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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 9th September 2016

1.

ECOWAS, Tony Elumelu Foundation partner to promote entrepreneurship

ECOWAS Commission and the Tony Elumelu Foundation (TEF) at the weekend signed a Memorandum of Understanding (MOU) for collaboration to deepen and amplify both institutions’ efforts in supporting micro, small and medium enterprises (MSMEs) as well as promoting entrepreneurship and wealth creation.

The MOU, which will run for a period of two years allows both organizations to leverage their respective capacities and sharpen their focus on entrepreneurship as a tool of development.

Nigerian Tribune. Monday, 5 September2016

2.

Recession: FG moves to reduce cost of doing business

As part of measures to buoy Nigeria’s depressed economy, the federal government has commissioned 28 additional centres for the production of Combined Expatriate Resident Permit and Aliens Card CERPAC.

The development which brings to 36, the number of of such centres in the country is aimed at automating the operations of the Nigeria Immigration Service, NIS, for the issuance of resident permits to expatriates residing and working in the country.

Vanguard. Monday, 5 September2016

3.

Recession: FG's non-oil revenue shrinks by N134bn

The current economic challenges facing the country have taken its toll on the non-oil sector as earnings from exporters witnessed a decline of $438.82m in the second quarter from $1.02bn recorded in the first quarter of this year to $576.97m.

When converted based on the official N305 exchange rate of the Central Bank of Nigeria, the $438.82m translates to a total of N133.8bn.

Statistics obtained from the CBN revealed that the decline of $438.82m (N133.8bn) by the sector represented a drop of 43.2 per cent when compared to the amount earned within the first quarter of the year.

Punch. Monday, 5 September2016

4.

BoI to increase funding to mining sector

The Bank of Industry has promised to increase funding support to the mining sector in order to improve the sector's contribution to the Gross Domestic Product.

The Acting Managing Director, BoI, Mr. Waheed Olagunju, stated this while speaking on the sidelines of the International Mining Investment Conference, which was held in Abuja.

He explained that the plan to increase funding to the sector was part of efforts aimed at supporting the quest of the Federal Government to diversify its revenue base.

Punch. Monday, 5 September2016

5.

Interbank rate rises to 16%

The nation's overnight naira interbank lending rate eased to 16 per cent on Friday, down from 20 per cent recorded the previous Friday.

This follows improved naira cash liquidity after the disbursal of July budgetary allocations to Federal Government agencies.

The Federal Government distributes revenues from crude exports and taxes among the three tiers of government every month.

About N250bn ($751m) belonging to states and local government from July budget hit the banking system last week, and provided liquidity.

Punch. Monday, 5 September2016

6.

CBN amends rule for investment in forex inflow

In its relentless efforts to boost liquidity in the foreign exchange (forex) market, the Central Bank of Nigeria(CBN) has amended its forex rule to accommodate portfolio investment by Nigerians who import hard currency through an authorized channel.

A circular by the acting Director of the apex bank in charge of Trade & Investment, W D Gotring , to all authorized dealers and general public on Friday, states that "In the continued effort to encourage portfolio investment in Nigeria, resident Nigerian nationals and/or companies who inflowed foreign currency through an authorised dealer are henceforth allowed to invest such funds in money market instruments, bonds and equities."

The Sun. Monday, 5 September2016

7.

NPA insists on dollarisation of port transactions

The Management of Nigerian Ports Authority (NPA) yesterday insisted on dollarisation of transactions and urged terminal operators to pay up to date, according to the News Agency of Nigeria (NAN).

 

The Managing Director, Ms. Hadiza Usman who stated this at a stakeholders' meeting in Lagos to round off her two-day tour of the Western ports in Lagos said the dollar regime had been in operation before she assumed office in July and would still remain until when a change is considered.

The Guardian. Sunday, 4 September 2016

8.

Customs impound contraband valued at N250 million

Customs impound contraband valued at N250 million The Nigeria Customs Service, Federal Operations Unit, Zone ‘A’ Ikeja, Lagos, intercepted contraband with a Duty Paid Value (DPV) of 186.9 million between July and August, 2016.

The Controller of the unit, Comptroller Umar Dahiru, said this on Tuesday in Lagos.

Dahiru said that the unit through its interventions recovered N63.5 million from vehicles and other goods, due to under-payment, undervaluation and false declarations.

He said that these cumulatively translated to N250.4 million in the two months under consideration

Nigerian Tribune. Tuesday, 6 September 2016

9.

CBN to penalise banks frustrating N213 billion power sector financing

Lists 18 infractions, penalties

For banks participating in the N213 billion power sector financing, the Central Bank of Nigeria (CBN) has warned that acts of sabotage would be followed with commensurate penalties.

The CBN, therefore, listed 18 infractions, which it circulated yesterday to banks participating in the scheme.

This action of the apex bank intended to remove bottlenecks responsible for low power generation.

