIMA has praised the Oyo State government for its transformation of Ibadan into a modern state capital, adding that it would attract foreign investment and facilitate industrial growth.

    Speaking when he visited Governor Abiola Ajimobi in his office in Ibadan, Ajayi said:

    “Our observation is that this state is moving very fast on the path of transformation. We also noticed that Oyo State, particularly Ibadan, the state capital, is getting cleaner and neater. We also want to congratulate you on the commissioning of Secretariat-Bodija Bridge, which will ease movement of people of the state and improve on their living standard.”

    He urged the governor to give priority to the Chamber and the Organised Private Sector (OPS).

    The partnership, he said, would fast-track the state’s industrial development and reduce unemployment.

     

  • NACCIMA frets over drop in oil export

    NACCIMA frets over drop in oil export

    The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has said the drop in the oil export to the United States may affect this year’s budget.

    Its Director-General, Joseph Isemede, said the cut in oil export to the US would affect the economic projections which were based on the budget.

    The US, which is Nigeria’s highest importer of the product, reduced its purchases from Nigeria due to its shale gas discovery.

    According to Isemede,the dependence in the oil sector is creating distortion in the manufacturing and agricultural sectors, which are the main engines of an economy.

    “US, which is our main importer is set to cut back; so what do you think will happen to the 2013 Budget, which depends heavily on the oil. Definitely, the budget will be hindered and it may not work.

    “Nigeria is struggling to get buyers for its petroleum product, following sharp drop in interest in the country’s crude oil by refinery operators in Europe.

    “From our findings, traders operating in the oil markets that deal with Nigerian crude recently revealed that about 21 Nigerian crude cargoes (31 per cent of output) were unsold in February. This is alarming and, of course, it is dangerous for the economy,” Isemede added.

    He also said the oil sector has caused substantial decline in agricultural exports, which began in the mid-1960s and continued till date.

    “It was observed that the advent of the oil sector (petrol dollars) assuming a prominent place in contributing to the Gross Domestic Product (GDP) had created a distortion in the manufacturing and agricultural sectors of the economy,” he said.

    He said there is the need to focus more on non-oil exports, adding that a situation where the GDP earnings from manufacturing had stagnated at four per cent was not satisfactory.

    “We need to develop manufacturing non-export. It is the only way to confront unemployment. This can also be done by reviewing the laws against counterfeiting and faking,” he said.

    Isemede emphasised the need for Nigeria to align with the global trend by refocusing and re-strategising through diversification of its economic base away from oil to non-oil products.

     

  • NACCIMA seeks interest-free loans

    NACCIMA seeks interest-free loans

    THE Nigeria Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA) has said if the Federal Government is sincere in assisting the Organised Private Sector (OPS) this year, it should avail interested businesses opportunities of interest-free banking facilities through appropriate lines of non-interest credit from the Islamic Development Bank and other funding windows.

    Speaking with The Nation, the President, NACCIMA, Dr Ademola Ajayi, said the factors militating against getting funds by business operators should be examined and fashioned out appropriate remedy to ease the problem by the Central Bank of Nigeria (CBN).

    He added that the government through the CBN should ensure that the planned agency banking policy becomes successful and ascertain the learning points before rolling out the policy.

    Ajayi said: “The government should intensify her support to businesses by fast-tracking a sort of special intervention policy fund to woo investors and entrepreneurs.

    “The enabling environment should also be laid for businesses to take advantage of the recent non-interest banking facility in the country.”

    To guarantee the growth of businesses as well as the economy, Ajayi advised that governments as well as the Chamber of Commerce should not stop working together, only by doing so will the transformation agenda be realised.

     

     

     

  • NACCIMA criticises CBN’s monetary policy

    NACCIMA criticises CBN’s monetary policy

    •Single-digit interest rate sought

    The Nigeria Chamber of Commerce, Industry Mines and Agriculture (NACCIMA) has made a case for a single-digit interest rate, describing the Central Bank’s 12 per cent Monetary Policy Rate (MPR) as unhealthy for the economy.

    It also warned the Federal Government against increasing fuel price. Rather than increasing fuel price, it implored the government to recover the $29million the Mallam Nuhu Ribadu-led Petroleum Revenue Special Taskforce said the international oil companies are owing.

    Briefing reporters, NACCIMA President, Dr. Demola Ajayi said: “Avoid fuel price increase. The government should compile actual quantities sold through petrol station pumps and do all that would enable us to compare with total claims of refineries.

    “The government should be determined to recover by legal means funds, such as the US$29 billion,which the Ribadu-led Committee was quoted as recoverable payments from International Oil Companies (IOCs).”

    Ajayi urged the government to privatise the refineries and encourage the establishment of private ones.

    Criticising the MPR of the Central Bank of Nigeria (CBN), Ajayi insisted that the only way CBN could help the economy is to bring the interest rate to a single-digit index.

    He said: “The CBN governor has said the apex bank will still maintain the 12 per cent MPR. I don’t think this is good enough.We have to work with CBN governor as Nigerians and watch it closely because I am sure as things go on, the CBN will want to look at this interest rate thing.

    “We feel that industry can only move forwards, especially in the commercial world, referring to the private sector, when access to fund, cost of borrowing are moderate or they are affordable. It makes the economy to move upwards. So, we are hoping that the interest rate will be examined from time to time, depending on what is happening in terms of Gross Domestic Product (GDP) and other factors.”

