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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 7th October 2016

1.

Udoma urges support for Nigeria's local manufacturing policy

Udoma made the appeal when a delegation of the United Nations Population Fund (UNDPA) led by its Executive Director, Prof. Babatunde Osotimehin paid him a courtesy call, noted that Nigeria has the human capacity to realise its full potential as Africa's largest economy but needs the cooperation of development partners.

As part of plans to achieve self-sufficiency, the minister said government is focused on encouraging small and medium-scale industries and promoting made-in-Nigeria goods because there is a lot of scope for production and expansion.

"It is important that we support, patronise and help them improve on the quality of goods produced in Nigeria," he said.According to Udoma, there is no reason Nigeria cannot manufacture most of the drugs and other medical accessories needed in the treatment and control of maternal mortality and other related medical conditions and would appreciate assistance more in the area of production of these materials locally.

The Guardian. Monday, 3 October 2016

2.

Oil marketers want preferential forex rate for petrol extended to aviation fuel

• Seek dollars to stockpile petrol ahead of Christmas, decry multiple taxation • NNPC: Egina to add 200,000bpd to Nigeria’s oil output by 2018

Despite the preferential foreign exchange rate given to oil marketing firms by the international oil companies (IOCs), aimed at sustaining the importation of petrol into the country, the Major Oil Marketers Association of Nigeria (MOMAN) has decried the non-allocation of the same preferential FX rate for the importation of aviation fuel.

MOMAN has equally condemned the multiple levies, taxes, fees and charges on imported products by agencies of the same or different tiers of government, and urged the federal government to summon the courage to halt the annual fuel crisis during the yuletide season by empowering marketers and importers with the required FX to stockpile products ahead of the Christmas and New Year festivities.

This Day. Monday, 3 October 2016

3.

FG plans dry season-rice farming in Delta State

The Federal Ministry of Agriculture has earmarked Delta State for participation in the dry season-rice farming, which is scheduled to begin soon.The allocation came after the ministry's tour of over 1500 hectares of land in the state.

The Chief Agriculture Officer of the ministry in Abuja, Mr. Daniel Okoro-Maraye, said the state's facility qualified it for the allotment.Raymos Guanah Farms would manage it. A breakdown of the hectares shows that Illah has 60 hectares, Ugulamai, 400, Ike-Onitsha 200 and Ossissa, 800.

The Guardian. Monday, 3 October 2016

4.

FG spends N720.5bn to drag Nigeria out of recession

Nigeria has spent 720.5 billion naira ($2.4 billion) on capital expenditure this year to help drag Africa's biggest economy out of recession, President Muhammadu Buhari said on Saturday.

"I believe that this recession will not last. Several hundreds of thousands of (unemployed) workers will be re-engaged in the next few months as our public works program gains momentum," Buhari said in a televised speech marking the Nigeria's independence day.

Buhari also said the government has been negotiating to end militant attacks on oil and gas facilities in the Niger Delta, but would not be intimidated by armed groups. He said oil production had temporarily dropped to less than one million barrels a day, down from 2.2 million bpd, due to militant attacks, but he did not say how much current output was.

Vanguard. Monday, 3 October 2016

5.

FG outlines programmes to revive nation's economy

The Federal Government says it has outlined various developmental programmes that will revive the nation's economy, restore the value of the naira and "drive hunger from our land.''

President Muhammadu Buhari said this in a national broadcast to mark Nigeria's 56th Independence Anniversary in Abuja on Saturday .

Buhari said the programmes, included the constructions and rehabilitation of new roads, housing and power projects across the country, adding that already the Ministry of Power, Works and Housing had received N197.5bn for the execution of some of the projects.

Punch. Sunday, 2 October 2016

6.

Slow procurement process delays N770bn capital release utilisation

The utilisation of the N770bn released by the Ministry of Finance to Federal Government's Ministries, Departments and Agencies for the implementation of the capital component of the 2016 budget is being slowed down by the bureaucracy in the public procurement process. The N6.06tn budget for this year has a capital vote of N1.58tn, which is about 26 per cent of the total budget size.

Some of the key projects expected to be implemented in the 2016 fiscal year are the dualisation of the Kano-Maiduguri road for N13bn; reconstruction and pavement strengthening of the Benin-Sagamu Expressway for N8.7bn; and the construction of Oju/Loko Oweto Bridge for N14.2bn.

