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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
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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
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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
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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
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NACCIMA President leads delegation to the Georgia Chamber of Commerce, USA
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The 1st Annual NACCIMA-NIRSAL Agribusiness Conference
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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 2nd December 2016

1.

Nigeria records over $200m FinTech investment in 2 years - KPMG

KPMG, a global network of professional firms providing audit, tax and advisory services, has revealed that investment in Nigeria Financial services Technology, FinTech, over the last two years has exceeded $200 million.

This is even as it called on the Federal Government to provide incentives and regulatory support that would strengthen the ecosystem and allow the country to compete favourably in global space.

Partner & Head, Financial Services Technology, KPMG in Nigeria, Boye Ademola, said that FinTech opportunities in Nigeria are significant and could potentially redefine the financial services landscape over the next five years.

Vanguard. Sunday, 27 November 2016

2.

Recession: Nigeria's biggest pipe factory may be shut

After several months of staying idle, the country's biggest pipe factory owned by SCC Nigeria Limited may be shut down soon as it grapples with lack of patronage amid the recession rocking the country.

The company had in October last year inaugurated the 280,000-tonne ultra-modern steel pipe manufacturing mill in Ushafa, Abuja, with President Muhammadu Buhari represented by the Secretary to the Government of the Federation, Mr. Babachir Lawal, on the occasion.

The Project Co-ordinator, SCC Nigeria, Mr. Festus Onyenenue, spoke with our correspondent on the sidelines of a tour of the facility by some participants of the sixth Practical Content Conference.

Punch. Monday, 28 November 2016

3.

SMEs win major tax war

The Nigerian Association of Small and Medium Enterprises (NASME), umbrella body of micro, small and medium enterprises, MSMEs, in Nigeria, may have won a major battle releasing small businesses from tax burdens as the Federal Inland Revenue Service (FIRS) has waved all outstanding tax liabilities against them up till 2016.

NASME had, earlier in this year, packaged a tax amnesty proposal with the technical support of a leading accounting firm, Akintola Williams Deloitte, and lobbied the Federal Ministry of Finance to, among other things, wave all outstanding penalties, charges and interests on all unpaid taxes standing against every MSME up to 2016.

Vanguard. Sunday, 27 November 2016

4.

Foreign consortium/NNPC to build $340m Ethanol plant in Benue

A consortium based in the United Kingdom, in collaboration with the Nigerian National Petroleum Corporation, NNPC, is to invest over $340 million in the establishment of an ethanol plant in Benue State.

Governor Samuel Ortom, who made this known in a state-owned radio programme monitored in Makurdi, said the project would be executed to further boost the federal government's renewable energy policy.

He said: "The stage is already set for the signing of an agreement among major stakeholders including the state government and the Consortium.

Vanguard. Monday, 28 November 2016

5.

FG backs ban on foreign rice in Ebonyi

The Federal Government says it is in support of the ban on the sale of foreign rice in Ebonyi State.

Governor David Umahi of Ebonyi State had banned the sale of imported rice in the state, saying that this was to encourage local production of the commodity.

The Minister of Agriculture and Rural Development, Chief Audu Ogbe, who spoke when he visited Ettem Amagu Rice Farm in Ikwo Local Government Area, said the Federal Government was in support of the ban on sale of foreign rice in the state.

Vanguard. Monday, 28 November 2016

6.

Forex: CBN grants over $1.5bn in 2 months

As part of efforts to ease foreign exchange(forex) pressure on strategic sectors of the economy, the Central Bank of Nigeria (CBN) has so far granted $1.53 billion to 9,134 companies through the inter-bank market.

Data from the apex bank on foreign exchange allocation and utilization for September and October show that manufacturing industries got the lion share of about $751.45 million. In September alone, the real sector got over $660 million from 1,342 companies, to source raw materials and spare parts for their industries. This rose to about 7,792 requests for $867 million in October with the raw materials sector receiving the lion share of about $355.75million or 40.99 per cent of the total value of forex utilization for the month put at $867.8 million.

The data also showed that other end users like the petroleum industry got access to about $150.82 million .Companies and other interests in the agricultural sector got access to about $13,72 million for the period, while entities in the aviation sector received about $10.31million for the same period. Finished goods and others got allotments of about $43.84 million and $10.78 million respectively.

The Sun. Monday, 28 November 2016

7.

Naira loses 85% of value in two years - CBN

The Central Bank of Nigeria says the naira has lost about 85 per cent of its value in the last two years and there is a need for risks managers in banks to be on top of their job because of the risks facing the banking sector.

The Director, Banking and Payment System, CBN, Mrs. Tokunbo Martins, said this in a presentation at a round-table discussion organised by the Risk Managers Association of Nigeria in Lagos on Friday.

