The Federal Government, through the Ministry of Industry, Trade and Investment (FMITI), has entered into a partnership with the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) to address pressing business challenges and enhance the country’s global competitiveness.
According to a statement signed by Dele Kelvin Oye, National President, NACCIMA, The meeting, chaired by Jumoke Oduwole, Minister of Industry, Trade and Investment focused on key economic concerns.
Discussions revolved around addressing the volatility of the Naira, rising interest rates, and foreign exchange issues that have impacted businesses, particularly in the private sector.
A major point of discussion was the need to harness Nigeria’s abundant oil and gas resources to promote sustainable economic growth.
The parties also examined the potential implications of the 2024 Tax Reform Bills, expressing concerns over their impact on free trade zone incentives and calling for private sector engagement in the policy formulation process.
Strategies to attract foreign direct investment (FDI) featured prominently, with both parties agreeing on the importance of facilitating matchmaking between Nigerian businesses and global investors. This includes ensuring commitments made during international summits translate into tangible benefits for local enterprises.
Oduwole emphasized the need for prioritizing credible private sector organizations in bilateral engagements to avoid missteps and foster trust.
The statement added that NACCIMA advocated for increased government support for development banks to ensure adequate funding for the productive sector and called for the inclusion of its representatives in board appointments and industrial policy decision-making processes.
“A call for NACCIMA representatives to be included in board appointments and decision-making processes critical to industrial policy development. “Prioritizing the needs of domestic investors through an open-door policy and advocacy to address their challenges.
“The need for more government support for development Bank 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.
“This partnership marks a positive step forward in creating a conducive environment for trade and investment, ultimately aiming for sustainable development that benefits all Nigerians,”
Dele Kelvin Oye lauded the Minister’s humility and frankness in addressing the issues and reiterated NACCIMA’s commitment to fostering sustainable development. The Minister, in turn, commended NACCIMA’s leadership for their collaborative spirit and efforts to enhance Nigeria’s economic prospects.
Both sides expressed optimism about developing a working framework for future engagements to ensure government policies align with the needs of businesses.
The meeting saw attendance from key industry leaders, including representatives from Lubcon Oil, Kam Steel, Voyage Oil and Gas, and Agbetuntun.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
