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The NACCIMA Presidency at the World Chambers Congress 2017, Sydney, Australia
From Left-to-Right: Hajiya Saratu-Aliya (1st Deputy National President), Iyalode Alaba Lawson (National President), Ide John Udeagbala (2nd Deputy National President)
NACCIMA President, Iyalode Alaba Lawson, MFR, FIoD, JP at the opening ceremony of the Abuja International Trade Fair 2017
B2B Meeting with Republic of Benin Chamber delegation to Nigeria
NACCIMA hosted members of the Republic of Benin Chamber delegation to Nigeria to a B2B meeting with Nigerian businessmen and women
NACCIMA pays courtesy visit to Federal Minister of Communication and Technology, Barr. Adebayo Shittu
The delegation from NACCIMA, led by the Chairman of the NACCIMA Mining Trade Group, Angelo Peter I. Elosia, MBKS and Deputy Director-General, Dr. Sani Yandaki were received by Honourable Minister of Communication Technology, Barr, Abdulraheem Adebayo Shittu
NACCIMA President decorates Governor of Ogun State, Sen. Ibikunle Amosun as NACCIMA Patron
EU-ACP Technical Committee meeting on the 27th of September 2017
(R-L) The National President, Iyalode Alaba Lawson, National Vice President, Hon. Dele Oye, and Director-General, Emmanuel Cobham, esq at the EU-ACP Technical Committee meeting held at the Ministry of Budget and National Planning
Women in Logistics and Transport (WILAT) Conference - 28th September, 2017
The National President, Iyalode Alaba Lawson presented a Recognition Award to the Managing Director of the Nigerian Port Authority (NPA), Hajiya Hadiza Bala Usman at the Women In Logistics and Tranport (WILAT) Conference at the Oriental Hotel, Lagos.
Inauguration of Rivers State Chapter of NAWORG
The National President, Iyalode Alaba Lawson welcomed by the President of Port Harcourt Chambers - Dr. Emi Membere - Otaji and others for the inauguration of the NACCIMA Business Women Group, Rivers State Chapter
6th EU-Nigeria Business Forum
The National President, Iyalode Alaba Lawson delivering a goodwill message at 6th EU-Nigeria Business Forum at Eko Hotel, Lagos Nigeria 6th October. Theme Empowering Women Entrepreneurs
NACCIMA President with Gov. Okezie Ikpeazu of Abia State at the investiture of the Aba Chamber of Commerce President
NACCIMA President leads delegation to the Georgia Chamber of Commerce, USA
The 1st Annual NACCIMA-NIRSAL Agribusiness Conference

Our Mission

As 'the Voice of Nigerian Business', ensuring enabling business environment through policy advocacy, and promoting 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.

Our Vision

To be revered as the pillar of Business that supports the growth and development Private Enterprise and Private Initiative.

Our Objectives

The principal objectives of the Association are:

  • Ensuring the creation of conducive atmosphere for the pursuit of commerce, industry and all other forms of economic activities of interest to the private sector
  • The promotion, protection and development of all matters affecting business
  • Contribution of ideas for the overall economic stability of the nation
  • Encouragement and promotion of the nation's private sector
  • Provision of a network for national and international business contacts and opportunities

NACCIMA provides you with access to business and policy information, investment promotion and trade facilitation.


Economic and Business News


For the Week ending, Friday, 14th April, 2017



Expiring licences threaten bid for nation's local refining

Thirty-two companies granted licences to establish (LTE) and approval to construct (APC) private refineries with a combined capacity of 1.352 million barrels per stream day (mbpsd) in the country may lose their permits as their June 2018 deadline approaches.

Statistics obtained by The Guardian show that the medium- to long-term (18 months to three years and above) permits, granted by the oil and gas industry regulator, Department of Petroleum Resources (DPR), are nearing their terms.

If the licences expire without the coming on stream of the facilities, the country's quest to attain self-sufficiency in refining petroleum products could be frustrated. The Federal Government hopes to buoy the nation's refining capacity through these private refineries, as the existing ones remain largely under-utilised, with an average monthly capacity put at 28.10 per cent as at February end, according to official data.