She said the Nigerian economy, including the banking sector, was facing various kinds of risks occasioned by the challenges of high inflation, naira depreciation, oil price crash and decline in manufacturing output.

Punch. Monday, 28 November 2016

8.

CBN slashes dollar supply to BDCs by 46%

The Naira has come under fresh pressure in the parallel market having depreciated to N473 per dollar following the decision of the Central Bank of Nigeria (CBN) to slash dollar sales to Bureaux De Change (BDCs) by 46 per cent.

Financial Vanguard investigations revealed that last week, the CBN sold $8,000 to each BDC through Travelex Nigeria Limited. This represents 46 per cent decline when compared to $15,000 usually sold per week to each BDC.

Confirming this development to Financial Vanguard, Chief Executive Officer of H.J Trust BDC, Mr. Harrison Owoh said the reduction came as a surprise to the market. He said this was contrary to the general expectation that the dollar sale will be increased to $20,000 per BDC. "That is why the currency is under pressure with the rate going up."

Vanguard. Monday, 28 November 2016

9.

FG to import crude oil from Niger Republic, plans 1,000-km pipeline

Against the challenges in moving crude oil from South-South Nigeria to Kaduna Refinery and Petrochemical Company (KRPC), the Presidency has turned to Niger Republic for supply of the commodities to bring KRPC into full operation.

Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, weekend disclosed ongoing plans by the Federal Government to construct about 1, 000 kilometer crude oil pipelines from Niger Republic to Kaduna Refinery.

Baru made this known during a town hall meeting with management and staff of KRPC in Kaduna.

According to him, "Due to challenges with the aged refinery and crude oil pipelines that had been breached severally, the operations of the refinery has been epileptic. This we are determined to resolve through various intervention methods, including evaluation of alternative crude oil supply from Niger Republic through building of a pipelines of over 1, 000 kilometers from Agadem to Kaduna. That effort is being championed by Mr. President himself."

Vanguard. Monday, 28 November 2016

10.

Northern govs, General Electric sign MOU for 5 power plants

The Northern States Governors' Forum and General Electric International yesterday signed a memorandum of understanding, MOU, for the construction of five solar plants in some parts of Northern Nigeria.

The plants are expected to generate 500 megawatts of electricity.

Chairman of the Northern States Governors' Forum, and Borno State Governor, Kashim Shettima, signed the agreement on behalf of the governors, while General Electric's Senior Executive, Western Europe and Africa, Armand Pineda, and the President/Chief Executive Officer, General Electric, Nigeria, Lazarus Angbazo, signed on behalf of their company in a brief ceremony which held at Transcorp Hilton Hotel in Abuja.

Vanguard. Tuesday, 29 November 2016

11.

Firms expect higher inflation, further fall in Naira value - CBN report

Central Bank of Nigeria (CBN) survey has shown that private sector operators expect the naira to further depreciate and inflation to increase further before the end of the year.

According to the survey titled, "Business Expectations Survey, BES, for Fourth Quarter, 2016", 'Firms that participated expect the naira to further weaken in the current quarter, but to strengthen in the next quarter. However, inflation and borrowing rates were expected to rise in both the current and next quarters."

The CBN stated that: "Respondent firms were pessimistic on the macro economy in Q4 2016. The pessimism was driven by the opinion of respondents from all the sectors: services, industrial, wholesale/retail trade and construction.

Vanguard. Tuesday, 29 November 2016

12.

CBN releases watchlist on financial crimes

In order to address the rising cases of crimes in the financial system, the Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), has come up with a draft framework on local Watch-list for the banking system.

In a circular, entitled "Exposure draft of the proposed framework on watch-list for the Nigerian banking system", by its Director of Banking Supervision, Mrs Tokunbo Martins, the apex bank says the aim of the watch list is to "address the increasing incidence of fraud/forgeries and other unethical practices" with the aim of "engendering the needed public confidence that will ensure a safe and sound financial system".

According to Mrs Martins, the "Watch-list is a database of bank customers identified by their Bank Verification Numbers (BVNs) who have been involved in confirmed fraudulent activities."

The Sun. Tuesday, 29 November 2016

13.

Again, fuel scarcity looms as FG owes oil marketers $1.7bn

The country may be plunged into another round of excruciating fuel scarcity in the next couple of weeks as oil marketers disclosed that they are running out of patience over the Federal Government's refusal to pay its $1.7 billion debt owed them since May 2015.

