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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 September 2016

1.

Power and works tops second quarter capital disbursement

• Gets N117bn

The Federal Government has continued to fund the capital aspect of the 2016 budget to provide immediate and long-term reprieve from the effects of economic recession.

Strategic funding of the key sectors such as power, Works and Housing, Agriculture, and Water, among others, government said is to assuage the effects of recession and boost production.

According to a breakdown of expenditures from July 2016, obtained by The Guardian in Abuja, yesterday, the Ministry of Power, Works and Housing received the highest so far, because of the cross cutting values of roads, electricity and power generation purposes under the ministry.

Guardian. 28 August 2016

2.

Buhari approves governing boards for NPA, NIMASA

President Muhammadu Buhari, has approved the composition of the governing boards of the Nigerian Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA).

A statement signed by Bolaji Adebiyi, Director (Press), Office of the Secretary to the Government of the Federation, named the following as chairmen and members of the two parastatals.

NPA has Emmanuel Olajide Adesoye, as chairman, while the following are members: Supo Shasore; Suleiman Ibrahim Halilu; Constance Harry Mashal; Umar Shu'aibu and Charles Efe Emukowhate Sylvester. Others are Hadiza BalaUsman; Mohammed Bello Koko; Dr. Sekonte Davis; Professor Idris Abubakar and Mrs. I. J. Uche-Okoro.

In the same vein, NIMASA has Major General Jonathan India Garba, as its chairman, while Asekomhe Oaakhia Kenneth; Mohammed Gidado Muazu; Hon. Barrister Ebele Obi; S. U. Galadanchi and Ms Nene Betty Dike, as members. Other members are Dakuku Peterside; Rear Admiral Adeniyi Osinowo; Bashir Yusuf Jamoh; Joseph Oluwarotimi Fashakin and Gambo Ahmed-Member

Adeoye, who chairs the NPA, was a top executive of Mobil Oil Nigeria Plc from January 1984 - September 1998.

The Sun. 28 August 2016

3.

Lack of investors' confidence responsible for economic challenges – Lagos Chamber of Commerce and Industry (LCCI)

Lagos Chamber of Commerce and Industry, Lagos Chamber of Commerce and Industry (LCCI), yesterday, blamed the current lull in Nigerian economy on inability to regain the confidence of investors, both local and foreign, which had resulted in uncertainty in foreign exchange market.

Director General, Lagos Chamber of Commerce and Industry (LCCI), Muda Lawal, who stated this in his comment on the state of the economy, said: "Regrettably, the instability and inconsistency in the foreign exchange management policy have been complicating matters.

“The economy has a major structural defect of being heavily import-dependent. This cannot be fixed in the short term. Therefore, the shocks arising from the collapse of oil price and the corresponding depreciation in exchange rate of the naira, were inevitable. But the policy responses could make a whole lot of difference in the profundity of the impacts of these shocks on the economy and the citizens." He said historically, autonomous supply of foreign exchange had been higher than the Central Bank of Nigeria, CBN, supply, adding: "This has virtually dried up because of the collapse of investors' confidence. Of course, the plunge in crude oil price was a major causal factor. But perhaps the bigger issue is the unstable and inconsistent foreign exchange policy which has continued to create uncertainty in the forex market, thus deepening the liquidity problems.

Vanguard. 29 August 2016

4.

July inflation may reach 17.3% —Analysts

AS the National Bureau of Statistics (NBS) prepares to announce official data on the economy August 31, a herd of finance and economic analysts have predicted that imported food prices and depreciation of the local currency will push July inflation to over 17.3 per cent.

Economists frown at high inflation because it reduces not only the purchasing power of money but also the value of savings, just as people spend more on basic needs and have little to invest or save.

Nigerian Tribune. 29 August 2016

5.

Monthly cheque transactions decline to N489bn

InA steady decline in the traditional cheque transaction may push the growth of mobile money in the country, a new report has shown as captured by OZIOMA UBABUKOH

There have been general declines in monthly cheque transactions in the country since 2016, sliding from N501.166bn in the month of February to N488.627bn in June.

