by Loretta Alfred

The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) and the Federal Government through its Ministry of Industry, Trade and Investment (FMITI) are strengthening partnerships to pursue efforts aimed at driving the global competitiveness of businesses in the country and enhancing economic growth.

The partnership was announced after a meeting between NACCIMA President, Kelvin Dele Oye, and the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, and other stakeholders, at NACCIMA’s office in Lagos.

The high-level meeting, among other things, focused on addressing key business challenges facing the private sector, including the persistent volatility of the naira, rising interest rates, and foreign exchange issues that have exacerbated some business losses due to the currency depreciation.

It also emphasized the importance of harnessing Nigeria’s rich oil and gas resources wisely to promote sustainable growth.

The need for careful examination of the 2024 Tax Reform Bills and their likely negative impacts on the free trade zone incentives was discussed, focusing on their potential impact on businesses and the necessity for NACCIMA’s engagement in the policy formulation process.

According to Oye, strategies for attracting Foreign Direct Investment (FDI) were a focal point, with suggestions for improved collaboration between NACCIMA and the Ministry to facilitate matchmaking between Nigerian businesses and global investors, ensuring that pledges made during international summits effectively benefit local enterprises, as well as the necessity of prioritizing and collaborating with credible private sector organizations to avoid missteps in bilateral engagements.

NACCIMA further advocated for its representatives to be included in board appointments and decision-making processes critical to industrial policy development.

The forum also advocated for prioritizing the needs of domestic investors through an open-door policy and advocacy to address their challenges and the need for more government support for development banks to ensure adequate funding for the productive sector.

As part of this collaborative effort, both NACCIMA and FMITI expressed optimism about establishing a working formula for future engagement, to enhance coordination efforts, ensuring that government policies align effectively with the needs of the business community.

The partnership marks a positive step forward in creating an environment conducive for trade and investment, ultimately aiming for sustainable development that benefits all Nigerians.

The NACCIMA President also thanked the Hon. Minister for her humility, as well as her honest and frank disposition in the discharge of her duty.

On her part, the Minister thanked the National President and Members of NACCIMA National Executive Committee for agreeing to host her and her delegation.