One of the oil marketers who spoke to Vanguard in Abuja, under the condition anonymity, disclosed that the seeming sanity in petroleum products distribution and sales across the country can be likened to the "peace of the graveyard,' as he noted that marketers are only ensuring that they are not seen as individuals seeking to sabotage the efforts of government.

Vanguard. Tuesday, 29 November 2016

14.

Kano State Govt. signs $1.8bn light rail contract with Chinese firm

The Kano State Government has signed contracts valued at 1.8 billion dollars with China Railway Construction Group C18 for the construction of light rail line in the state.

Gov. Abdullahi Ganduje signed the contract in a brief ceremony on Wednesday in Kano.

Ganduje said the first phase of the construction was billed to take two years, while the second phase of the four-line rail was expected to take another two years.

He added that the project would improve the transport system within the state, as well as drive economic activities in the state.

Vanguard. Wednesday, 30 November 2016

15.

Sokoto Govt test runs N3.8bn 38MW Independent Power Project

Sokoto State Government on Wednesday commenced the test running of its N3.8 billion Independent Power Project (IPP), whose contract was awarded in November, 2008.

The News Agency of Nigeria (NAN) reports that, the project has the installed capacity of a minimum of 30 megawatts and a maximum of 38 megawatts.

The Chief Operating Officer of the contracting firm, Vulcan Elvaton Ltd, Mr Franklin Ngbor, told newsmen during the test run that the turbine of the project had already tested three times.

Punch. Wednesday, 30 November 2016

16.

NCC's directive on data tariff increase insensitive - Telecoms consumers

The National Association of Telecommunications Subscribers (NATCOMS) on Wednesday said the directive from the Nigerian Communications Commission (NCC) for data tariff increase was insensitive.

NATCOMS President, Chief Deolu Ogunbanjo said in a statement in Lagos, that the service providers had started notifying their subscribers of the increase in the tariff of data usage effective from Dec. 1.

Ogunbanjo said that the percentage of the increment was not disclosed yet but might be doubled.

"We view the directive as insensitive and callous. Since NCC is an agency of the Federal Government, the purported directive is one more design by the government to cast more financial burden on the already depressed citizenry.

Punch. Wednesday, 30 November 2016.

17.

Nigeria woos U.K. investors in transport sector

The Federal Government is seeking for foreign direct investment in the transportation and other sectors of the economy.

Minister of Transportation, Rotimi Amaechi in Knightsbridge, London, United Kingdom yesterday at the 2016 Business Investment Form, said Nigeria, despite the challenges it was facing, remained an attractive place for medium and long-term export and investment destination.

According to the minister, the fundamentals of the Nigerian economy look very favourable, especially for U.K. exporters and investors in the medium and long term.

The Guardian. Wednesday, 30 November 2016

18.

Naira appreaciates marginally at interbank market

The Naira on Wednesday appreciated marginally against the dollar at the interbank market, gaining 25k to exchange at N305, the News Agency of Nigeria (NAN) reports.

The Nigerian currency closed at N305.25 on Tuesday.

Trading on the floor of the Bureau De Change (BDC) saw the Naira sold at N399 to a dollar, CBN controlled price, while the Pound Sterling and the Euro closed at N585 and N506 respectively.

The Naira continued to nosedive at the parallel market, closing at N480 to a dollar, while the Pound Sterling and the Euro traded at N580 and N505 respectively.

The Guardian. Wednesday, 30 November 2016

19.

NCC suspends data price hike

The Nigerian Communications Commission has suspended its directive to mobile network operators to increase the price of data.

According to the NCC, the decision is as a result of the outrage that followed the announcement of the planned price hike.

"Following the concerns that visited the directive to introduce price floor for data segment of the telecommunications sector beginning from December 1, 2016, the Nigerian Communications Commission has suspended any further action in that direction," the commission said in a statement by its Director, Public Affairs, Mr. Tony Ojobo.

Punch. Wednesday, 30 November 2016

20.

Ericsson sacks 160 Nigerian workers, takes jobs to India

Ericsson Nigeria, the local subsidiary of the global telecommunications solutions provider, has disengaged about 160 permanent and outsourced workers in its Network Operating Centre, investigations have shown.

It was gathered that disengagement, which takes effect on Sunday, December 4, 2016, affected 55 full-time employees of the company.

According to sources in the company, some workers were laid off in July when the offshoring (the practice of a company in one country arranging for people in another country to do work for it) of jobs to India began.

Punch. Thursay, 01 December 2016

21.

FG audits 33 agencies, may recover N450bn operating surpluses

The Federal Government is set to recover about N450bn operating surpluses that were not returned by 33 agencies from 2010 to 2015.

The Minister of Finance, Mrs Kemi Adeousun, made the announcement on Thursday in Abuja at a news conference.