    He urged the Federal and state governments to cut down on external borrowing, saying this is necessary to keep the economy on a clean slate.

    He said: “The Federal and state governments must curb the high propensity for borrowing from abroad, except from international institutional lenders, such as IMF, African Development Bank, World Bank and International Finance Corporation and only for specific developmental projects.

    “They must also accelerate payment of local debts owed indigenous businesses to enable them to expand, generate wealth and create jobs. This is only fair if treated with same attitude shown in collecting debts owed governments.”

    Ajayi asked the Federal Government to make its position known on unclaimed dividends, including the establishment of an Unclaimed Dividen Trust Fund.

    The NACCIMA chief, who said there is hope for increased economic fortunes for the country this year, advised the Federal Government to consider friendly incentives to woo companies into the country.

    He said: “The Federal Government should provide adequate industry-friendly incentives to woo back companies that have relocated or are at the verge of relocating to neighbouring ECOWAS countries by boosting the power supply situation and addressing other constraints faced by them.”

    Ajayi said epileptic power supply by the Power Holding Company of Nigeria (PHCN) has increased the cost of doing business in the country to 40 per cent.

    He said: “Recently, we are worried that in spite of the recent high tariff charged by the PHCN, electricity supply is yet to reduce the burden of private generators for businesses and the citizens since the government’s intention to meet the 6,000MW to 10,000MW has been difficult.

    “This has contributed as always to the high cost of doing business estimated at about 40 per cent since real sector operators and citizens alike depend mostly on own provision of alternative sources of electricity through own generating plants.”

    He called on the Federal Government to cooperate with private sector to deliver 10,000MW by the end of this year, as well as make provision for sufficient pre-paid meters to consumers.

  • SON to remove unregistered products from markets next month

    SON to remove unregistered products from markets next month

    • To hold Quality Summit

    The Standards Organisation of Nigeria(SON), said it would start removing all unregistered products from the market by the end of November.

    The Director General, Dr Joseph Odumodu, said SON will from next month start removing any product that is not registered with it, adding that the new Act of the SON will be out before the end of the year.

    He said in line with its plans to ensure standardisation, the body has trained more than 2,000 SMEs operators, adding that SON will soon be empowered to start prosecuting those who are dealing a substandard products.

    “The bill is already with the National Assembly. Apart from this, we will be publishing companies which meet standardisation. The agency will do everything to ensure standardisation in this country, “he said.

    Also speaking at the event, the President, Nigerian Chamber of Commerce , Industry, Mines and Agriculture (NACCIMA), Dr Ademola Ajayi, said the Organised Private Sector is in support of the SON initiative, adding that the OPS will also lend its input on the bill sent to the National Assembly by the SON.

    “We are fully in support of your activities and we urge you to please carry on the good work. Infact, we are also working on a bill which has to do with prosecuting those dealing in substandard products. Now that we are aware that you have sent one to the National Assembly, we will send our own thinking to you,” he said.

    Meanwhile, SON said it would host the first Nigeria Quality Summit at the Transcorp Hilton hotel, Abuja, next week, with the theme: ‘Less waste, better result: Standards Increase Efficiency.’

    The one day event will pull together captains of industries and agencies, as well as Quality Control Directors for the purpose of learning first hand from global authorities and quality assurance leaders from emerging markets.

    Experts said if a tenth of Nigeria’s SMEs and conglomerates can learn and apply global standards and become efficient, they would increase productivity, profits, work force and effectively fill the void the current zero-tolerance to substandard goods campaign would create, and take control of the market currently dominated by foreign goods.

  • NACCIMA blames govt for economic woes

    NACCIMA blames govt for economic woes

    The Nigerian Association of Chambers of Commerce Industry, Mines and Agriculture (NACCIMA), the umbrella organisation for the Organised Private Sector (OPS) has said the Federal Government was responsible for most of the challenges facing the manufacturing sector. The association blamed the government for the economic woes the country is currently facing.

    Its President, Dr. Ademola Ajayi, said the government has not been able to provide the enabling environment that would encourage productive development, adding that without adequate infrastructure and access to funds, creation of jobs which is one of the priority areas would not be achieved.

    Ajayi described emerging challenges to include rising insecurity, especially the Boko Haram insurgency and the new electricity tariff introduced by the Power Holding Company of Nigeria and corruption.

    He said the state of insecurity has reached an alarming stage that serious and concerted efforts must be made to provide solutions, adding that a proactive approach to security issues would guarantee a peaceful polity in which businesses would thrive and investors would be encouraged to come and invest.

    He urged the citizenry to be security conscious, adding government should embrace technology in providing security.

    “The time is virtually over for a security system that depends solely on men clutching guns and looking around. In advanced countries, including Israel and the Us, technology provides the tool for security agents to work with. It is also important for all of us to be security conscious,” he stated.

    Ajayi, also said the recent increase in electricity tariff should be revisited.

    The NACCIMA boss decried the discrepancies, querying the parameters used in determining who the rich and the poor were, especially where they were lumped together in different social environment.

    “For instance, an average man who happened to have secured a landed property in Ikoyi years back and built his house there among the rich, would the new tariff be fair to him? he queried.

    He said although NACCIMA is not opposed to the new tariff, what needs to be done, he stated, is for PHCN to have floated a six-month pilot operating scheme for the new structure.