The Guardian. Monday, 10 April 2017


GSM subscriptions in Nigeria hit 154 million

No fewer than 154 million Nigerians are now active subscribers of the General System on Mobile Communications (GSM), the Executive Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta has said.

Speaking on Friday during the NCC day at the ongoing Enugu International Trade Fair, Danbatta said that the country’s social media space had continued to thrive.

Danbatta, who was represented by the Head of Public Relations of the South East zonal office, Mr Rueben Mouka, revealed that internet penetration of about 90 million subscribers in the country.

“This has brought the nation to more than 110 per cent teledensity.

“With broadband penetration of 21 per cent, Nigeria’s social media space has continued to thrive and our citizens are enjoying access to modern ways of interactions in cyberspace,” he said.

Nigeriaworld. Sunday, 9 April 2017


Senate plans law to harvest N3trn from dormant bank accounts

Further pressure is coming on Nigeria's banks following moves by the National Assembly to mop up an estimated N3 trillion from dormant accounts of living and dead persons in the banking system.

Under ongoing moves in the Senate, the funds are to be polled into a fund for use by the government to build and maintain infrastructure, notably roads and power, through a board to be set up under the proposed law.

Expectedly, bank chiefs, according to Vanguard sources, are already fighting back with an intense lobby to kill or water down the provisions of the proposed law. The efforts of the banks, nonetheless, Vanguard gathered that the Presidency is already weighing in on the bill and exploring the legal and political consequences.

The bill, which has passed through first reading, also envisages to poll the estimated N3 trillion in dormant accounts and an estimated N100 billion unclaimed dividends held back by companies operating in the secondary market of the capital market. The polled funds will be managed by a board to be created under the proposed law.

Vanguard. Monday, 10 April 2017


Cost of funds rises as market liquidity drops to N96bn

COST of funds rose significantly in the interbank money market last week following series of liquidity outflow which caused market liquidity to fall by 26 per cent to N96 billion, week-on-week (WoW).

During the week, the interbank money market experienced outflow through treasury bills sale and foreign exchange sales by the Central Bank of Nigeria (CBN).

Financial Vanguard analysis of market activities showedthat the apex banksoldNigerian Treasury Bills (NTB) worth N279 billion, comprising secondary market or Open Market Operations (OMO) Bills of N45 billion and primary market bills of N234 billion. This nullified the impact of inflow of N234 billion from matured bills during the week, and was compounded by outflows to fund dollar sale of over $257.5 million by the CBN during the week.

As a result, market liquidity fell by 26 per cent from N128.9 billion the previous week to N96 billion at the close of business on Friday.

Vanguard. Monday, 10 April 2017


CBN auctions $418m to some sectors to boost forex liquidity

THE Central Bank of Nigeria (CBN) has auctioned $418 million at a marginal rate of N310 to a dollar, to airlines, agriculture, petroleum and raw materials sub sectors.

The CBN acting Director, Corporate Communications, Mr Isaac Okorafor, said in Abuja that the $480m offered last week was in addition to the $350 million sold as wholesale auction for travel allowance and school fees at the same period.

He said that in the weeks ahead, the CBN would further sustain its intervention through the sale of foreign exchange to all segments of the market, like the interbank and the Bureau de Change segment

Nigerian Tribune. Monday, 10 April 2017


Dollar purchases raise interbank rate to 14.5%

The nation's overnight lending rate has risen by 2.5 percentage points after the Central Bank of Nigeria debited bank accounts for debt purchases, draining liquidity in the money market.

The overnight lending rate increased to 14.5 per cent on Friday, up from 12 per cent at the start of the week, after CBN debited bank accounts for cash payments for dollar and Treasury bill purchases, Reuters reported.

The CBN sold around $250m forwards at a special auction and an undisclosed amount at the spot market in its bid to improve dollar liquidity and support the naira.

The sales drew liquidity out in the money market and pushed up the interest rate.

Although the central bank repaid around N234bn in matured Treasury bill on Thursday, the same amount was rolled over into another set of Treasury bills sold at an auction on the same day.

Punch. Monday, 10 April 2017


How FIRS nets N3.303trn revenue in 2016 - Fowler

TDespite crude oil prices selling below $50 per barrel most of the year, Federal Inland Revenue Service (FIRS) was able to generate N3.303 trillion by the end of 2016.