She said that an audit had been carried out on the agencies in compliance with the Fiscal Responsibility Act, 2007.

Punch. Thursday, 01 December 2016

22.

Power generation drops to 3,321mw

The nation's power generation capacity has dropped from 4,285 megawatts recorded on September 16 to 3,321 megawatts on December 1 due to dearth of gas, the News Agency of Nigeria (NAN) reports.

NAN reports that this figure was obtained frokm the website of Nigerian Electricity System Operator on Thursday.

The Transmission Company of Nigeria (TCN), puts the total output of all the generation companies at 3,321.50 megawatts, which had been transferred to the 11 distribution companies across the country.

Vanguard. Thursday, 01 December 2016

23.

No financial institution will grant Nigeria$30bn loan – Sanusi

A former governor of Central Bank of Nigeria, Alhaji SanusiLamido Sanusi on Friday in Abuja, advised President Muhammadu Buhari to jettison the proposed plan to take $30 billion foreign loan because of its grave consequences.

According to him, even if the Senate approves the loan, no foreign nation or financial institutions would be willing to grant the request.

Sanusi, who is also the Emir of Kano, threw the challenge in his paper entitled: “A plan to restore confidence, direction and growth”, during a policy dialogue organised by an economic think tank, Savannah Centre for Diplomacy, Democracy and Development.

Punch. Friday, 02 December, 2016

24.

CBN to fund local production of forex-banned items

The Central Bank of Nigeria has pledged to provide funding for local manufacturers to produce items considered not eligible for foreign exchange at the interbank window, the Manufacturers Association of Nigeria has said.

Owing to the fall in global oil prices, the CBN, in one of its measures to protect the country's fast depleting foreign reserves, had in 2015 restricted importers of 41 items from accessing forex through the official window.

Among the restricted imports are household items, consumables and some raw materials that manufacturers insist are essential to their production process.

Punch. Friday, 02 December, 2016

25.

Nigeria, Morocco to sign 15 bilateral agreements

President Muhammadu Buhari on Friday met behind closed doors with visiting King Mohammed VI of Morocco at the Presidential Villa, Abuja.

The king who arrived the country on Thursday night was received by Vice-President Yemi Osinbajo at the Presidential Wing of the Nnamdi Azikiwe International Airport, Abuja.

He arrived the Presidential Villa on Friday about 1.30pm and was received by the President and some top government officials. A few minutes after he arrived, he and Buhari proceeded to the National Mosque, Abuja where they joined dignitaries like the President of the Senate, Bukola Saraki; Sultan of Sokoto, Sa’ad Abubakar III; and the Emir of Kano, Muhammadu Sanusi II, for Jumat service.

The two leaders later returned to the Presidential Villa for bilateral talks.

The Minister of Foreign Affairs, Geoffrey Onyema, told State House correspondents that 15 bilateral agreements would be signed during the visit of the Moroccan king.

He said the agreements would touch on trades, oil and other sectors.

Punch. Friday, 02 December 2016

Other Economic and Business Indicators

Inflation Rate
(Year-on-Year change)
18.33%
(October, 2016)
Unemployment Rate 13.3%
(Q2, 2016)
Underemployment Rate 19.3%
(Q2, 2016)
Monetary Policy Rate 14%
(November, 2016)
Inter-Bank Call Rate 36.42%
(October, 2016)
Prime Lending Rate 17.10%
(October, 2016)
Maximum Lending Rate 27.69%
(October, 2016)
External Reserve USD 24,844,884,296  
(02 December 2016)
Exchange Rate (CBN)
02 December 2016
USD: 305
POUNDS: 385.03
EUROS: 324.92
Exchange Rate (Parallel Market)
02 December 2016
USD: 484.00
POUNDS: 595.00
EUROS: 510.00
Liquidity Ratio 30%
Treasury Bill Rate (91 Days) 13.99%
(16 November, 2016)
Currency in Circulation (Million Naira) 1,825,664.51
(October, 2016)
Banks Reserves(Million Naira) 4,415,126.62
(October, 2016)
External Debt - FGN + States (USD million) 10,718.43
(Dec, 2015)
Local Debt - FGN only (NGN million) 8,836,995.86 (Dec 31, 2015)
Bank Credit to to Private Sector (NGN million) 23,069,635.07
(October, 2016)
Demand Deposits at Banks (NGN million) 8,501,818.92
(October, 2016)
Nigeria's Merchandise Trade 3,942.0 billion (Quarter 2, 2016)
Crude Oil $49.35 (OPEC Daily Basket, December 2, 2016)

Source: CBN, NBS and DMO
Compiled by: Research Department, NACCIMA
05 December, 2016