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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 May, 2017

1.

Gas flaring: Nigeria loses $850m, 3,500MW of electricity - DPR

Despite priding itself to have reduced gas flaring by 26 percent in the last 10 years, Nigeria is said to have lost $850 million to gas flaring in 2015, the Department of Petroleum Resources, DPR, has stated.

Deputy Director and Head Upstream, DPR, Mrs. Pat Maseli, who stated this at the 10th annual Sub-Saharan Africa Oil and Gas Conference in Houston Texas, US, said that 3,500 megawatts of electricity was also lost as a result of gas flaring.

According to Maseli, no fewer than 55 million barrels of oil equivalent (BOE) was also lost, while 25 million tons of carbon dioxide was emitted within the period under review.

Vanguard. Monday, 1 May 2017

2.

Ecobank shuts 74 branches

Ecobank Nigeria, a subsidiary of the Ecobank group, says it has merged 74 of its branches. The bank says it would deploy staff from the merged branches to other projects.

A statement by the bank reaffirmed its committment to digital transformation, which would enable customers carry out banking activities online, thereby reducing the need to visit physical locations.

Managing Director of the bank, Charles Kie, said the bank hopes to shift its activities to digital channels and improve customers' experience at reduced cost.

The Sun. Monday, 1 May 2017

3.

Forex: CBN's intervention to hit $4.6bn amidst apprehension over investors' window

THE intervention of the Central Bank of Nigeria (CBN) in the foreign exchange market will this week rise to $4.6 billion, with foreign exchange (forex) operators apprehensive over the new forex window for investors and exporters.

Vanguard analysis revealed that from Tuesday, February 21, when it commenced intervention in the forex market, to last week Friday, the CBN had intervened 22 times and sold $4.44 billion, translating to an average of $202 billion for each intervention. This is beside dollar sales to bureaux de change and special dollar sales to the real sector. This trend is expected to continue this week hence increasing the dollar sales to $4.6 billion.

Meanwhile, there is apprehension over the newly introduced Investors and Exporters forex window (IEFW) due to liquidity concerns and sustainability of the structure of the market. In addition to these is anxiety over the direction of exchange rate in the market.

Vanguard. Monday, 1 May 2017

4.

Union tasks FG to involve farmers in formulating agricultural policies

DR Yakubu Ugwolawo, President, National Agricultural Production Cooperative Union of Nigeria (NAPCUN), on Monday, advised government authorities to involve farmers in the formulation of agricultural policies.

Ugwolawo, made this disclosure in a statement issued at the end of the farmer's cooperative stakeholders' meeting in Abuja. He said that lack of active participation in policy formulation by farmers had resulted in the diversion of funds allocated to agriculture.

The NAPCUN president called on the present administration to provide a platform that would facilitate farmers' active participation in agricultural policies by encouraging credible farmers' cooperative societies.

Nigerian Tribune. Tuesday, 2 May 2017

5.

Nigeria to host African Bee Keeping Expo 2018, says Raw Material Council

Abuja – The Raw Materials and Research Development Council (RMRDC) says Nigeria will be hosting ApiExpo 2018, the biggest bee keeping event in Africa to improve the industrialisation of honey production in the country.

Mrs Theresa Omara-Achong, the Deputy Director, Wood Product Division, made the disclosure in an interview in Abuja on Tuesday. Omara-Achong, who is also the Committee Chairperson on Bee Keeping Project in the country, said that the expo would attract investors, farmers, industrialists in bee keeping, honey production across the continent and beyond.

"In September 2016, we were in Kigali, Rwanda, for ApiExpo 2016, we went for the expo and also to bid to hold the next one in Nigeria and we won the bid. "ApiExpo 2018 is holding in Abuja from Sept. 18 to Sept. 22.

Vanguard. Tuesday, 2 May 2017

6.

Abia: Aba shoe-makers for training in China

ABA-Governor Okezie Ikpeazu of Abia State has said the first batch of Aba shoemakers will soon depart the state for training in China.

Ikpeazu, who disclosed this while receiving the management of Huajian Shoe Factory, Guangdong, China, led by Mr. Zhang Huarong, on a visit to Abia to seal the deal for a $1.5 billion shoe factory in Aba, insisted that the best way to develop Nigeria is to adopt the Chinese model of public private partnership for rapid industrialization. The governor expressed optimism that the coming of Zhang Huarong and his team would boost the Aba leather and garment industry, stressing that the state's target is to serve as the hub of the African leather and garment market.

Recall that the governor had during his visit to China, secured a $1.5 billion project for the establishment of a shoe industry in Aba, from Huajian Shoe Industry, Guangzhou, China.