Executive Chairman of FIRS, Mr Tunde Fowler who disclosed this at the opening of a five-day journalism training on taxation in Abuja on Monday said it happened because of certain innovations introduced into the national tax administration.

FIRS made "a N3.303 trillion collections in a challenged economy in a year when oil prices dropped less than $50 dollars a barrel for over nine months and when the value of stocks on the Nigerian Stock Exchange (NSE) slid and purchasing power was slim. The average oil price was about $100 dollars per barrel between 2012 and 2015."

Nigerian Tribune. Tuesday, 11 April 2017


Forex: CBN opens window for SMEs to buy $20,000 per quarter

The Central Bank of Nigeria, CBN, yesterday, opened a special foreign exchange window for Small and Medium Enterprises, SMEs, to enable SMEs import eligible finished and semi-finished items not exceeding $20,000 for an enterprise per quarter.

The apex bank also reduced the tenor for its forward foreign exchange transactions from 60 days to 30 days

Meanwhile, Bureaux de Change, BDCs, operators, yesterday, demanded that the CBN, to increase the allowable margin on dollar sales in the subsector.

Vanguard. Tuesday, 11 April 2017


Dangote to list oil refinery on stock exchange

The President and Chief Executive Officer, Dangote Group, Alhaji Aliko Dangote, has said the crude oil refinery being built by Dangote Oil Refining Company Limited will be listed on the Nigerian Stock Exchange.

Dangote disclosed this on Monday while speaking with journalists after beating the closing gong at the NSE in Lagos in commemoration of his 60th birthday.

He said when completed in 2019, the refinery would enhance local refining of the nation's crude oil, and save the country a lot of money currently being spent on the shipment of crude oil and petroleum products.

Punch. Tuesday 11 April 2017


NNPC to resume loading at abandoned depots

The Nigerian National Petroleum Corporation (NNPC) has announced measures to improve product’s availability by re-commissioning the all-important 479.2km System 2B pipeline and resumption of loading at abandoned depots in the South Western Nigeria.

The Corporation said it has in stock, a robust inland supply of over 1.2 billion litres of petrol sufficient for more than 34 days forward consumption.

The Corporation’s product supply outlook for March to May, 2017, shows that steps have been taken to ensure adequate supply of diesel and aviation fuel.

For Automotive Gas Oil (AGO) otherwise called diesel and Aviation Turbine Kerosene (ATK) otherwise called aviation fuel, NNPC said it will continue to import to supplement local refining.

Nigerian Tribune. Tuesday, 11 April 2017


Pipeline vandalism up by 233%, says NNPC

AlThe rate of pipeline vandalism in the country increased by 233 per cent in January this year compared to December 2016, the Nigerian National Petroleum Corporation has said.

In its latest financial and operations report for January 2017, the national oil firm stated that pipeline vandalism increased tremendously in the month under review despite the interventions of the Federal Government and stakeholders in the Niger Delta region.

It said the vandalism of pipelines in the Niger Delta was perpetuated by militants in the region, and urged the culprits to desist from such activities that were counter-productive to oil production and the economy.

The NNPC said, "Pipeline sabotage in the country increased from 18 downstream pipeline vandalised points in December 2016 to 60 in January 2017. This represents 233 per cent increase relative to the previous month despite the Federal Government and NNPC's continuous engagements with the stakeholders."

Punch. Wednesday, 12 April 2017


Work on Lagos-Ibadan rail begins April 14

TThe Nigeria Railway Corporation says that the construction of the Lagos-Ibadan standard gauge rail would begin on April 14.

The Managing Director, NRC, Mr Fidet Okhiria, on Wednesday in Lagos advised those who had encroached on the NRC land to start packing their belongings, to avoid their property being destroyed by bulldozers.

"Those that are due for compensation will be compensated because it is part of the contract.

"But those who encroached on the land have to leave the premises as soon as possible because the constructions will begin on Friday.

"We intentionally did not give permits to so many people because we know that one day, the land will be required.

