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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 24th June 2016

1.

Liquidity pressure: Banks borrow N930bn from CBN

LAGOS - Liquidity pressure heightened in the banking industry, last week, forcing banks' borrowings from Central Bank of Nigeria's Standing Lending Facility, SLF, to rise 230.61 per cent to N929.52 billion.

Conversely, the Standing Deposit Facility, SDF, has equally declined 61.76 per cent to N227.44 billion during the week, indicating that banks are also withdrawing heavily from their deposits in CBN as the liquidity pressure bites harder.

Vanguard. 27 June 2016

2.

IGR: 36 states generate N682bn, 15 appear to be going bankrupt • Lagos generates more IGR than 32 states combined

AN investigation by the Economic Confidential has shown that fifteen states may go bankrupt, as their Internally Generated Revenues (IGR) in 2015 were far below 10 per cent of their Federation Account Allocations (FAA) in one year from June 2015 to May 2016.

The report further indicates that the IGR of Lagos State of N268bn is higher than that of 32 states combined together excluding Rivers, Delta and Ogun whose IGRs are very impressive. The 32 other states merely generated a total of N257 billion in 2015.

Nigerian Tribune. 27 June 2016

3.

35 states apply for N510bn FG guaranteed loan, Adeosun clarifies

Minister of Finance, Mrs Kemi Adeosun, has clarified that the proposed loan guaranteed by the Federal Government to states is a total of N510 billion and not N90 billion as earlier reported.

Adeosun, who spoke during a television interview programme on Monday, also disclosed that N109 billion had already been released as part of the N350 billion first quarter capital vote.

Nigerian Tribune. 28 June 2016

4.

FG directs immediate re-opening of NERFUND

The Federal Government on Tuesday directed the immediate re-opening of the National Economic Reconstruction Fund almost one week after it was shut.

The Minister of Finance, Mrs Kemi Adeosun, gave the directive in a statement issued by the Director of information in the ministry, Mr Salisu Dambata.

The Punch. 28 June 2016

5.

FG releases N109bn to reflate economy

Minister of Finance, Mrs. Kemi Adeosun, yesterday disclosed that the Federal Government has released a total of N109 billion out of the N350 billion earmarked to reflate the economy.

Speaking in a ChannelsTelevision programme, 'Sunrise', the Minister said that the remaining funds are ready but facing procedural delays arising from the required public procurement processes. .

Daily Sun. 28 June 2016

6.

No benefit in naira devaluation, Buhari insists

President Muhammadu Buhari on Monday said he did not see any benefit that the country could derive from the devaluation of the naira.

This is despite the implementation of the flexible exchange rate policy, which has somehow led to the devaluation of the nation's currency. .

Punch. 28 June 2016

7.

CBN launches naira settlement system

The Central Bank of Nigeria (CBN) has formally flagged off the Naira Settlement Foreign Exchange Market on Monday, June 27, 2016 in Lagos.

This is even as naira-dollar exchange rate on Monday ended at N282 to the dollar, slightly weaker than Friday's close of N281 after the central bank's intervention.

Nigerian Tribune. 28 June 2016

8.

High diesel price: FG considers biofuel alternative for farmers

ABUJA-FOLLOWING the high cost of diesel, Federal Government is considering bio-diesel as an alternative source of fuel for farmers to enhance food production and supply.

The Minister of Agriculture and Rural Development, Chief Audu Ogbe, who disclosed this in his office in Abuja, expressed concern over the persistent hardship farmers face in accessing diesel, which now sells for between N200 and N210 per litre. .

Vanguard. 29 June 2016

9.

Cement, rice processing funds, others hit N44.6bn with BoI

The managed funds under the portfolio of the Bank of Industry (BOI) has hit N44.6 billion as at the end of 2015 financial year.

Acting Managing Director of the bank, Mr. Waheed Olagunju stated that the bank is strengthening its collaboration with its foreign and domestic partners including community-based organizations to deepen the bank's credit delivery process and financial inclusion initiatives. .

Vanguard. 29 June 2016

10.