A report from the Nigerian Interbank Settlement System on Sunday showed that cheque transactions worth of N464.553bn were carried out in January; N501.166bn in February; and N487.572bn in March, ending the first quarter.

In the second quarter of the year, spanning April, May and June, cheque transactions worth N472.465bn, N480.409bn and N488.627bn, were respectively executed.

Punch. 29 August 2016

6.

CBN to sell over N212bn in TB

In continuation of its effort to help the Federal Government raise money to fund this year budget deficit, the Central Bank of Nigeria (CBN)will Wednesday sell Treasury bills worth N212.85 billion just as the apex bank mopped up N71.6 billion on Friday through the Open Market Operation (OMO).

The apex bank said the Treasury billson offer consist of papers maturing between 91 days and one year. Giving its breakdown, the bank said it would sell N45.85 billion worth of the 91-day bills, N62 billion of the 182-day paper and N105 billion of the one year debt.

The Sun. 28 August 2016

7.

Osinbajo inaugurates 136 million-dollar Produce City in Edo

TThe Vice-President, Prof. Yemi Osinbajo, in Edo on Monday inaugurated the ground breaking ceremony of the 136 million-dollar first Integrated Produce City (IPC) in Nigeria.The project is sited at Ugbokun, near Okada in Ovia North East Local Government Area of Edo.

Represented by Gov. Adams Oshiomhole, the vice-president said the venture would transform the lives of thousands of people in the country.Osinbajo said that the country could not continue to measure its price and value by the quantity of crude exported.

He said, “let us stop exporting oil as it will help us rediscover who we are. “

The vice-president said the government would continue to support genuine investors to improve the living conditions of the citizenry.

Vanguard. 29 August 2016

8.

Chinese firm wins $1.85bn Kano light rail contract

Another light rail project is in the offing as a Chinese firm has received the approval to construct the line in Kano at a sum of $1.85bn (N589.8bn).

An online report by The Cable on Monday gave the construction firm as the China Railway Construction Corporation.

This is coming less than a year to the completion of the first light rail project being constructed in Lagos by the state government. Another Chinese firm, China Civil Engineering Construction Corporation is handling the project.

Punch. 30 August 2016

9.

Buhari entices Japanese investors with choice incentives

President Buhari has pledged incentive packages to Japanese companies willing to invest in the country in order to deepen and expand their investments.

These incentives include export rebates, access to foreign exchange, land, interest rates, transparency in business regulation and favourable regulatory structure.

The President made the pledge at the just concluded Tokyo International Conference on African Development, “TICAD 6” in Nairobi, Kenya, attended by several African Presidents and Prime Minister and the co-convener of the conference, Shinzo Abe, the head of the Japanese government.

The Sun. 30 August 2016

10.

Forex market records unprecedented inflow, as exchange rate moderates at N305/$

Pressure on foreign exchange rate eased, yesterday, as the interbank market recorded an unprecedented inflow of USD327 million with a single transaction of USD270 million by foreign investors.

This development drove interbank rate down to N305.5/ USD1, from last Friday's closing rate of N314.95/ USD1.

Bank treasurers said the development came as foreign investors lined up to buy local currency bonds in response to the attractive rates in the bonds market.

Hitherto, liquidity in the forex market was largely driven by supply intervention from Central Bank of Nigeria, CBN, to douse tension and control escalating exchange rate.

Vanguard. 30 August 2016

11.

Shippers' council budgets N1bn for system automation

  • Launches standardisation procedure, cargo tracking
  • Pushes higher capital base for freight forwarders
The Nigerian Shippers' Council (NSC) said it has budgeted above N1billion for system automation in its medium term economic programme. The automation is meant to ease operations at the nation's ports, with a view to significantly reducing costs for ports users.Intimating journalists at the weekend in Lagos on 'Transforming the Nigerian Ports for National Economic Development: The Role of Nigerian Shippers' Council,' the Executive Secretary/Chief Executive Officer, NSC, Hassan Bello, said the automation is part of a national single window being introduced at the nation's ports.

The Guardian. 30 August 2016

12.

How ailing economy will be revitalized – Presidency

The Presidency has said that the country’s ailing economy would bounce back fully after the 2016 statutory budgets of corporations and agencies are passed by the National Assembly and subsequently assented to by President Muhammadu Buhari.

