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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 6th January 2017

1.

Forex policy, exchange rate concerns dominate outlook for 2017

ECONOMIC experts have expressed concerns about the direction of the foreign exchange policy and exchange rate in 2017, saying the hope of recovery from economic recession experienced last year will be largely determined by these two factors.

Meanwhile, Vanguard investigations revealed the banks and investors in the stock market lost about N2.6 trillion due to the impact of economic recession on businesses and investors confidence.

For the first time in 25 years contracted and went into recession in 2016. According to the National Bureau of Statistics (NBS), Nigeria’s Gross Domestic Product (GDP) contracted by 0.36 percent, 2.06 percent and 2.24 percent in the first, second and third quarters of 2016.

Vanguard. Monday, 2 January 2017

2.

Naira: CBN seeks end to gap between official, black market rates

The Central Bank of Nigeria(CBN) will try to eliminate the spread between the official and black market exchange rates against the dollar, the finance minister said.

The naira is trading on the parallel market some 40 per cent lower than the official rate as low global crude prices have dried up vital oil revenues and pushed Africa's largest economy into recession.

The central bank (CBN) scrapped a 16-month-old peg of N197 to the dollar in June, but it continues to trade in the official market, so that the naira remains far stronger against the dollar there than on the parallel market. The government has blamed that black market for damaging the already shaky economy.

The Sun. Monday, 2 January 2017

3.

2016 in review: Manufacturing sector groans under recession weight

DESPITE expectations of better business environment in 2016, the reverse was the case for operators in the manufacturing sector of the economy.

A review of happenings in the sector from the second quarter of 2016 aptly summarised what the Minister of Finance, Mrs. Kemi Adeosun, said, “The manufacturing sector was one of those badly hit by the economic recession in the country.”

Trouble started for the manufacturers when Central Bank of Nigeria (CBN) removed 41 items from the lists of utilizers of foreign exchange. Added to this is the continued drop in the naira to dollar exchange rate. The high cost of sourcing dollar made it difficult for the firms to bring in their raw materials and those that were able to pay don’t even get the dollars supplied to them until after three to four months.

Vanguard. Monday, 2 January 2017

4.

Investors lose about N2 trillion in 23 months

Market capitalisation of quoted equities at the close of trading on Friday, December 30, dipped by N1.99 trillion or 21.5 per cent in 23 months, tumbling to N9, 246 trillion against N11, 237 trillion recorded on January 5, 2015. Also, All-share index also slid by 7068.67 points or 26 per cent from 33,943.29 to 26,874.62.

Embittered by the outrageous losses suffered by stock market investors, stakeholders blamed the development on government's unfavourable policies and neglect of the market.

They therefore called for an integrated blueprint that would boost liquidity in the stock market and unlock rapid infrastructure development in the country to ease production costs of listed firms.

Aside attributing the market depression to inauspicious policies, the stakeholders said this has also eroded investors' confidence in the market.

The Guardian. Monday, 2 January 2017

5.

Nigeria initiates investors' match-making platform - Minister

Nigeria is set to establish a match-making data base for international business interconnectivity and stress-free investments, says Foreign Affairs Minister Geoffrey Onyeama.

Onyeama told the News Agency of Nigeria (NAN) in Abuja on Monday that the 119 Nigeria missions abroad would serve as one-stop shops to spur investments through information sharing and elimination of bottlenecks.

He said the initiative would enable Nigeria's products and investors to access the world market easily and also enable foreign investors have unfettered access to informed and genuine information concerning business opportunities in Nigeria.

The minister explained that the scheme would be implemented through a matching-making data base aimed at promoting exports and enhancing the country's Foreign Direct Investment (FDI).

The Guardian. Monday, 2 January 2017

6.

Budget 2017: Ajaokuta Steel to gulp N6.2bn

ABUJA- The moribund Ajaokuta Steel Company has been allocated N6.2 billion of the N23.2 billion allocated to the Federal Ministry of Mining and Steel Development.

The parastatal got the highest allocation among the 10 agencies under the ministry with a budget of N4,272,797,371, as indicated in the proposed 2017 federal budget before the National Assembly.

Although not operational, Ajaokuta Steel has a management and some staff. Concessioning of Ajaokuta Steel was also earmarked the sum of N2.09 billon.

Minister of Mining and Steel Development, Dr. Fayemi Kayode, had assured that Federal Government would settle the litigations between it and Global Steel.

Vanguard. Monday, 2 January 2017

7.