Some participating banks are yet to fulfill their December 22, 2014 agreement with the apex bank with regards to releasing funds to generating and distributing companies by the first week of last year.

The Guardian. Tuesday, 6 September 2016

10.

Nigeria’s second quarter trade rises by 49% to N3.9tn

The National Bureau of Statistics on Tuesday released the merchandise trade statistics for the second quarter of this year with the country recording a 49 per cent increase in trade from N2.65tn in the first quarter to N3.94tn.

The bureau in the report made available to our correspondent stated that the increase in trade was as a result of a rise of N725.6bn in the value of imports against what was recorded in the preceding quarter.

It said as a result of the improvement in second quarter trade, the country’s negative trade balance has now reduced by N154.8bn to N196.5bn.

Punch. Tuesday, 6 September 2016

11.

Nigeria to start issuing visa on arrival to foreign investors

Vice President Yemi Osinbajo has said that government was seriously considering the option of issuing visa on arrival to foreign investors and other business men from outside the country.

This, he said, was to help remove many perceived bureaucratic bottlenecks that had clogged the business climate in Nigeria.

Osinbajo who spoke at the public presentation and first annual lecture of 'The Interview' magazine to mark first anniversary of the publication in Abuja recalled that President Muhammadu Buhari had already inaugurated a committee on enabling business environment.

According to him, the responsibility of the committee which he chairs was move Nigeria up by 50 spaces on the World Bank's ease of doing business index before 2017 ending.

Vanguard. Tuesday, 6 September 2016

12.

FG introduces Standard Operating Procedures (SOP) to fight corruption at Lagos ports

THE Federal Government has introduced the Standard Operating Procedures, SOP, with the aim of combating corruption in Lagos ports.

This was just as the Nigerian Ports Authority, NPA, has commenced moves to sanction terminal operators who violate the concession agreement entered into with the government regarding developmental plans.

Vanguard. Wednesday, 7 September 2016

13.

FG to borrow N120bn from local debt market

The Federal Government is planning to borrow N120bn ($387m) in local-currency denominated bonds at an auction on September 14, the Debt Management Office has said.

The DMO said on Tuesday it would raise N40bn each from debt maturing in 2021, 2026 and 2036, using the Dutch auction system.

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

Punch. Wednesday, 7 September 2016

14.

Food Production: FG to employ 100,000 graduates as extension workers

Over 100,000 graduates are to be employed by the Federal Government and drafted to farms in all local government councils across the country, as extension workers to help government actualise its food production drive.

Minister of Agriculture and Rural Development, Chief Audu Ogbe, made this known shortly after he inspected various Value Chain Development Programme, VCDP, Improved Agronimics Practice farms at Sumaka and Taraku in Guma and Gwer Local Government areas of Benue State..

Vanguard. Thursday, 8 September 2016

15.

MAN and shortage of forex

One year after the Central Bank of Nigeria (CBN) restricted importers of 41 items from the official foreign exchange market, the manufacturing sector in the country is going through harrowing times. Last week, the manufacturers and other private sector operators painted a bleak picture of the economy and how the restriction order is affecting their operations.

Under the aegis of the Manufacturers Association of Nigeria (MAN), they lamented that about 272 firms had been forced out of business since the imposition of the restriction last year. Fifty of these firms are said to be manufacturing companies. According to MAN, some of the firms have since relocated to neighbouring West African countries. About 222 small-scale businesses have also reportedly shut down, resulting in more than 180,000 job losses.

The Sun. Thursday, 8 September 2016

16.

Emefiele: Efficient payment system pivotal for financial system’s growth

The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele has stressed that an efficient payment system is pivotal to Nigeria’s financial system as well as in engendering sustained economic growth and development.

The governor pointed out that it was on this basis that the CBN has been making strides in the payment system sphere, from effective strategic planning, in collaboration with various stakeholders, to positioning the system for the facilitation of commerce, financial inclusion and inclusive economic growth.

This Day. Thursday, 8 September 2016.

17.

Telecom sector's contribution to GDP rises to 10%

The National Bureau of Statistics (NBS) has revealed that Nigeria's telecommunications sector has recorded its biggest addition to Gross Domestic Product (GDP) in six years, under the leadership of President Muhammadu Buhari.

This it explained was because the sector for the first time in six years, is contributing as much as 9.8 per cent of the nation's GDP.

According to the National Bureau of Statistics (NBS), telecoms contributed as much as N1.6 trillion to the nation's GDP in the second quarter of 2016.

The Sun. Thursday, 8 September 2016

18.

T-Bills: CBN to borrow N952bn in three months

The Central Bank of Nigeria is planning to borrow the sum of N952.04bn ($3.02bn) with new issues of Treasury Bills from September 15 to December 1, 2016.

In its latest TBs issuance calendar, the CBN said it would sell N264.47bn worth of three-month bills, N204.88bn of six-month bills and N482.69bn of one-year bills, Reuters reported on Wednesday.