This is even as the President assented to the N241 billion FCT budget for 2016 fiscal year.

The government attributed the difficulty it was having in revitalizing the troubled economy to the delay by the National Assembly to treat and pass the budgets for urgent assent and implementation.

Vanguard. 31 August 2016

13.

Soludo backs Buhari's emergency bill, proposes N19trn 'anti-recession' blueprint

Former governor of the Central Bank of Nigeria (CBN), Prof. Charles Soludo, has expressed support for President Muhammadu Buhari's emergency economic bill aimed at reviving the economy.

In a mini-blueprint for the All Progressives Congress (APC), Soludo also proposed a public spending of 15 percent to 20 percent (N14 trillion to N19 trillion) of the nation's gross domestic product (GDP) to steer Nigeria out of recession to the next level.

The Sun. 31 August 2016

14.

FG earmarks N7.5bn for auto mortgage scheme

The Federal Government, through the National Automotive Design and Development Council, has announced plans to launch a N7.5bn credit purchase scheme to give opportunities to Nigerians to purchase locally assembled vehicles.

The Director, Policy and Planning, NADDC, Mr. Luqman Mamudu, said on Tuesday that the council would contribute the amount ( N7.5bn) at a low interest rate, with counterpart funding from a company in South Africa, to help Nigerians have access to affordable new vehicles.

Punch. 31 August 2016

15.

CBN re-instates banks banned from foreign exchange market

The Central Bank of Nigeria (CBN) has re-instated all the banks that were banned from the foreign exchange market, the Director, Banking Supervision, Mrs Tokunbo Martins, has said.

She said this on Wednesday in Abuja at a media briefing, stating that the decision was reached after a series of meetings with the body of bank Chief Executive Officers (CEOs) and the Chartered Institute of Bankers of Nigeria (CIBN).

The Guardian. 31 August 2016

16.

CBN approves 11 more money transfer operators

In its search for scarce foreign exchange and elimination of illegal funds transfer , the Central Bank of Nigeria (CBN) yesterday approved 11 International Money Transfer Operators (IMTOs), bringing the number to 14.

The move, according to the regulator, is to deepen efforts at liberalising the foreign exchange market, ensuring liquidity and making foreign exchange more readily available to low-end users.

The Guardian. 31 August 2016.

17.

Forex: Foreign suppliers cut fuel shipment to Nigeria over $985m debt

An acute shortage of foreign currencies across the country may have forced some overseas supplier of Premium Motor Spirit (PMS) popularly called petrol to suspend further supply of the commodity to Nigeria, over a $985 million debt overhang, Daily Sun findings has revealed.

Their decision to cut supplies to its Nigerian customers may not be unconnected with the inability of importers to source foreign exchange to offset some of their debt liabilities running into millions of Dollars. Dealers who spoke to Daily Sun, warned however that unless this is resolved, Nigeria may witness another round of fuel shortages.

The Sun. 31 August 2016

18.

Nigeria records lowest investment inflows at $647m

AThe National Bureau of Statistics on Wednesday said the Nigerian economy recorded its lowest level of investment with a total investment inflow of $647.1m in the second quarter of 2016.

The bureau in the capital importation report which was released by the Statistician General of the Federation,said the $647.1m represents a fall of 8.98 per cent relative to the first quarter.

Punch. 31 August 2016

19.

Nigeria’s unemployment rate rises to 13.3% -NBS

The National Bureau of Statistics on Wednesday said the country’s unemployment rate has risen from 12.1 per cent in the first quarter of this year to 13.3 per cent as at the end of the second quarter.

Punch. 31 August 2016

20.

Nigeria's inflation rate hits 17.1 % in July – NBS

The National Bureau of Statistics (NBS) says that Consumer Price Index (CPI) has increased to 17.1 per cent in July from 16.5 per cent in June.

A report released by the NBS in Abuja on Wednesday stated that the CPI, which measured inflation, was 0.6 per cent points higher from the points recorded in June.

Vanguard. 31 August 2016

21.