Vanguard. Tuesday, 2 May 2017

7.

FG to build modular refineries in oil-producing states

Houston – The Federal Government on Tuesday reiterated its commitment to build modular refineries in oil-producing areas of the Niger Delta.

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, made the commitment as part of efforts to woo businessmen at the offshore technology conference holding in Houston, United States. Vice-President Yemi Osinbajo had on March 25 assured that the proposed modular refineries would be sited only in oil-producing areas as part of measures to address the developmental challenges in the area.

"Now that the Vice-President has visited the area, I will go round and make a workable plan to kick-start the modular refineries, we need to move away from state-ism to a pan-Nigerian development.

Vanguard. Tuesday, 2 May 2017

8.

Naira may trade around 390/dollar amid CBN interventions

The naira will trade around 390 against the United States dollar this week as the Central Bank of Nigeria continues the spate of dollar sale.

According to economic and currency experts, the local currency may close the week slightly above or below the 390/dollar mark. They argued that it might take major interventions to get the currency to appreciate significantly above the mark.

"I see some marginal depreciation of the naira but the CBN will continue to support it. We will see depreciation and then appreciation. I see the naira closing between 385/dollar and 390/dollar at the parallel market this week," the Managing Director, Cowry Asset Management Limited, Mr. Johnson Chukwu, said.

Punch. Tuesday, 2 May 2017

9.

World Bank blames Nigeria's forex crisis on fixed exchange regime

The World Bank has blamed Nigeria's enduring foreign exchange instability on the fixed exchange regime in the official forex market.

In a publication on African economies titled: 'Africa's Pulse,' the World Bank singled out Nigeria and Angola as two countries that had yet to experience stability in the forex market despite rebound in the prices of commodities being exported. The report stated, "The rebound in commodity prices and improved growth prospects in some countries have helped stabilise commodity exporters' currencies.

"However, with the Nigerian naira and Angolan kwanza remaining fixed against the US dollar, the imbalance in the foreign exchange market remains substantial in both countries."

Punch. Tuesday, 2 May 2017

10.

MainOne begins data centre project in Sagamu

A connectivity and data centre solutions provider, MainOne, has pledged its commitment to boost Information and Communications Technology in Ogun State with a data centre project in Sagamu.

It stated this during a courtesy visit of the company's board and management to the Governor of Ogun State, Senator Ibikunle Amosun.

The company's Chairman, Fola Adeola, said that MainOne was planning to make investments that would boost the ICT development in the state.

Affirming the company's commitment to the digital transformation of Nigeria, Adeola highlighted the untapped investment opportunities in the country, noting that the ICT infrastructure investments would support rapid technology proliferation in the state.

Punch. Tuesday, 2 May 2017

11.

Illicit financial flows from Nigeria, others hit $3.5tr

A report on the level of illicit financial flows in and out of Nigeria, Africa as a whole and emerging market economies has been put at between $2 trillion and $3.5 trillion yearly.

A Washington-based think-tank, Global Financial Integrity (GFI), which released the report, said Africa is the most vulnerable to the flight of capital needed for investment and other purposes.

But a poll of development economists said that sub-Saharan Africa, widely known for dependence on aid inflows and the charity of industrialised nations, is actually a net exporter of capital to the rest of the world.

The Guardian. Tuesday, 2 May 2017

12.

SMEs received N8bn loans from BoI in 2016

DISBURSEMENTS of loans to Small and Medium Enterprises (SMEs) sub-sector by the Bank of Industry (BoI) in 2016 increased by 42 percent to N8 billion from N5.64 billion in 2015.

This was contained in the bank's 2016 annual account which also indicated that the bank's total loans and advances rose by 10 per cent to N171 billion in 2016 from N156 billion in 2015.

BOI's loan support to SMEs sub-sector starts from N5 million. However, loans below N5 million are provided on the bank's matching fund platform which is operated in collaboration with various state governments and on its Bottom of the Pyramid (BOP) scheme which is operated through MicroFinance Banks.

The bank further noted that the quality of its risk assets improved with a reduction in the ratio of non-performing loans to 3.72 per cent in 2016 from 5.87 per cent in 2015.

Vanguard. Thursday, 4 May 2017

13.

Osinbajo chairs 26-member MSMEs council

FEDERAL Government has inaugurated a 26 member council on Micro, Small, Medium size Enterprises (MSMEs) in the country. The Council is chaired by the Vice President, Prof. Yemi Osinbajo.

