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Tag: NACCIMA

  • NACCIMA tasks govt on high interest rates, budget implementation

    NACCIMA tasks govt on high interest rates, budget implementation

    HIGH interest rates remain a cause of major concern to the association and all entrepreneurs seek capital to invest in their businesses or start ones, the National President of Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Iyalode Alaba Lawson, has said. She made the remark during a meeting with corporate members of the association held at the association’s secretariat, Ikeja Lagos. According to her: “The Prime Lending Rate as at August 2017 was 17.69% and Maximum Lending Rate was 31.20%.

    These rates which are applicable till date continues to increase and do not encourage enterprise. NACCIMA therefore urges the government to review and implement money policies which will bring down these rates and encourage businesses expand, thrive and create more jobs in the economy.”

    Alaba Lawson also called for prompt and diligent implementation of the 2017 budget “in addition to sustained momentum in ensuring that the economy stays vibrant and investor confidence is sustained. NACCIMA acknowledges the importance of the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy 2018-2020 and its importance in achieving the projected 7 per cent growth rate of the economy by 2020 in accordance to the Economic Recovery and Growth Plan (ERGP) 2017- 2020.

    “NACCIMA also expects that based on Expenditure Order passed in May this year by the Vice President Yemi Osinbajo to promote efficiency in the nation’s budget processes, there will be noticeable improvement and swiftness in the 2018 budget compilation process.

    “The association reaffirms its stance that though the rising debt profile of the country calls for caution, there is however the need to ensure that borrowed funds are channeled towards the development of critical infrastructure required for economic growth and not for recurrent expenditure.” The NACCIMA boss also flayed both the federal and state governments for always leaving out the association when attending international meetings and conferences that directly concern its members.

  • Foreign missions support NACCIMA summit

    As part of the build-up activities to herald the NACCIMA Economic Recovery Agri-Agro Summit in October, 2017, the Ambassador of the Republic of Indonesia His Excellency Harry Purwanto, and the National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Chief Iyalode Alaba Lawson, have put together an Economic Breakfast Meeting under the Chairmanship of Mr. Pascal G. Dozie CON to discuss Agriculture Investment promotion in Nigeria.

    Scheduled to hold on Thursday September 28, 2017 at the Transcorp Hilton Hotel, Abuja, the initiative has attracted more Foreign Missions and Federal Governments agencies.

    According to the Chairman of NACCIMA Economic Recovery Committee(NERC) Prince David Iweta, focus discussion at the meeting will be, among other things, centered on the need to achieve a sustainable agricultural activities in Nigeria and make Agriculture an economic power block with support infrastructure.

    “His Excellency, Mr. Harry Purwanto emphasized the fact that Indonesia, is the world biggest producer, consumer and exporter of palm oil products, yet she cannot meet the demands. They are therefore seeking to work with NACCIMA and Government of Nigeria by exposing the agriculture policy programme of the Republic of Indonesia which led to the remarkable success for their Country for consideration,” said Iweta.

    He said the parley is expected be attended by Agric policy stakeholders in Nigeria as particularly Chairpersons on Agriculture of the Legislature.

    “At an earlier visit to NACCIMA by the Ambassador, he assured of his country’s desire to partner with the Private Sector of Nigeria led by NACCIMA to support the Government of Nigeria to achieve success in the Oil Palm development as a section of Agriculture in line and support the current Economic Diversification effort of Nigeria economy.

    Recall that a similar Breakfast meeting held in Lagos and sponsored by the Brazilian Consulate General in the month of September 2017.

    The NACCIMA-NIRSAL Economic Recovery Agri-Agro Summit is scheduled for October 26-28, 2017 with the theme Nigeria Open for Agric-Business: Unlocking the potentials of Agriculture for Economic Revival & Sustainability. The summit is in collaboration with the Federal Ministry of Agriculture & Rural Development (FMARD) with the cooperation of Bank of Agriculture (BOA), Bank of Industries (BOI), Nigerian Agricultural Insurance Corporation (NAIC) and Infrastructure Concession Regulatory Commission (ICRC).

  • NACCIMA lauds SON’s support for export, import trade

    NACCIMA lauds SON’s support for export, import trade

    The National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has commended the Standards Organisation of Nigeria (SON)’s capacity development to support import and export.

    Its President, Iyalode Iyabo Alaba–Lawson, gave the commendation in Lagos while welcoming SON Director-General Mr. Osita Aboloma, to the inauguration of special committees of the association.

    She acknowledged the added value that SON internationally-accredited laboratories provide for import and export, particularly for agricultural products.

