NACCIMA Raises Alarm Over Mass Business Exodus Amid Challenging Nigerian Policies
Written by Agboola Oluwafemi on November 4, 2024
The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has voiced grave concerns over the relentless exodus of businesses from Nigeria, driven largely by detrimental government policies. Dele Oye, President of NACCIMA, articulated this apprehension in a statement on Monday, following the announcement by Pick n Pay, a major South African retail supermarket, of its intention to exit the Nigerian market.
“NACCIMA is deeply concerned about the alarming continuous trend of companies, including notable entities like Pick n Pay, exiting Nigeria,” Oye stated.
He pointed to a range of factors, emphasizing that “this situation is largely attributed to ineffective monetary policies from the Central Bank of Nigeria (CBN), which have resulted in substantial foreign exchange losses for businesses.” He further explained that “compounding this issue are the opaque practices within the oil and gas sector under the Nigerian National Petroleum Corporation (NNPC), leading to inflation in gas and petrol prices after the removal of subsidies.”
To reverse this negative trend and foster a more conducive business climate, Oye advocated for the CBN to establish transparent, reliable monetary policies that can boost investor confidence and stabilize the national currency, the naira. Additionally, he highlighted the necessity for sweeping reforms aimed at cultivating a business-friendly environment to stimulate sustainable economic growth and appeal to both local and international investors.
“There is an urgent need for open dialogue among the government, private sector, and civil society,” Oye remarked, stressing that “this collaboration is critical for developing tailored solutions to the economic challenges facing our nation.”
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Author: Agboola Oluwafemi
Marketing Expert
