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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 5th August 2016

1.

Manufacturers groan over high exchange rate, epileptic power

The National President of the Manufacturers Association of Nigeria, Dr. Udemba Jacobs, and the Chairman of its Ogun State Chapter, Dr. Wale Adegbite, have identified high exchange rate, epileptic power supply among others, as being responsible for the nation's stunted economic growth.

The duo spoke at the 31st Annual General Meeting of the association in Ota, with the theme, "Industries and the economy: Problems, prospects and the way forward."

Jacobs said with the manufacturing industry facing enormous challenges, it called for those in the industry to begin to think out of the box, in order to remain in business.

Punch. 31 July 2016

2.

Rising interest rate'll worsen Nigerian banks' woes -Fitch

In a statement on Friday, Fitch said, "Rising rates are likely to put additional pressure on banks' asset quality. Almost all lending is extended at floating rates and banks should be able to reprice their loans quite quickly but borrowers will face more difficulties in servicing their debts.

"Impaired loans are already high in the Nigerian banking sector, where average non-performing loan ratios reached 6.2 per cent at end-March 2016, partly reflecting the impact of currency depreciation on businesses as well as higher oil-related problem loans at some banks."

Fitch expects loan growth (excluding foreign-exchange translation effects) to slow during the second half of 2016 and into 2017.

Punch. 31 July 2016

3.

Lagos, Japanese firm partner on $1 billion rail project

In conjunction with Japan International Cooperation Agency (JICA), the Lagos State Government has unveiled the Lagos Urban Railway Development project which is aimed at paving the way for a new transportation system to be called the Automated Guide Transit (AGT) – a type of monorail.

The survey titled, "Lagos Urban Railway Development Project in the Federal Republic of Nigeria", was revealed at a seminar held last week in Ikeja with all the relevant stakeholders in attendance.

The study showed that the new transportation system would help mitigate traffic congestion and improve the environment in Lagos state. The monorail project will run from Marina to Victoria Island and Ikoyi.

The Sun. 1 August 2016

4.

Nigeria's oil faces threat as Saudi Arabia cut prices

Saudi Arabia, the world's largest crude oil exporter, has cut all official selling prices for its crude sales to Asian and the United States clients in August, signalling mounting competition for Nigeria and others.

The country's state-owned oil company, Saudi Aramco, lowered the pricing terms for Arab Light sold to Asia by the most in 10 months as refineries grapple with falling margins and oversupply .

Punch. 1 August 2016

5.

External reserves drop to $26.2bn

The nation's external reserves fell marginally to $26.20bn on July 28, down from $26.32 on July 22, data from the Central Bank of Nigeria's website showed on Monday.

Month-on-month, the reserves fell by 0.4 per cent from the $26.34bn recorded on June 29, the report indicated.

Punch. 2 August 2016

6.

CBN directs banks to accept cheques in savings account

The Central Bank of Nigeria, CBN, yesterday, directed banks operating in the country to accept deposit of cheques into savings account and to begin to embed Bank Verification Number, BVN in payment cards.

The CBN, in a circular signed by Director, Banking & Payments System Department, Dipo Fatokun, dated July 28, 2016, sent to all banks and financial institutions and released, yesterday, stated: "The CBN in furtherance of its efforts at strengthening the Nigerian payments system hereby issues the following directives:

"The removal of fixed interest rate on credit cards; Discontinuation of actual address verification in account opening for customers with customers with the BVN; Banks should begin to embed BVN biometric data in payment cards issued henceforth, to facilitate offline BVN verification and biometric based customer authentication on such payment devices as Automated Teller Machines, ATMs, Point of Sales Terminals, POS, Kiosks, etc."

Other directives by the CBN to banks include: "Approval of BVN Watch-listing modalities and release by CBN of necessary Credit Risk Management System (CRMS) data, to facilitate its use for enriching the BVN watch-list; savings account customers with BVN should be allowed to deposit cheques worth not more than N2,000,000.00 (Two million naira) into their accounts, per customer, per day.

Vanguard. 3 August 2016

7.