    Alaba–Lawson pledged NACCIMA’s support for the agency’s planned implementation of a products authentication scheme before the end of the year. She noted that such scheme was long overdue to tackle the challenge of products cloning and adulteration.

    According to her, the long-standing collaboration between SON and NACCIMA will be further enhanced during her tenure. She thanked Aboloma for his commitment to standardisation and quality assurance ideals.

    Aboloma sought the input of NACCIMA as a major stakeholder in the planned introduction of the products authentication scheme which will take off before the end of the year.

    He described NACCIMA members as critical stakeholders in standardisation, urging them to participate more in the development and review of Nigerian Industrial Standards (NIS) for products and services.

    Presenting a paper on “Importance of Quality Adherence to Imports/Exports in Nigeria” on the occasion, SON Head of Product Certification Mr. Tersoo Orngudwem, urged NACCIMA members to take optimum advantage of the SON internationally-accredited laboratories for import and export.

    This, according to him, will substantially reduce the incidence of export rejection and dumping of substandard products on Nigeria.

    Orngudwem said SON has over the years developed requisite capabilities in testing for export through its robust relationships with other national standards bodies across the globe as members of the International Organisation for Standardisation (ISO).

  • NACCIMA to create jobs with youth forum

    The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) said it will inaugurate its Youth Forum to create jobs for youths.

    Its President, Iyalode Alaba Lawson, who made this known at the inaugural meeting of the Youth Forum in Lagos, said through the introduction of the Forum, NACCIMA will advocate for necessary reforms that will revolutionise the socio-economic environment and encourage job creation.

    A statement signed by NACCIMA Director-General, Emmanuel Cobham, said the critical role of youths in supporting entrepreneurship and development cannot be ignored. She said the initiative was in line with the Chamber’s mission to ensure an enabling business environment through policy advocacy.

    She also said NACCIMA aimed at promoting the growth and competitiveness of businesses through proper and prompt information dissemination, using modern technology comparable to the best universal standard of chambers of commerce and industry anywhere in the world.

    The Youth Forum, she said, will focus on training and developing young entrepreneurs to meet the demand in identified gaps in the existing value chains, while equipping and supporting them to overcome the challenges faced by entrepreneurs such as access to finance, lack of business knowledge, and lack of market access, among others.

  • NACCIMA targets improved regional ties

    NACCIMA targets improved regional ties

    The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has unveiled an agenda to leverage its trade mission to support the Federal Government’s Foreign Direct Investment (FDI) drive and improve operators’capacity in the agricultural value chain.

    Its National President, Mrs. Iyalode Alaba Lawson, said the Chamber, under her leadership, would explore efforts to enhance regional trade relationships by repackaging its trade mission towards FDI.

    This, she said, would be in  partnership with members and the government in establishing companies and creating demand supply platforms for agricultural products and other mineral resources.

    Speaking at her investiture as the Chamber’s national leader, Lawson emphasised the need to increase the Chamber’s advocacy agenda, especially now that the real sector required good policies to operate efficiently.

    “While we recognise the administration’s efforts in developing the Medium, Small and Micro Enterprise (MSME) sector in Nigeria, I will like to state that our association also recognises that women and youths take the larger percentage of MSME operators, who find it difficult to access different opportunities and privileges that are available in the country,” she said.

    Lawson, however, said  NACCIMA would work with the Federal Government and development agencies to create a platform that can enhance the capacity of women and youths, while also establishing job centres through collaborations with agencies and organisations.

    Ogun State Governor Ibikunle Amosun praised Lawson’s contributions to the socio-economic development of the nation, adding that her emergence as the first National President of NACCIMA was not a surprise.

    “As I congratulate our own Iyalode on this investiture, let me enjoin you and all other members of the Executive Committee to work assiduously to bring out your best and contribute your own quota to the development of our country,” he added.

    Abeokuta Chamber of Commerce, Industry, Mines and Agriculture (ABEOCCIMA) President, Mr. Wasiu Olaleye, praised NACCIMA’s leadership for sustaining the Chamber’s ideals in the country.

    According to him, there was the need to remind the government of its responsibilities in making the business environment conducive for operators.

    “It is, however, worthy of commendation that the Federal Government has recognised that one of the major critical factors that would bail the nation out of the present economic misfortunes is to create conducive environment for businesses to thrive in Nigeria.

    “Doing business in Nigeria requires a lot of determination and resilience. The change in the business climate is always unpredictable.

    “To succeed as a business owner, you have to brace for the agonising bottlenecks and unwholesome practices when interfacing with public officials. Besides, the situation is worsened by the intractable regime of multiple taxation,” he added.