Naira depreciation: CBN resumes dollar sales to BDCs

Lagos- THE Central Bank of Nigeria, CBN, is set to resume dollar sales to Bureaux de Change, BDCs, in a bid to arrest the continued depreciation of the Naira in the parallel foreign exchange market as well as reduce opportunity for round-tripping.

Vanguard investigations revealed that the CBN, yesterday, held a meeting with the leadership of Association of Bureau de Change Operators of Nigeria, ABCON, the umbrella body of BDCs in the country.

. Vanguard. 29 June 2016

11.

Nigeria ranks low in new World Bank’s trade logistics performance index

Nigeria has been categorised among the lowest ranking countries with 2.63 score in the latest trade logistic performance index ranking released by the World Bank.

The nation was ranked the 90th position among the 160 countries watched while Germany is the top performer for the third time and Syria ranked lowest.

Guardian. 30 June 2016

12.

India moves to boost trade in Nigeria, opens industrial association

ABUJA – In its bid aimed at boosting its trade relations with Nigeria,India has opened its oldest industrial associations in Nigeria.

The Indian trade organisation,otherwise known as ASSOCHAM India,with over 450,000 members and branches in 10 countries in Africa,was formally launched yesterday, in Abuja.

Vanguard. 30 June 2016

13.

Scarcity of forex forces 2 Nigerian airlines out of Lagos/Accra route

The ongoing scarcity of foreign exchange which had hitherto affected the operations of many foreign airlines in the country has started taking its toll on the domestic airlines.

While two of the mega carriers, Iberia and United Airlines had already pulled out of the country with other still threatening to follow suit, two of the domestic airlines in Nigeria have also withdrawn their operations on the Lagos/Accra route..

Nigerian Tribune. 30 June 2016

14.

CBN sets aside N2.5bn for business-inclined corpers

The Central Bank of Nigeria said it has set aside N2.5bn for members of the National Youth Service Corps with good business ideas to actualise their dreams.

The N2.5bn, which was set from the N220bn Micro, Small and Medium Enterprises Development Fund, the bank said, would be disbursed to the corps members under the Youth Entrepreneurship Development Programme.

Punch. 01 July 2016

15.

NSE market capitalisation down by N101bn

Lagos – Market capitalisation at the Nigerian Stock Exchange (NSE) on Friday dipped further by N101 billion, amid price loses by some highly capitalised stocks.

The market capitalisation which opened at N10.165 trillion, shed N101 billion or 0.99 per cent to close at N10.064 trillion.

Also, the All-Share Index lost 292.39 points or 0.99 per cent to close at 29,305.40 compared with 29,597.79 posted on Thursday.

Vanguard. 01 July 2016

16.

Lagos-Calabar railway project: FG, CCECC sign $11.12bn MoU

Abuja – The Federal Government and China Civil Engineering Construction Corporation (CCECC) have signed a Memorandum of Understanding (MoU) for the execution of the 11.12 billion-dollar Lagos-Calabar railway project.

The Minister of Transportation, Mr Rotimi Amaechi, signed the agreement on behalf of the government, while the President of CCECC, Cao Baogang, signed for the company in Abuja on Friday..

Vanguard. 01 July 2016

Other Economic and Business Indicators

Inflation Rate 15.58
Monetary Policy Rate 12%
Prime Lending Rate 16.13%
External Reserve USD 26,363,435,289 
Exchange Rate (Inter-Bank) USD: 281.75
POUNDS: 374.81
EUROS: 313.84
Exchange Rate (Parallel Market) USD: 351
POUNDS: 467
EUROS: 385
Liquidity Ratio 30%
Treasury Bill Rate (91 Days) 8.04%
Currency in Circulation (Million Naira) 1,746,717.85
External Debt - FGN + States (USD million) 10,718.43 (Dec 31, 2015)
Local Debt - FGN only (NGN million) 8,836,995.86 (Dec 31, 2015)
Bank Credit to to Private Sector 19,048,959.07
Demand Deposits at Banks 7,998,200.30
Nigeria's Merchandise Trade 2,723.9billion (Quarter 1, 2016)
Crude Oil $45.42 (OPEC Daily Basket, July 1 2016)

Source: CBN, NBS and DMO
Compiled by: Research Department, NACCIMA
4 July, 2016