CBN warns against unregistered fund transfer operators

The Central Bank of Nigeria (CBN) has warned that patronising unregistered international money transfer operators {IMTOs) in Nigeria is detrimental to the growth of the nation’s economy.

The apex bank also warned that some of the unregistered posed threat to the funds of those who utilise their services.

“Members of the public are advised to beware of the activities of such unregistered IMTOs for the greater economic good of Nigeria, said Isaac Okafor, acting director of communications in a statement.

“All financial service providers in Nigeria, just as in other jurisdictions, are required to be duly licensed in order to protect both customers and the financial system as well as to ensure the credibility of financial transactions.”

The Guardian. 3 August 2016

8.

FEC moves against tax evasion by multinational companies

TFederal Executive Council, FEC, has given approval for the Multilateral Competent Authority Agreement on the exchange of country by country report to save Nigeria at least $1 trillion in tax evasion.

By the agreement, it would be difficult for multinational companies operating on Nigeria's soil to evade tax, since the system would give the government a better grip of the tax laws.

Vanguard. 4 August 2016

9.

Transcorp suspends N320bn power plant on gas scarcity

Transnational Corporation of Nigeria, Transcorp Plc has suspended plans to build one of the nation's biggest power plants as local gas shortage makes it difficult to obtain fuel and a downturn in the economy hinders efforts to raise funds for the project.

The company in 2014, had said it would raise $1 billion to build a 1,000-megawatt gas-fired facility. Two years earlier, it bought the Ughelli plant in the hydrocarbon-rich Delta State from the government and more than doubled its output to 700 megawatts. Since then, attacks on pipelines by militant groups have cut gas supplies to stations and forced millions of Nigerians to either do without electricity or buy fuel for their own generators. Also, a dollar shortage blamed on a 15-month currency peg removed on June 20 has raised import prices and inflation, with the economy contracting in the first quarter.

Vanguard. 5 August 2016

10.

Naira plunges to N400 per dollar at parallel market

• Interbank rates' gap widens to N85

The naira, yesterday, reached a new low of N400 per dollar at the parallel market, as arguments over supply shortage and the "41 excluded items" heightened.

With the ensuing brisk business for parallel market operators, the long-sought harmonisation of interbank and parallel markets' rates has been challenged again, as the gap widened to about N85, yesterday.

While the interbank market exchange rate closed at N315.06 per dollar, The Guardian's investigations across Lagos showed an average of N400 per dollar at the parallel market segment.

The naira, on Wednesday, lost N8, as it exchanged for N390 at the parallel market from N382 on Tuesday.

Similarly, at the interbank market, the local currency ended Tuesday's transactions at N310.50 per dollar, stronger than Friday's and Monday's close of N321.16 and N315.5, respectively.

The Guardian. 5 August 2016

Other Economic and Business Indicators

Inflation Rate
(Year-on-Year change)
16.48%
(June, 2016)
Unemployment Rate 12.1%
(Q1, 2016)
Underemployment Rate 19.1%
(Q1, 2016)
Monetary Policy Rate 14%
(July, 2016)
Inter-Bank Call Rate 35.26%
(June, 2016)
Prime Lending Rate 16.78%
(June, 2016)
Maximum Lending Rate 26.93%
(June, 2016)
External Reserve USD 26,209,234,809
(28 July 2016)
Exchange Rate (Inter-Bank)
5 August 2016
USD: 310.50
POUNDS: 407.33
EUROS: 347.04
Exchange Rate (Parallel Market)
5 August 2016
USD: 395
POUNDS: 505
EUROS: 422
Liquidity Ratio 30%
Treasury Bill Rate (91 Days) 8.04%
(May, 2016)
Currency in Circulation (Million Naira) 1,684,725.89
(June, 2016)
Banks Reserves(Million Naira) 3,685,473.98
(June, 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) 21,424,953.01
(June, 2016)
Demand Deposits at Banks (NGN million) 7,746,745.22
(June, 2016)
Nigeria's Merchandise Trade 2,723.9billion (Quarter 1, 2016)
Crude Oil $39.60 (OPEC Daily Basket, August 5 2016)

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