Others are N13bn for the concession of the Second Niger Bridge; N6bn for the dualisation of the Odukpani-Itu-Ikot Ekpene road in Cross River and Akwa Ibom states; and N8.8bn for the rehabilitation of Sokoto-Twambuwal Kotangora road.

Punch. Sunday, 2 October 2016

7.

OPEC exempts Nigeria from reducing production output

Organization of Petroleum Exporting Countries, OPEC, have exempted Nigeria, Iran and Libya from cutting production output given the peculiar internal challenges they found themselves.

It also agreed to commence the reduction of its members' production output to about 740, 000 barrels per day in November 2016. The daily production capacity of all members of the group at the moment stands at about 33.24 million barrels.

The decision to cut production by the group would be the first time in eight years.

Vanguard. Sunday, 2 October 2016

8.

Oil price hits $50, Nigeria's exports to rise

Global oil benchmark, Brent crude, extended its rally on Sunday to hit the $50 per barrel mark, the third time this year.

This comes as the expected return of the Forcados export terminal has helped to boost Nigeria's planned crude oil exports this month to about 1.98 million barrels per day, the most since January.

Forcados, whose export has been suspended since February after militant attack on the export line, is one of Nigeria's largest crude grades with an average output of about 200,000 bpd last year.

Punch. Monday, 3 October 2016

9.

Dangote: I’m not interested in buying NLNG, other national assets

• Says naira under attack, N500/$ not true reflection of currency’s value

• IOCs to exercise preemptive rights in the event of assets sale

Following the outcry that has trailed the advocacy for the sale of the country’s national assets as a quick measure to fund the 2016 budget and boost the country’s foreign exchange reserves, the President/Chief Executive of Dangote Group, Alhaji Aliko Dangote, has dismissed insinuations that his advocacy for the sale of the assets was self-serving, saying he was not interested in any of the assets.

Dangote, who spoke in an exclusive interview with THISDAY, stressed that if the Nigeria Liquefied Natural Gas (NLNG) Company or any other national asset was offered to him, even on credit, he would not be interested in acquiring them.

Dangote, who is Africa’s richest man, said his advocacy for the government to sell down some of its interest in some of the national assets was to help boost the economy as well as to stabilise the naira exchange rate, which has been under attack in the past few days.

This Day. Tuesday, 4 October 2016

10.

Ngige laments US ban on Nigeria's cocoa

AThe Minister of Labour and Employment, Dr. Chris Ngige, has expressed concern over the ban on importation of Nigeria's cocoa into the United States.

The Deputy Director in charge of Press at the ministry, Mr. Samuel Olowookere, quoted Ngige as having expressed the worry at the concluding session of the Labour and Trade Ministerial Roundtable of the Africa Growth and Opportunity Act at the State Department, Washington D.C, United States, in a statement on Sunday.

He quoted Ngige as having made a case to the US authorities to reconsider the decision to suspend the exportation of the cash crop into the US.

Ngige said he was uncomfortable with the international emphasis on Ghana and Côte d'Ivoire in the area of agriculture throughout the talks with delegates from West African countries.

Punch. Tuesday, 4 October 2016

11.

Communications service tax: Senate, FG on collision course

ABUJA-The Senate and Federal Government may be on collision course over the proposed Communications Service Tax (CST). The Senate described the proposed tax as not only anti-people, but also would make life unbearable for Nigerians.

With the position of the Senate, yesterday, the bill currently before the upper chamber, appears to have suffered a set back.

Speaking, yesterday, in Abuja, during the 2016 budget defence meeting with the Nigerian Communications Commission, NCC, and the Universal Service Provision Fund, USPF, Chairman, Senate Committee on Communications, Senator Gilbert Nnaji, cautioned against the move by the federal government to further burden Nigerians with new taxes, especially in the face of ongoing economic recession.

He also expressed serious concern about the economic implications of the tax, especially on the general welfare of low income earners in the society.

Vanguard. Tuesday, 4 October 2016

12.

CBN disburses over N467 billion on intervention projects — Emefiele

THE Central Bank of Nigeria (CBN), on Tuesday, announced that about N467.92 billion has been disbursed to various projects under its development finance intervention scheme between 2009 and 2016.

The CBN Governor, Mr. Godwin Emefiele made this announcement while delivering his goodwill message at the ongoing two-day international conference on "Environment Dialogue 1: Diversification of Economy – The role of Jatropha," a programme being organised by the Federal Ministry of Environment, held at the NAF Conference Centre, Abuja.