A statement signed by Laolu Akande Senior Special Assistant on Media & Publicity to the President, Office of the Vice President named members to include: Minister of Industry Trade and Investment; Minister of State Industry, Trade and Investment; Minister of Finance; Minister of Mines and Steel Development; Minister of Youth Development; Minister of Communications and Minister of Budget and National Planning

Others are Minister of Water Resources; Minister of Power, Works and Housing, Minister of Science and Tech; Minister of Agriculture; Minister of Women Affairs; Minister of Information; Minister of State Ministry of Budget and National Planning.

Vanguard. Thursday, 4 May 2017

14.

Crude Oil production now two million bpd, says Baru

The Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Maikanti Baru, on Tuesday stated that oil production in the country had risen from 1.2 million barrels per day to two million barrels per day.

Baru said this in an interview with State House correspondents after meeting behind closed doors with President Muhammadu Buhari at the Presidential Villa, Abuja.

He attributed the increase in oil production to the relative peace and stability being witnessed in the oil rich Niger Delta region. He said he briefed the President on the activities of the NNPC and its subsidiaries.

Punch. Wednesday, 3 May 2017

15.

Forex: CBN bars 16 banks from SME window

The Central Bank of Nigeria on Tuesday wielded the big stick on 16 Deposit Money Banks as it stopped them from participating in the Small and Medium-scale Enterprises window of the foreign exchange market.

The apex bank said this in a statement issued by its Acting Director, Corporate Communications Department, Mr. Isaac Okorafor.

He said the decision to stop the banks from participating in the SME wholesale window of the forex market was taken following series of complaints that some of them were deliberately frustrating efforts by many SMEs to access forex from the window.

Punch. Wednesday, 3 May 2017

16.

Naira Watch: Dollar glut, as banks fail to gulp CBN’s $100m offer

LAGOS - The Central Bank of Nigeria (CBN) says authorized dealers were able to subscribe to $65.94 million out of the $100 million offered by it at the inter-bank wholesale transactions concluded yesterday indicating emergence of dollar glut in the market.

Also the naira remained stable at N391 per dollar at the parallel market yesterday even as the apex bank sold $20,000 to each bureau de change (BDC) yesterday. Meanwhile, the CBN yesterday offered another $150 million to be auctioned at the wholesale windows of the inter-bank market.

Acting Director in charge of Corporate Communications Department, CBN Mr. Isaac Okorafor disclosed this, saying there was no cause for alarm as the development only proved there was enough to meet the legitimate needs of genuine customers.

Vanguard. Thursday, 4 May 2017

17.

FG mulls relaxing forex restrictions on 41 items

The Federal Government may get the Central Bank of Nigeria, CBN, to relax the ban imposed on 41 items from official foreign exchange window. Vice President Yemi Osinbajo, who disclosed this in an email obtained by Bloomberg, said the government would consider "policy-driven restrictions" to promote local manufacturing of 41 items, such as rice and toothpicks.

He said: "In stabilizing the macroeconomic environment, we have focused on aligning fiscal with monetary policy and nudging the Central Bank toward the objective of more market-determined exchange rates." Recall that the apex bank in 2015, introduced a policy restricting importers of some 41 items from sourcing from the official foreign exchange window, in order to support the naira after it was hit by a fall in oil prices. The policy has, however, led to the closure of many plants in various sectors.

Vanguard. Thursday, 4 May 2017

18.

Nigeria to seek extension of crude deal with OPEC

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, says Nigeria will seek for a further six-month extension of its exemption from reducing oil production granted by the Organisation of Petroleum Exporting Countries (OPEC). Kachikwu said this at a world news conference in Houston on Wednesday.

Thirteen OPEC members and 11 non-OPEC countries, led by Russia, had agreed on Nov 30, 2016 to reduce their production by about 1.8 million barrels per day (bpd) for six months beginning from January in an effort to drain a glut of crude that held down prices for over two years.

Member countries at the meeting agreed to exempt Iran, Libya and Nigeria from the deal while Nigeria got the exemption because of the production challenges caused by militant attacks on the country's oil facilities.

Nigerian Tribune. Thursday, 4 May 2017

19.

Govt completes 22MW Ajaokuta power plant

Towards the rehabilitation of the Ajaokuta Steel Complex, the Federal Government has completed the first phase of the ACSL thermal power plant.

The immediate past Director of Mines at the Ministry of Mines and Steel Development, Mr. Dauda Awojobi, who disclosed this at a training session for journalists in Lokoja, Kogi State on Wednesday, said following the rehabilitation of the plant, it had now added 22MW to the national grid.

He also disclosed that the government had created 119,532 direct employments from mid-tier operators and established 63 private minerals buying centres across the country. The Federal Government retrieved the steel complex from the concessionaire after a legal tussle.

Punch. Thursday, 4 May, 2017

20.