  • NACCIMA targets improved regional ties

    NACCIMA targets improved regional ties

    The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has unveiled an agenda to leverage its trade mission to support the Federal Government’s Foreign Direct Investment (FDI) drive as well as improve operators’ capacity in the agricultural value-chain.

    NACCIMA National President Mrs. Iyalode Alaba Lawson who made this known said the Chamber, under her leadership, would explore efforts to enhance regional trade relationships by repackaging its trade mission towards FDI.

    She said this would be in the form of partnership with members and the government in establishing companies and creating demand supply platforms for agricultural products and other mineral resources.

    Speaking at her investiture as the Chamber’s national leader, Lawson emphasised the need to increase the Chamber’s advocacy agenda in the country, especially now that the real sector required good policies to operate efficiently.

    “While we recognise the administration’s efforts in developing the Medium, Small and Micro Enterprise (MSME) sector in Nigeria, I will like to state that our association also recognises that women and youths take the larger percentage of MSME operators, who find it difficult to access different opportunities and privileges that are available in the country,” she said.

    Lawson, however, said  NACCIMA will work with the Federal Government and development agencies to create a platform that can enhance the capacity of women and youths, while also establishing job centres through collaborations with agencies and organisations.

    Ogun State Governor Ibikunle Amosun praised Lawson’s contributions to the socio-economic development of the nation, adding that her emergence as the first National President of NACCIMA was not a surprise.

    “As I congratulate our own Iyalode on this investiture, let me enjoin you and all other members of the Executive Committee to work assiduously to bring out your best and contribute your own quota to the development of our country,” he added.

    Abeokuta Chamber of Commerce, Industry, Mines and Agriculture (ABEOCCIMA) President, Mr. Wasiu Olaleye, praised NACCIMA’s leadership for sustaining the Chamber’s ideals in the country.

    According to him, there was the need to remind the government of its responsibilities in making the business environment conducive for operators.

    “It is, however, worthy of commendation that the Federal Government has recognised that one of the major critical factors that would bail the nation out of the present economic misfortunes is to create conducive environment for businesses to thrive in Nigeria.

    “Doing business in Nigeria requires a lot of determination and resilience. The change in the business climate is always unpredictable.

    “To succeed as a business owner, you have to brace for the agonising bottlenecks and unwholesome practices when interfacing with public officials. Besides, the situation is worsened by the intractable regime of multiple taxation,” he added.

  • NACCIMA to lawmakers: budget delays hurting economy

    NACCIMA to lawmakers: budget delays hurting economy

    The National of Association of Chambers of Commerce and Industry, Mines and Agriculture (NACCIMA) has urged the National Assembly to expedite action on the passage of 2017 Appropriation Bill submitted since last year by the Federal Government.
    Speaking on the state of the nation, its President, Bassey Edem, said dragging the passage of the appropriation document further would hurt the economy, inhibit investment initiatives, stall key infrastructure projects and rubbish the Foreign Direct Investment (FDI) campaign of the government.
    Despite encouraging signs of recovery from recession with inflation rate pegged at 17.78 per cent and decline of -1.3 per cent in GDP adverse growth rate in the fourth quarter of last year, NACCIMA said inactive policy and structure might not sustain the fragile growth.
    According to him, the Economic Recovery Growth Plan (ERGP) targeted at 2.19 per cent by year end is a commendable initiative that could only be propelled through adherence to strategic implementation and engagement of the Organised Private Sector (OPS) to ensure an overarching recovery.
    “Having been part of the process of developing the ERGP, it becomes imperative that the OPS be carried along in its implementation.We acknowledge the thoroughness that the legislators are putting into the 2017 Budget process to ensure that it positively impacts the economy, however, the process is taking too long, considering the fact that a budget is the lifeline of the economic development which the private sectors also depend upon,” he said.
    Backing the Central Bank of Nigeria (CBN) ban on banks manipulating Micro, Small and Medium Enterprises (MSMEs) access to intervention funds, Edemcalled for a review of the CBN policy on the 41 banned items through the removal of the essential raw materials unavailable locally and restoration and extension of sectoral forex allocation to real sectors, agriculture and solid minerals.
    He further urged the government to align monetary and fiscal policies towards stimulating a lower interest rate that will support competitive growth.
    “All along, we have been saying SMEs are having problem accessing intervention funds from banks and the banks prefer to give it to the bigger people. So I support the CBN to ban those banks to make it a lesson for others. The CBN intervention is a welcome idea. You find that it is very sad to have so many exchange rates. So CBN bringing out different windows means that the panic buying which people are doing is reduced. We are hoping it would fall to the official rate of 305. The more the exchange rate declines, the better. Our only problem is the cost of borrowing. The man who goes and buy goods and come to Nigeria to sell can afford to go to bank and get a loan of 17 per cent because he knows he can add it to the cost price but the manufacturer cannot afford to do that. How much money does he get from converting his raw materials to finished goods; we must get to a stage of having single digit rate,” the NACCIMA chief said.
    The president noted that the association would chart ways to ameliorate the business climate through review of the ease of doing business at its 57th Annual Conference on the 25th.