He stressed that the banking industry was currently developing a roadmap to increase lending and investment in renewable energy and energy efficiency in line with the global momentum on climate finance.

Vanguard. Tuesday, 4 October 2016

13.

Recession: EU advises Nigeria to devalue Naira

European Union (EU) official Fillippo Amato has advised the Federal Government to devalue the Naira as part of measures to tackle the economic recession. Amato, Counsellor, Head of Trade and Economics Section of EU, made this known in an interview with the News Agency of Nigeria (NAN) on Monday

The EU official said that recession could not be addressed with traditional development tools. He said the recession was a recent development which was due to a number of factors, including the fall in oil prices and resurgence of militancy in the Niger Delta.

"To come out of recession, the country has to take brave decisions, regardless of how unpopular they may be such as fully and effectively devaluing the Naira. "Devaluing the Naira is a measure, which will finally reassure investors and attract new capitals to the country. "At the same time, it will further reduce imports, thereby removing artificial forex restrictions, and removing any potential waste of scarce resources such as the fuel subsidy.

The Guardian. Tuesday, 4 October 2016

14.

Loans: World Bank demands more reforms from Nigeria

Plans by the Federal Government to borrow billions of dollars from the World Bank to plug its budget deficit have run into delays as the international lender is demanding for further reforms from the government as a condition for any loan. This came barely one month after the Presidency gave the Ministry of Finance its seal of approval to obtain the loan.

People briefed on the talks said the Ministry of Finance was now facing calls from the International Monetary Fund and World Bank to push through further reforms on the economy. These discussions, they said, had held up any agreement on a loan from the bank, Financial Times reported on Monday.

They added that the World Bank had said it would not be able to disburse any loans until 2017 at the earliest because it "has not yet received the macroeconomic framework" needed for the discussions to progress, though the finance ministry disputes that.

Punch. Tuesday, 4 October 2016

15.

Bad loans in banks soared above limit

Bad loans in Nigeria's banking system soared to more than double the limit set by the regulator as the industry struggles with an economic downturn.

The ratio of non-performing loans to total credit rose to 11.7 percent at the end of June from 5.3 percent at the end of 2015, the Abuja-based Central Bank of Nigeria, which requires banks to keep the measure below 5 percent, said in a report on its website.

"Credit risk is expected to trend higher into the second half of 2016 owing to increased loan impairments resulting from the depreciation of the naira," the bank said, adding that the inability of debtors to service foreign currency-denominated loans and bank exposures to the oil and gas sector were also factors.

Vanguard. Wednesday, 5 October 2016

16.

We didn't ban importation of rice, but... - FG

ABUJA – THE Federal Government, yesterday, denied insinuations that it had completely banned rice importation into the country, saying that it only restricted the importation of the product through the designated Sea Ports.

The Comptroller General of Customs, Col. Hameed Ibrahim Ali (Rtd) explained that the restriction became necessary in order to protect the country's local industry and enhance national food security.

Ali, who stated this at a joint press conference on illegal rice importation to Nigeria, in Abuja, maintained that land-borders had always been used by smugglers to bring substandard rice into the country with health implications.

Vanguard. Wednesday, 5 October 2016.

17.

Anambra earmarks N1 billion loan scheme for small scale entrepreneurship

In a bid to empower youths, eradicate poverty, create joband improve the welfare of the people, the Anambra State governor, Chief Willie Obiano has earmarked over N1 billion for loan to small scale entrepreneurs in the state.

The loan was part of GovernorObiano's poverty alleviation programme in the state for petter traders, cottage industrialists, artisans, and those in the Agricultural sector.

Preparatory to the assessment of the loan, the state through its agency, the Anambra State Small Business Agency (ASBA) organized an empowerment workshop for all small entrepreneurs in Idemili North Local Government Area of the state.

Daily Sun. Wednesday, 5 October 2016

18.

Ayade approves N247m for Cross River farmers

Governor Ben Ayade of Cross River State has approved the release of N247m to 100 farmers trained under the World Bank supported Commercial Agriculture Development Project.

Mr. Ducham Amah, the Project Coordinator, made the disclosure in Calabar on Wednesday in an interview with the News Agency of Nigeria.

"Each beneficiary gets between N2.4m and N2.5m and as I speak, all of them have received alert of this money as paid into their account."