Ban on vehicle imports: Clearing agents seek 3 months grace

LAGOS-AS the Federal Government commences implementation of the ban on importation of vehicles through land borders, the Association of Nigerian Licensed Customs Agents, ANLCA, Seme Chapter, weekend, pleaded with the authorities to grant a three-month grace period before enforcing the policy.

Chairman of the association, Alhaji Bisiriyu, spoke with newsmen in Badagry, Lagos State.

The Federal Government had on December 5 placed a ban on importation of used and new vehicles through land borders with effect from January 1, 2017.

The ANLCA chief said the grace period will enable ships carrying vehicles to berth for clearance before implementation of the ban.

Vanguard. Monday, 2 January 2017

8.

FG to announce board appointments, as Osinbajo vets list

ABUJA-Barring any last minute delay, Federal Government is to release the names of board members of federal agencies, boards and ministries.

This follows the fine-tuning of the lists of the nominees by the Vice President, Professor Yemi Osinbajo, on the instruction of President Muhammadu Buhari to ensure lasting peace over the contentious issue.

It was learned last night that following the intervention of Buhari, the list of nominees already sent in by the Office of the Secretary to the Government of the Federation, OSGF, has been adjusted to take care of all interest groups.

Vanguard. Wednesday, 4 January 2017

9.

Oando, Sahara, Trafigura, 36 others win NNPC’s oil lifting contract

The Nigerian National Petroleum Corporation (NNPC), yesterday, announced 39 companies as winners of the 2017/2018 crude oil term contract, for the purchase and lifting of Nigeria’s crude oil.

Announcing the results today, the Group General Manager, Crude Oil Marketing Division (COMD) of the Corporation, Mr. Mele Kyari said the contract will run for one year effective 1st January 2017 for consecutive twelve circles of crude oil allocation.

The successful bidders, the NNPC said, consists of 39 winners with 18 Nigerian Companies, 11 International traders, five foreign refineries, three National Oil Companies (NOCs) and two NNPC trading arms.

Vanguard. Wednesday, 4 January 2017

10.

FG to spend N270bn for repair of 50 bridges

The Federal Government plans to spend N270 billion for maintenance, repair and restoration of over 50 bridges across the country in the next three years.Minister of Power, Works and Housing, Babatunde Raji Fashola, SAN, disclosed this yesterday while inspecting the rehabilitation works on the Lagos ring road bridge abutment and approach ramp to the Third Mainland Bridge in Lagos.

Former President Goodluck Jonathan awarded the project to Italian firm, Borini Prono & Company Nigeria Limited, following signs of some misalignments on the bridge caused by ecological problems, erosion and sand filling.

The Lagos outer ring road, which is the beginning of the Third Mainland Bridge from the outer Marina, links the Mainland to Victoria Island and Ikoyi.According to him, government plans to start with about N70 billion-N100 billion from the most critical bridges, to prevent their collapse and then move to the less critical ones.

The Guardian. Wednesday, 4 January 2017

11.

Oil hits 18-month high of $58.37 amid OPEC's output cuts

Brent crude oil price, the closest to Nigeria's sweet crude, hit $58.37 per barrel yesterday on the first trading day of 2017. The current price which is the highest since July 2015, and a deal between the Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC members to cut production, will reduce a global supply glut.January 1 marked the official start of a deal agreed by OPEC and other exporters such as Russia, to reduce output by almost 1.8 million barrels per day (bpd).

For Nigeria, the oil price spike ignites the hope for early exit from the current economic recession of negative gross domestic product growth (GDP), that is, the total value of goods produced and services provided in a country during one year, for three consecutive quarters.

The Guardian. Wednesday, 4 January 2017

12.

New national airline begins operation in 2017 - Minister

Minister of State for Aviation, Hadi Sirika, Wednesday, assured that Nigeria's new national airline will commence scheduled flight operations before the end of 2017.

Speaking to journalists in Abuja yesterday, Sirika said the project would be private sector driven, and the federal government may own only three percent of the airline.

The Sun. Thursday, 5 January 2017

13.

FG orders FAAN to relocate Abuja mobile tower to Kaduna airport

The Federal government has ordered the Federal Airport Authority of Nigeria (FAAN) to relocate the mobile tower at the Nnamdi Azikiwe International Airport, Abuja to Kaduna International Airport for use during the six weeks closure.

The Minister of State for Aviation, Senator Hadi Sirika during an on-the-spot assessment of the facilities at the Kaduna airport, who was impressed by the facility already on ground at the airport including the seamless runway and taxi way, said the Abuja Mobil tower would serve as a backup in Kaduna airport.