  • NACCIMA to hold 57th AGM 

    NACCIMA to hold 57th AGM 

    The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has concluded arrangements to hold its 57th Annual General Meeting (AGM) next month in Abeokuta, Ogun State.

    The AGM will be a platform to elect a new president and national officers to run the affairs of the Association for the next two years.

    The theme of the AGM is: “Ease of doing business in Nigeria: An impetus to economic recovery.”

    NACCIMA Director-General- Emmanuel Cobham, in a statement, said the highlight of the event would be the investiture of Iyalode Alaba Lawson as the 19th and first female National President of NACCIMA.

    Lawson will take over from Chief Bassey Edem.

    Cobham said the AGM would receive the last year’s National President’s Annual Report, consider the National Treasurer’s report and the audited accounts for the year ended December 31, 2016, elect officers for 2017/2018 and appoint auditors.

    The event will climax on Thursday, May 25, with the Association’s Annual Conference to be declared open by President Muhammadu Buhari.

    The Representative to Economic Community of West African States (ECOWAS) and Regional Director, United Nation Development Organisation (UNIDO), Mr. Jean Bakole, will deliver a paper on the theme of the AGM.

    Former President Chief Olusegun Obasanjo will preside over the Technical Session.

  • NACCIMA kicks against EU’s call for naira devaluation

    NACCIMA kicks against EU’s call for naira devaluation

    The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has kicked against further devaluation of the naira as being suggested by the European Union (EU). It is akin to prescribing death for survival, the group said.

    Its Chairman, National Economic Recovery Committee, Prince David Iweta, who spoke in Lagos,said any further devaluation of the naira without a vibrant export base is a call on the Federal Government to embark on a suicide mission.

    Last week, an EUofficial, Mr. Fillipo Amato advised the Federal Government to consider naira devaluation as a way of getting the country out of recession.

    Prince Iweta, who is also the first Deputy President, Southsouth Chamber of Commerce, said thepolicy of the Central Bank of Nigeria (CBN) has seen the value of the naira dip from N197 to about N320.

    He lamented that an essential commodity, such as petrol cannot access foreign exchange (forex) at the rate of N320 to the dollar, adding that owing to what is called floating rate, the naira is floating at between N450.00 and N500.00 to the dollar, adding that this has led to hyper-inflation and dearth of forex.

    He said: “I request that Mr. Fillipo Amato to channel 50 per cent (22billion Euros) of the 44billion Euros launched on September 14 under the European External Investment Plan(EEIP) to Nigeria.

    “This will support the private sector initiative as guarantees for plant and machinery to produce non-oil commodities for export out of Nigeria that will create jobs and earn forex that will strengthen our naira instead of devaluation.

    “The EU should as a serious business collaborate more with the private sector directly for effective and successful use of funds mobilised for private sector developmental activities in Africa through private sectors bodies such as NACCIMA, and not through government and its agencies as such funds evaporates without achieving its purposes.”

  • NACCIMA lauds CBN for money transfer licences

    NACCIMA lauds CBN for money transfer licences

    The Nigerian Association of Chamber of Commerce Industry, Mines and Agriculture (NACCIMA) has lauded the Central Bank of Nigeria (CBN) for licensing 11 more International Money Transfer Operators (IMTOs)  in the country.

    This, it said, was a part of efforts to liberalise the foreign exchange (forex) market, ensure liquidity and make forex available.

    Its President, Dr. Bassey E. O. Edem, said the policy was a step in the right direction in ensuring that remittances from the Diaspora remained a viable source of forex for the economy.

    He advised the apex bank to reconsider its stance in its earlier circular, where it stated that IMTOs were required to remit their foreign currencies to their agent banks in Nigeria for disbursement in naira to the beneficiaries while the foreign currencies’ proceeds were to be sold to Bureaux De Change operators for onward retail to end users.

    NACCIMA, he said, believes the policy would create room for sharp practices within the forex parallel market. He advised that the beneficiaries of foreign currencies’ proceeds be allowed to determine when they would sell their proceeds and at what rate.

    According to him, this would create a situation of multiple suppliers and sellers to meet the demand in the parallel market and reduce the pressure on the inter-bank window.