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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 8th July 2016

1.

Manufacturers lose N348.6bn to new forex policy

Manufacturers who had outstanding dollar requests and Letters of Credit (applied for at N197/dollar) before the new foreign exchange policy came into existence lost approximately N348.6bn by Monday, June 20, 2016, the day the policy commenced, findings by our correspondent have revealed.

The outstanding LCs and dollar requests totalled $4.02bn and they were filed when the naira exchange rate was 197 to a dollar. The requests were honoured on the day the new policy commenced but at the new exchange rate of N280 to the dollar.

Punch. 4 July 2016

2.

CBN takes over Skye Bank

The Central Bank of Nigeria has taken over the Board and management of Skye Bank Plc after the lender failed to meet the regulator's minimum key liquidity and capital adequacy ratios.

The Central Bank Governor, Mr. Godwin Emefiele, disclosed this at a news conference, which was held at the CBN’s head office in Lagos.

Punch. 5 July 2016

3.

Political restructuring not sustainable without diversification of economy

ILORIN-NATIONAL Union of Textile, Garment and Tailoring Workers of Nigeria, NUTGTWN, yesterday said political restructuring was not sustainable without Socio- economic restructuring through diversification of the economy.

In a statement in Ilorin, Kwara State, General Secretary of the union, Issa Aremu, explained that the economy also needed revolutionary measures to consciously bridge the worsening gap between the rich and the increasing mass of the poor Nigerians.

Vanguard. 7 July 2016

4.

Imminent nationwide strike in petroleum sector: FG meets PENGASSAN, NUPENG today • Ngige, Kachikwu to lead parley

Ahead a planned nationwide strike to commence today by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), the Federal Government has scheduled a crucial meeting with PENGASSAN and NUPENG today.

A two-paragraph statement signed by the Deputy Director (Press), Ministry of Labour and Employment, Prince Samuel Olowookere, on Wednesday said the Minister of Labour and Employment Sen. Chris Nwabueze Ngige and the Minister of State, Petroleum Resources, Ibe Kachikwu will today hold a crucial meeting with the two unions to find a lasting solution to the problems in the petroleum industry..

Nigerian Tribune. 7 July 2016

5.

No Nigerian bank is in distress - CBN

The Central Bank of Nigeria (CBN) has said that no bank in the country is distress.

Tihis was contained in a statement signed by the apex bank’s Acting Director of Corporate Communications, Isaac Okorafor.

The statement read, “the attention of the Central Bank of Nigeria (CBN) has been drawn to malicious rumours and unfounded speculations that some banks in the country may have gone or may be going into distress.

“The CBN wishes to reiterate in the strongest terms that these rumours and speculations are untrue and do not reflect the actual health of the individual banks and, indeed, the entire banking industry".

Nigerian Tribune. 7 July 2016

6.

Foreign airlines lose 40% to repatriate funds

Operators want payment of charges in local currency

Initial excitement that greeted the flexible foreign exchange policy of the Central Bank of Nigeria (CBN) appears to have vanished among foreign airliners as they are repatriating their accumulated funds now at a significantly depreciated value.

Repatriating at the current market rate of about N285 per dollar, as against N199 former official rate, amounts to about 40 per cent loss of value.

The Guardian. 6 July 2016

7.

New forex policy raises import duty by 43%

Following the commencement of the implementation of the new foreign exchange policy, which moves the naira to dollar exchange rate from 197 to a minimum of 280, customs duties on imported cargoes have risen by about 43 per cent.

Prior to the adjustment of the exchange rate, the duties on imported items had earlier been calculated on N197 to a dollar rate despite the high rate in the black market.

Punch. 6 July 2016

8.

SON blacklists 23 cable coys in Ekiti

The Standards Organization of Nigeria in Ekiti State has blacklisted 23 companies for manufacturing of fake and substandard electrical products.

The agency said the companies failed both the performance, safety, and parameter tests conducted by Electrical and Electronics Laboratory Department.

Punch. 8 July 2016

9.

Firms must show evidence of pension remittance – PenCom

LAGOS - The National Pension Commission (PenCom) is pushing for companies that employ a minimum of three staff to disclose evidence of compliance with the Contributory Pension Scheme, CPS, as mandated by the Pension Reform Act (PRA) 2014 in their financial statements.

The move became necessary as the task of implementation of the PRA 2004 and later PRA 2014, especially within a developing economy like Nigeria, is a daunting one.

Vanguard. 8 July 2016

10.

Labour rejects meeting with FG; oil workers down tools nationwide

Labour leaders have said they will not be available for a meeting with the Federal Government scheduled for today, as oil workers, yesterday, made good their threat to begin a nationwide strike despite frantic efforts by government, through the Minister of Labour and Employment, Senator Chris Ngige, to stop the action.

Workers, on the platform of Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, had begun gradual withdrawal from offshore, loading bays and flow stations.

Among the grievances are Joint Ventures, JV, funding/cash call arrears, which the union said had stalled investment and creation of new jobs.

Others include lack of a clear-cut direction on the Petroleum Industry Bill, PIB, forcible co-option of government agencies in the industry into the Integrated Personnel Payroll Information System, IPPIS, and the spate of redundancy and retrenchments in the oil and gas industry.

Vanguard. 8 July 2016

11.

Skye Bank to shore up liquidity for profitability

The new management of Skye Bank Plc on Friday said that they would shore up liquidity to enhance its profitability within the shortest period.

Mr Tokunbo Abiru, Skye Bank new Managing director, made the declaration during a courtesy visit to the Nigerian Stock Exchange (NSE) in Lagos to address the market on the status of the bank.

Punch. 8 July 2016

Other Economic and Business Indicators

Inflation Rate
(Year-on-Year change)
15.58
(May, 2016)
Monetary Policy Rate 12%
(May, 2016)
Prime Lending Rate 16.13%
(May, 2016)
External Reserve USD 26,363,435,289 
Exchange Rate (Inter-Bank)
8 July 2016
USD: 281.50
POUNDS: 365.47
EUROS: 311.40
Exchange Rate (Parallel Market)
8 July 2016
USD: 352
POUNDS: 465
EUROS: 385
Liquidity Ratio 30%
Treasury Bill Rate (91 Days) 8.04%
(May, 2016)
Currency in Circulation (Million Naira) 1,746,717.85
(May, 2016)
Banks Reserves(Million Naira) 3,748,184.02
(May, 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) 19,048,959.07
(May, 2016)
Demand Deposits at Banks (NGN million) 7,998,200.30
(May, 2016)
Nigeria's Merchandise Trade 2,723.9billion (Quarter 1, 2016)
Crude Oil $44.18 (OPEC Daily Basket, July 7 2016)

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