Nigeria's total debt now N17.5tn -NBS

The National Bureau of Statistics has said that the country's foreign and domestic debts stood at $11.41bn (N3.49tn) and N14.02tn as of December 2016. The bureau stated this in its states and federal debt stock data, which was released on Wednesday in Abuja.

A breakdown of the country's foreign debt, according to the report, showed that $7.99bn was owed multilateral agencies; $198.25m for bilateral; while the balance of $3.22bn was sourced from the China Exim Bank. The report stated that while the Federal Government alone accounted for 68.72 per cent of the country's total foreign debt, all the 36 states and the Federal Capital Territory accounted for the remaining 31.28 per cent.

Similarly, the report stated that the total Federal Government accounted for 78.89 per cent of Nigeria's total domestic debt, while the 36 states and the FCT were responsible for balance of 21.11 per cent.

Punch. Thursday, 4 May, 2017.

21.

Despite N1.4tr CBN lifeline, prices of goods to remain high

Although there are no less than 22 Central Bank of Nigeria (CBN)-initiated interventions for the foreign exchange market which amounted to $4.44 billion or N1.35 trillion (at N305.85/$), concerns persist about the high prices of goods and household items.

Consumers and industry observers, however, differed on the development, noting that the situation may be attributable to local manufacturers and retailers attempting to cash in on their losses when the naira fell to about N525 to the dollar in the first quarter of the year. The local producers, on their part, blamed the high cost of production for the spiralling price regime.

The situation calls for concern as disposable incomes continue to be insufficient to meet daily demands, despite assurances by government of the easing recession and continued defence of the national currency by the apex bank.

The Guardian. Friday, 5 May 2017

22.

W'Bank to assist Nigeria strengthen audit process

The World Bank Group on Thursday unveiled plans to assist the Federal Government to strengthen the audit process in the public sector.

The Director, Governance Global Practice, World Bank Group, Mr. Edward Olowo-Okere, stated this when he led a delegation of the bank to meet with the Auditor-General for the Federation, Mr. Anthony Ayine.

Olowo-Okere stated that while the Federal Government had taken steps to ensure transparency and accountability in the area of public financial management, there was a need to improve the whole audit process.

For instance, he said while the 1999 Constitution stipulated that audit reports must be submitted by the auditor-general to the National Assembly, it usually takes a lot of time for the reports to be considered by the Public Accounts Committees of the Senate and House of Representatives.

Punch. Friday, 5 May, 2017

23.

Japanese firms plan $30bn investments in Nigeria, others

The Japanese Deputy Minister for Foreign Affairs, Mr. Shunsuke Takei, on Thursday said businessmen from his country would be investing about $30bn in Nigeria and other African nations. He stated this when he led a delegation of 32 Japanese investors to meet separately with the Minister of Finance, Mrs. Kemi Adeosun, and the Minister of Budget and National Planning, Senator Udo Udoma.

Takei said the delegation to Nigeria was part of efforts by the Japanese government to actualise the $30bn public-private investment pledge made in August 2016 during the sixth Tokyo International Conference on African Development in Nairobi, Kenya, which was attended by President Muhammadu Buhari.

Given the size of the Nigerian population and market, as well as its economic recovery and potential for growth, he said Japanese investors were desirous of investing in the country. While noting the challenges in the areas of security, ease of doing business and the power sector, he stated that Japanese businessmen would invest in Nigeria's manufacturing, banking, insurance and agriculture sectors.

Punch. Friday, 5 May, 2017

Other Economic and Business Indicators

GDP -1.30%
(Q4, 2016)
Inflation Rate
(Year-on-Year change)
17.26%
(March, 2017)
Unemployment Rate 13.9%
(Q3, 2016)
Underemployment Rate 19.7%
(Q3, 2016)
Monetary Policy Rate 14%
(March, 2017)
Inter-Bank Call Rate 27.46%
(February, 2017)
Prime Lending Rate 17.13%
(February, 2017)
Maximum Lending Rate 29.26%
(February, 2017)
External Reserve USD 30,988,403,724     
(4 May, 2017)
Exchange Rate (CBN)
5 May 2017
USD: 305.70
POUNDS: 395.82
EUROS: 335.66
Exchange Rate (Parallel Market)
5 May 2017
USD: 391.00
POUNDS: 500.00
EUROS: 422.00
Liquidity Ratio 30%
Treasury Bill Rate (91 Days) 13.6%
(3 May, 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) 11,406.28
(as at December 31, 2016)
Local Debt: FGN only (NGN million) 11,058,204.30
(as at December 31, 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 $46.56 (OPEC Daily Basket, 5 May, 2017)

Source: CBN, NBS and DMO
Compiled by: Research Department, NACCIMA
8 May, 2017