Interest rate, FX issues major focus as FG, NACCIMA strengthen partnership

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

During a high-level meeting between NACCIMA and the Federal Ministry of Industry, Trade and Investment, held at NACCIMA’s Office in Lagos among other things focused on include rising interest rates, and foreign exchange (FX) issues and Naira volatility that have worsened some business losses due to the currency depreciation.

It also emphasised 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.

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The partnership was announced after a meeting between Kelvin Dele Oye, president NACCIMA, and Jumoke Oduwole, Minister of Industry, Trade and Investment, and other stakeholders. The partnership marks a positive step forward in creating a conducive environment for trade and investment, ultimately aiming for sustainable development that benefits all Nigerians.

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.