"So we have already mapped out those places we need to remove and they are aware. We have told them to remove their valuables before the bulldozers start work,'' he said.

The MD said the projects would bring lots of socio-economic development to communities and major town along the axis.

Punch. Wednesday, 12 April 2017


FG spends $170m on importation of tomato annually -Enelamah

The Minister of Industry, Trade and Investment, Okechukwu Enelamah, has disclosed that the Federal Government spends over $170 million every year on importation of tomato.

Speaking with the media in his office on Tuesday, in Abuja, Enelamah stated that "Nigeria imports an average of 150,000 metric tons of tomato concentrate per annum, valued at $170 million mostly due to inadequacy in capacity to produce tomato concentrate."

He noted that current demand for fresh tomato was estimated at about 2.45 million metric tons per annum (MTPA), while the country produces only about 1.8 million, adding that despite the supply gap, about 40 per cent of fresh tomato produced in the country was lost due to wastage arising from poor post-harvest handling and inadequate storage.

Nigerian Tribune. Wednesday, 12 April 2017


FG raises tariff on imported tomato concentrate to 50%

The Federal Government on Tuesday announced a new policy for tomatoes by raising the tariff on imported tomato concentrate to 50 per cent.

The government also imposed additional levy of $1,500 on each metric tonne of tomato concentrate imported into the country.

Before now, the tariff on tomato concentrate was 40 per cent, while the duty payable was put at 10 per cent of the value based on the Common External Tariff by the Nigeria Customs Service.

Punch. Wednesday, 12 April 2017


Buhari nominates non-executive directors of CBN board

TPresident Muhammadu Buhari has approved the names of non-executive members for the board of the Central Bank of Nigeria, CBN.

The was contained in a brief statement by the Presidential spokesman, Mr. Femi Adesinaon Wednesday.

The names of the nominees and their geo-political zones were Professor Ummu Ahmed Jalingo for North East; Professor Justitia Odinakachukwu Nnabuko for South East; Professor Mike I. Obadan for South South; Dr. Abdu Abubakar for North West and Adeola Adetunji for South West.

The statement added that the nominees names had been sent in a letter to the Senate President, Bukola Saraki for confirmation.

Vanguard. Wednesday, 12 April 2017


Naira weakens to 410/dollar

The naira weakened to 410 per dollar against the United States currency on Tuesday, down from 405/dollar recorded on Monday.

This was despite the Central Bank of Nigeria's attempt to improve dollar supply and prop up the local unit.

The CBN had on Monday auctioned $100m in forwards to be settled between one week and 30 days' time, as against 60-day contracts it had written previously, shortening the settlement period on forward contracts to inject liquidity.

On the official market, the naira closed at 306.10/dollar on Tuesday.

Punch. Wednesday, 12 April 2017


Power generation rises to 3,688MW

The nation's electricity generation, yesterday, rose to 3,688 megawatts, MW, showing an increase of 64MW, when compared with generation recorded a day earlier, daily operational report of Transmission Company of Nigeria, TCN, has indicated.

The sector, however, lost an estimated N1,485,000,000 due to gas constraints. Previously, recorded power generation was 3,624MW, at a time the sector lost an estimated, N1,428,000,000.

The reduction in power generation was attributed to heavy rainfall reported from Onitsha, Benin and Alaoji transmission lines, which led to load reduction from 70MW to 15MW, 100MW to 20MW and 300MW to 51MW respectively.

Vanguard. Thursday, 13 April 2017.


Nigeria’s Inflation declines by 0.52 % in March

The National Bureau of Statistics (NBS) on Thursday said that inflation dropped by 0.52 per cent in March, the second decline recorded on the year- on- year basis.

The first decline was recorded in February when inflation dropped by 0.94 per cent.

In its latest Consumer Price Index (CPI) for March released in Abuja, the bureau stated that the index, which measured inflation increased by 17.26 per cent year-on-year.

It, however, stated that the increase was a slower pace in March when compared to February consumer activities, which was 17.78 per cent.

Nigeriworld. Thursday, 13 April 2017.


US import of Nigerian oil hits 42-month high

The increase in the United States' imports of Nigeria crude oil has continued, with a record import of 9.78 million barrels in January, the latest report from the US Energy Information Administration has revealed.