Nigeria officially in recession, GDP growth drops to -2.06%

The National Bureau of Statistics on Wednesday released the much-awaited Gross Domestic Product figures for the second quarter of 2016 with the GDP growth rate sliding further from -0.36 per cent in the first quarter to -2.06 per cent year-on-year.

The negative growth rate recorded in the second quarter of this year is a confirmation of the predictions by the Federal Government and economists that the country was heading into recession.

Punch. 31 August 2016

22.

FG Okays more external borrowings, says it's certain about how to turn economy around

The Federal Government says it is focused on how to turn around the nation's economy despite the staggering economic situation, which has pushed inflation to a double digit of 17.1.

The declaration followed on the heels of the submission by the National Bureau of Statistics that the economy was technically in a recession.

But at the end of the Federal Executive Council Meeting presided over by President Muhammadu Buhari, the Minister of Finance, Mrs. Kemi Adeosun, admitted that though it was the worst possible economic season for Nigeria, the government was not confused about what to do in order to salvage the situation in the interest of Nigerians.

Vanguard. 01 September 2016

23.

Economic recession: MAN, Lagos Chamber of Commerce and Industry (LCCI), Rewane, others ask CBN to cut interest rate

The Manufacturers Association of Nigeria, the Lagos Chamber of Commerce and Industry, the Abuja Chamber of Commerce and Industry and other organised private sectors on Thursday called on the Federal Government to drastically slash interest rate in order to stimulate economic recovery.

Professional bodies such as the Chartered Institute of Finance and Control and the Institute of Fiscal Studies of Nigeria and renowned economists including the Chief Executive Officer, Financial Derivatives Limited, Mr. Bismarck Rewane, advised the government to urgently review its policies and spend more to atttract both local and foreign investors to invest in the economy.

Punch. 02 September 2016

24.

Dangote's tomato factory to resume production in December

Seven months after halting production, Dangote Tomato Processing Factory, located in Kadawa Village in Kura Local Government Area of Kano State, is to resume production in December.

The Managing Director of the company, Alhaji Abdulkadir Kaita, who made the disclosure in Kano on Tuesday, explained that it halted production, principally due to the lack of raw materials to process..

Punch. 02 September 2016

25.

Naira appreciates against dollar in all segments of Forex market

The Nigerian currency exchanged at N422 to the dollar, gaining 3 points from N425 it traded on Thursday, while the Pound Sterling and the Euro closed at N535 and N464 respectively.

At the Bureau De Change segment of the market, the Naira also strengthened against the dollar, exchanging at N415, and N535 and N460 to the Pound Sterling and the Euro, respectively.

At the inter-bank segment of the market, the Naira extended its gains, closing at N314.77 to the dollar, from N331 it recorded at the end of trading on Tuesday.

Vanguard. 02 September 2016

Other Economic and Business Indicators

Inflation Rate
(Year-on-Year change)
17.13%
(July, 2016)
Unemployment Rate 13.3%
(Q2, 2016)
Underemployment Rate 19.3%
(Q2, 2016)
Monetary Policy Rate 14%
(July, 2016)
Inter-Bank Call Rate 31.51%
(July, 2016)
Prime Lending Rate 17.14%
(July, 2016)
Maximum Lending Rate 27.06%
(July, 2016)
External Reserve USD 25,417,398,048 
(31 August 2016)
Exchange Rate (Inter-Bank)
02 Septmber 2016
USD: 304.50
POUNDS: 404.13
EUROS: 340.86
Exchange Rate (Parallel Market)
02 September 2016
USD: 422
POUNDS: 535
EUROS: 464
Liquidity Ratio 30%
Treasury Bill Rate (91 Days) 14.99%
(August, 2016)
Currency in Circulation (Million Naira) 1,664,494.64
(July, 2016)
Banks Reserves(Million Naira) 3,266,158.32
(July, 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) 22,375,253.21
(July, 2016)
Demand Deposits at Banks (NGN million) 7,856,994.72
(July, 2016)
Nigeria's Merchandise Trade 2,723.9billion (Quarter 1, 2016)
Crude Oil $43.91 (OPEC Daily Basket, September 2, 2016)

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