Punch. Wednesday, 5 October 2016

19.

FG floats N25bn loan scheme for mass transit sector

The Federal Government has set up N25 billion revolving loan scheme for transport companies in the country to access funds for purchase of mass transit vehicles.

The Minister of Industry, Trade and Investment, Mr. Okechukwu Enelamah, disclosed this in Abuja on Tuesday at the opening of a two-day national workshop for chief executives of mass transit companies.

Enelamah said that the initiative was aimed at boosting the country's mass transit system as well as encouraging local patronage of local vehicle assembly plants.

He explained that the loan would be administered through the Infrastructure Bank at zero percent interest rate.

Punch. Wednesday, 5 October 2016

20.

FG to borrow N105bn via local bonds

The Federal Government is planning to borrow N105bn ($345m) in local currency - denominated bonds at an auction on October 12, the Debt Management Office has said.

The DMO said on Tuesday that it would raise N35bn each from debt maturing in 2021, 2026 and 2036, using the Dutch auction system.

All the bonds are re-openings of previously issued debt.

The Federal Government had last week announced plans to raise between N250bn and N340bn in local currency-denominated bonds in the fourth quarter of this year.

The government has estimated that it will borrow around N900bn from the local debt market this year to fund a budget deficit projected at N2.2tn, which has been aggravated by an economic slump as low oil prices slashed government revenues and weakened the naira.

Punch. Wednesday, 5 October 2016

21.

Buhari pegs 2017 Budget at N6.866trn

ABUJA-PRESIDENT Muhammadu Buhari, yesterday, forwarded the 2017, 2018 and 2019 Medium Term Expenditure Framework and Fiscal Strategy Paper, MTEF & FSP to the National Assembly for approval as he projected a total budget of N6,866,335,052,740 for 2017.

In a letter dated Friday, September 30, 2016, personally signed by the President and addressed separately to both the Senate President, Bukola Saraki, and House of Representatives Speaker, Yakubu Dogara, Buhari said with the submission of the fiscal documents, the preparation for next year's budget was in progress.

Of the N6.866 trillion proposed 2017 budget, the government would spend N1.765 trillion as capital expenditure, N2.563 recurrent (non-debt expenditure) and N1.639 trillion for debt service, even as N350 billion had been budgeted for recurrent social intervention programme in 2017.

Vanguard. Wednesday, 5 October 2016

22.

External debt now 18% of N16trn debt stock -DMO

Debt Management Office (DMO), has revealed that as at June 2016, Nigeria's external debt accounted for only 18.33 per cent of the country's total debt stock of about N16 trillion.

Director General of DMO, Dr Abraham Nwankwo, who disclosed this in a statement recently, said that within that very small external debt, concessional debt (with average interest rate of about 1.25 per cent per annum and average tenor of about 40 years), accounted for about 80 per cent of the total.

He also revealed that, the external debt service accounted for an insignificant proportion of the total public debt service expenditure. The annual external debt service expenditure for the last five years was always less than 6.5 per cent of the total public debt service outlay.

Daily Sun. Wednesday, 5 October 2016

23.

FG accuses Shell of crude oil theft, demands $406m

The federal government is demanding $406.75 million at the minimum from the Shell Petroleum Development Company (SPDC) and its surrogate Shell Western Supply & Trading Limited for alleged crude oil theft.

The amount, according to court papers in Lagos, represents the shortfall of the money paid by the multinational oil firm in the account of the Nigerian government with Central Bank of Nigeria (CBN), for crude oil lifted in 2013 and 2014, reported the News Agency of Nigeria (NAN) yesterday.

The federal government's legal team led by Professor Fabian Ajogwu accused the Anglo-Dutch oil multinational of not declaring or under-declaring crude oil shipments during the period, following a forensic analysis of bills of lading and shipping documents.

This Day. Wednesday, 5 October 2016

24.

‘Further naira devaluation suicide mission’

The South-South Chamber of Commerce has rejected further devaluation of the naira as suggested by the European Union, saying it is a “suicide mission”.

The Head of Trade and Economic Section of the EU, Fillippo Amato, on Tuesday suggested that the best way out of recession was for Nigeria to further devalue the naira.

In a statement in Lagos on Wednesday, the President of the Chamber and Chairman, National Economic Recovery Committee, Mr. David Iweta, said that further devaluation of the naira without a vibrant export base would be a 'suicide mission'.