Nigeria saw significant reduction in the US imports of its crude in recent years, starting from 2012, following the shale oil production boom.

The US import of Nigerian crude fell to 6.17 million in June 2013 from 10.115 million barrels in May and about 40 million barrels in March 2007.

Punch. Thursday, 6 April 2017.


Cote D'Ivoire, Senegal, others beat Nigeria on global trade Logistics Index

COTE D'Ivoire, Senegal and Sao Tome have beaten Nigeria to the fourth position in the World Bank new global trade Logistics Performance Index (LPI) for the year 2016.

The World Bank ranking revealed that Cote d'Ivoire led the West African region with anaverage point of 2.6, closely followed by Senegal and Sao Tomewith 2.59 average point respectively in logistics competence in West Africa.

LPI is the weighted average of the country scores on the six key dimensions which include, efficiency of the clearance process, quality of trade and transport related infrastructure, ease of arranging competitively priced shipments, competence and quality of logistics services, ability to track and trace consignments, and timeliness of shipments in reaching destination within the scheduled or expected delivery time.

Vanguard. Friday, 14 April 2017.


CBN extends banks' foreign currency loan limit

Owing to the fall in the naira, which forced banks to violate foreign currency loan limits, the Central Bank of Nigeria (CBN) has extended the guideline to accommodate more borrowings.

The new regulation replaces a 2014 rule capping foreign borrowings, including Eurobonds at 75 per cent of shareholders' funds as CBN tries to manage widespread capital shortfalls in banks, due to bad loans, especially.

"A major consequence of this development was the inadvertent breach of the regulatory limit for foreign currency borrowings by some banks," the CBN said in the circular.

"To address this development, the aggregate foreign currency borrowing of a bank's borrowing should not exceed 125 percent of shareholders' funds."

The Guardian. Friday, 14 April 2017


Unclaimed dividends: SEC opens database of unregistered investors

The Securities and Exchange Commission, SEC, has again demonstrated its resolve to end the incidence of unclaimed dividends in the capital market as it has opened a database of non-mandated accounts in the market.

The database will help investors check their status with regards to registering on the e-dividend portal. The e-dividend registration is part of SEC's efforts to curb the continuous growth of unclaimed dividend and allow proceeds from sale of one’s shares in the secondary market as well as dividend declared by their respective companies to be credited directly into their mandated bank accounts.

Vanguard. Friday, 14 April 2017


Other Economic and Business Indicators


GDP -1.30%
(Q4, 2016)
Inflation Rate
(Year-on-Year change)
(March, 2017)
Unemployment Rate 13.9%
(Q3, 2016)
Underemployment Rate 19.7%
(Q3, 2016)
Monetary Policy Rate 14%
(March, 2017)
Inter-Bank Call Rate 10.39%
(December, 2016)
Prime Lending Rate 17.09%
(December, 2016)
Maximum Lending Rate 28.55%
(December, 2016)
External Reserve USD 30,416,813,384     
(12 April, 2017)
Exchange Rate (CBN)
13 April 2017
USD: 306.05
POUNDS: 383.60
EUROS: 325.24
Exchange Rate (Parallel Market)
13 April 2017
USD: 410.00
POUNDS: 500.00
EUROS: 435.00
Liquidity Ratio 30%
Treasury Bill Rate (91 Days) 13.5511%
(5 April, 2017)
Currency in Circulation (Million Naira) 2,179,174
(December, 2016)
Banks Reserves(Million Naira) 3,318,344.71
(December, 2016)
External Debt - FGN + States (USD million) 11,261.89
(as at June 30, 2016)
Local Debt - FGN only (NGN million) 10,606,334.22
(as at June 30, 2016)
Bank Credit to to Private Sector (NGN million) 22,374,718.08
(December, 2016)
Demand Deposits at Banks (NGN million) 9,699,750.76
(December, 2016)
Nigeria's Merchandise Trade 4,721.9 billion (Quarter 3, 2016)
Crude Oil $53.67 (OPEC Daily Basket, April 13, 2017)


Source: CBN, NBS and DMO
Compiled by: Research Department, NACCIMA
17 April, 2017