Vanguard. Friday, 6 January 2017

14.

Forex rubbishes N304bn Health budget for 2017

ABUJA- Due to continuous depreciation of Naira to other foreign currencies, stakeholders in the health sector have raised an alarm over inadequate budgetary provision of N304 billion for the Federal Ministry of Health in the 2017 national budget.

The stakeholders on the platform of Partnership for Advocacy in Child and Family Health, PACFAH, disclosed that the proposed health budget was cumulatively lower than that of 2016 due to foreign exchange challenges in the value of naira to the dollar.

In a statement on the State of Nigeria Health Budget - 2017 issued by the PACFAH, the stakeholders, noted that the proposed 2017 health budget was an improvement from past trends on the face value, especially the capital expenditure bit.

Vanguard. Friday, 6 January 2017

15.

CBN sells N173 bn treasury bills with rates flat

The Central Bank of Nigeria sold N173 billion ($550 million) at its first treasury bill sale of the year on Wednesday with yields unchanged from the previous auction, held on December 21, 2016, fixed income traders said on Thursday.

The Central Bank of Nigeria (CBN) sold 115.85 billion Naira of one-year debt at a rate of 18.68 percent, the same as the previous auction, traders said.

They said the CBN also sold N35 billion of 91-day paper at 14 percent and N22 billion of six-month bills at 17.5 percent, unchanged from the previous auction.

The Sun. Friday, 6 January 2017

16.

FG to accept Naira instead of Dollars from debtor airlines

Abuja-The Federal Government has said that it will accept Naira from airlines which owe it in Dollar transactions, adding that the decision to accept Naira instead of Dollars was taken last week by the government.

This revelation was made, yesterday by the Minister of State, Aviation, Hadi Sirika in an interview, in Abuja, before the stakeholders meeting on aviation.

He said that the decision was arrived at because of the current economic recession which has resulted in scarcity of foreign exchange, especially dollars.

Vanguard. Friday, 6 January 2017

17.

Nigeria posts biggest decline as OPEC output falls

ABUJA- NIGERIA recorded the biggest oil production decline among Organisation of Petroleum Exporting Countries, OPEC, members last December, as output dropped by 200,000 barrels to 1.45 million barrels per day, bpd, industry sources said.

This is even as OPEC's crude production fell by 310,000 barrels a day, as unplanned disruptions in Nigeria reduced the group's supply before deliberate cuts took effect this month.

Nigeria's huge output decline was attributed to maintenance on the Erha field and strike by workers at ExxonMobil Corporation's operations in the country which disrupted both exports and production, Amrita Sen, Chief Oil Analyst at London-based consultant Energy Aspects Limited, said.

Vanguard. Friday, 6 January 2017

Other Economic and Business Indicators

Inflation Rate
(Year-on-Year change)
18.48%
(November, 2016)
Unemployment Rate 13.9%
(Q3, 2016)
Underemployment Rate 19.7%
(Q3, 2016)
Monetary Policy Rate 14%
(November, 2016)
Inter-Bank Call Rate 36.42%
(October, 2016)
Prime Lending Rate 17.10%
(October, 2016)
Maximum Lending Rate 27.69%
(October, 2016)
External Reserve USD 26,218,593,666  
(5 January 2017)
Exchange Rate (CBN)
6 January 2017
USD: 305
POUNDS: 377.10
EUROS: 322.84
Exchange Rate (Parallel Market)
6 January 2017
USD: 493.00
POUNDS: 595.00
EUROS: 506.00
Liquidity Ratio 30%
Treasury Bill Rate (91 Days) 14%
(14 December, 2016)
Currency in Circulation (Million Naira) 1,825,664.51
(October, 2016)
Banks Reserves(Million Naira) 4,415,126.62
(October, 2016)
External Debt - FGN + States (USD million) 11,261.89
(as at June 30, 2016)
Local Debt - FGN only (NGN million) 10,606,334.22
(as at June 30, 2016)
Bank Credit to to Private Sector (NGN million) 23,069,635.07
(October, 2016)
Demand Deposits at Banks (NGN million) 8,501,818.92
(October, 2016)
Nigeria's Merchandise Trade 3,942.0 billion (Quarter 2, 2016)
Crude Oil $53.50 (OPEC Daily Basket, January 6, 2017)

Source: CBN, NBS and DMO
Compiled by: Research Department, NACCIMA
09 January, 2017