He said, “I, Prince David Iweta, the President, South-South Chamber of Commerce, say in strong terms that further devaluation of the naira without a vibrant export base is a call for suicide mission for our nation's economy.

Punch. Thursday, 6 October, 2016.

25.

IMF: Nigeria’s economic challenges pose risk to other West African countries

  • IFC launches new platform to mobilise $5bn for infrastructure in Nigeria, others
  • Lawmakers demand Emefiele's sack over falling Naira

The International Monetary Fund (IMF) has warned that the decline in Nigeria's economic growth, if not reversed timely, may have a spillover effects in other economies in West Africa.

IMF's Assistant Director/Head, Fiscal Policy and Surveillance, Catherine Pattillo, said this while responding to a question during a media briefing on the Fiscal Monitoring Report at the ongoing IMF/World Bank meetings in Washington DC.

In another development, several members of the House of Representatives have called for the removal and replacement of the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, for the continuous depreciation of the Naira

This Day. Thursday, 6 October, 2016

26.

Nigeria's Petroleum sector to get $70bn investment from China – Kachikwu

The Minister of State for Petroleum, Dr Ibe Kachikwu, on Wednesday said Chinese private sector companies had pledged an additional investment of $70bn to the Nigerian economy.

Kachikwu said this while addressing State House correspondents on the outcome of the Federal Executive Council, presided over by President Muhammadu Buhari in the Presidential Villa, Abuja.

He said that the Council was briefed on the outcome of the ministry's China roadshow which took place in January.

Punch. Thursday, 6 October, 2016

27.

Dollar shortage: Erisco, tomato paste maker, suspends operations

About 1,500 employees of a Lagos-based tomato paste manufacturer, Erisco Foods Limited, are set to lose their jobs as the firm has shut down its $150m plant in Lagos.

The Chief Executive Officer of Erisco Foods Limited, Chief Eric Umeofia, disclosed this on Wednesday in Lagos, attributing this to scarcity of foreign exchange.

Following the decision to close down the business, some of the employees of the firm protested the action on Wednesday. They carried placards with various inscriptions calling on the Federal Government to save their jobs.

Umeofia said he decided to shut down for one month over what he described as frustration in sourcing foreign exchange from the Central Bank of Nigeria.

Punch. Thursday, 6 October 2016

28.

Naira firms against dollar

The Naira on Wednesday appreciated against the dollar in all the segments of the foreign exchange market.

The currency gained 9.97 points to exchange at N310.24 from N320.21 it recorded on Tuesday, representing an appreciation of 3.1 per cent.

It also gained a point against the dollar at the parallel market, exchanging at N475 from N476 posted on Tuesday, while it closed against the Pound Sterling and the Euro at N590 and N510, respectively.

At the Bureau De Change segment of the market, the naira traded at N354 against the dollar, and at N580 to the Pound Sterling and N510 to the Euro.

Punch. Thursday, 6 October 2016

Other Economic and Business Indicators

Inflation Rate
(Year-on-Year change)
17.61%
(August, 2016)
Unemployment Rate 13.3%
(Q2, 2016)
Underemployment Rate 19.3%
(Q2, 2016)
Monetary Policy Rate 14%
(September, 2016)
Inter-Bank Call Rate 24.25%
(August, 2016)
Prime Lending Rate 17.18%
(August, 2016)
Maximum Lending Rate 27.21%
(August, 2016)
External Reserve USD 24,365,067,111 
(6 October 2016)
Exchange Rate (CBN)
6 October 2016
USD: 305.00
POUNDS: 386.22
EUROS: 341.14
Exchange Rate (Parallel Market)
10 October 2016
USD: 473.00
POUNDS: 590.00
EUROS: 512.00
Liquidity Ratio 30%
Treasury Bill Rate (91 Days) 14%
(14 September, 2016)
Currency in Circulation (Million Naira) 1,679,477.28
(August, 2016)
Banks Reserves(Million Naira) 3,202,581.20
(August, 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) 22,664,210.47
(August, 2016)
Demand Deposits at Banks (NGN million) 7,756,381.81
(August, 2016)
Nigeria's Merchandise Trade 3,942.0 billion (Quarter 2, 2016)
Crude Oil $47.84 (OPEC Daily Basket, October 6, 2016)

Source: CBN, NBS and DMO
Compiled by: Research Department, NACCIMA
10 October, 2016