The Federal Government is expected to borrow around N900bn from the local market to bridge its budget deficit, which is estimated at N2.2tn in the 2016 budget.

Punch. Thursday, 8 September 2016

19.

Nigeria to borrow from World Bank, China, Japan

The presidency on Thursday said it had approved an external borrowing plan after the cash-strapped African economy plunged into official recession.

“Low cost, long-term loans (1.25% interest, 20yr tenor)” would be sought from the World Bank, African Development Bank, China’s Exim Bank and the Japan International Cooperation Agency, it announced.

A Eurobond would also be offered “in due course” and parliament has still to sign off on the plan, President Muhammadu Buhari’s office added in a series of tweets.

Punch. Thursday, 8 September 2016

20.

Government bans purchase of transformers by electricity consumers

• Tasks Discos on improved networks

• Seeks investors to achieve 20,000MW target

The Federal Government has outlawed the procurement of transformers by electricity consumers, maintaining that it remains the duty of distribution companies (Discos).

It also charged operators in the nation's power sector to improve investments in order to upgrade their networks.

The government equally expressed readiness to offset the electricity bills owed by ministries, departments and agencies (MDAs) put at N97 billion by the Discos.

The Guardian. Friday, 9 September 2016

21.

Hike in petrol price inevitable, says IPMAN

The speculation about possible increase in price of Premium Motor Spirit, PMS, otherwise known as petrol, may hold some water as the Independent Petroleum Marketers Association of Nigeria, IPMAN, yesterday warned of a threat to product availability in the country.

This came as expert blamed marketers of insensitivity to price moderation when government placed a cap on petrol price in May.

But, other operators have argued that the price of petrol was driven by economic variables, which could not be altered for a long time due to foreign exchange challenges.

Vanguard. Friday, 9 September 2016

22.

FG to withdraw 20% equity in Lagos Free Zone

The Federal Government has disclosed plans to withdraw its 20 percent equity holding in the Lekki Deep Sea port development, which is aimed at developing Lagos Free trade Zone at Lekki axis of Lagos State.

The Federal Government holds 20 percent equity in the project, representing, $118 million; the Lagos State Government, holds 18.5 percent, while the Tolaram Group of Singapore has 61.5 percent.

Vanguard. Friday, 9 September 2016

23.

Nigeria targets $5bn cassava export annually

The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, says the country is targeting to reap over $5 billion dollars annually from cassava production in the next few years

He stated this on Thursday in Abuja at the National Cassava Summit with the theme: "Toward $5 billion per Annum Cassava in the next five years.''

Ogbeh said that the country had over time neglected agriculture in the last 30 years.

Punch. Friday, 9 September 2016

24.

Nigeria, others implement ECOWAS common tariff

ECOWAS Director of Trade, Mr Gbenga Obideyi, has said that 10 member states have so far implemented the Common External Tariff which came into effect in January 2015.

Obideyi said on Thursday that eight countries within the West African Monetary Union, including Nigeria and Ghana had implemented the CET.

Others he said include Bénin, Burkina Faso, Cote d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo.

He said that member states were expected to implement the common tariff within five years, adding that the remaining five countries would begin implementation of the CET soon.

Punch. Friday, 9 September 2016

25.

FG offers 3-year tax holiday to investors

As part of measures to incentivise investments in the Nigerian mining sector, the Federal Government yesterday offered prospective investors a three-year tax holidays.

Speaking at the opening session of the ongoing Africa Down Under Conference in Perth, Australia recently, Minister of Solid Mineral Development, Dr. Kayode Fayemi, said the country was determined to return stronger to the global ore and mineral market to drive the growth and development of the sector through the private sector.

He said that the tax holiday would commence from the date the investor begins mining operations in the country.

Vanguard. Friday, 9 September 2016

Other Economic and Business Indicators

Inflation Rate
(Year-on-Year change)
17.13%
(July, 2016)
Unemployment Rate 13.3%
(Q2, 2016)
Underemployment Rate 19.3%
(Q2, 2016)
Monetary Policy Rate 14%
(July, 2016)
Inter-Bank Call Rate 31.51%
(July, 2016)
Prime Lending Rate 17.14%
(July, 2016)
Maximum Lending Rate 27.06%
(July, 2016)
External Reserve USD 25,157,243,447 
(8 September 2016)
Exchange Rate (Inter-Bank)
09 September 2016
USD: 304.50
POUNDS: 405.38
EUROS: 343.02
Exchange Rate (Parallel Market)
09 September 2016
USD: 424
POUNDS: 555
EUROS: 470
Liquidity Ratio 30%
Treasury Bill Rate (91 Days) 14.99%
(August, 2016)
Currency in Circulation (Million Naira) 1,664,494.64
(July, 2016)
Banks Reserves(Million Naira) 3,266,158.32
(July, 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) 22,375,253.21
(July, 2016)
Demand Deposits at Banks (NGN million) 7,856,994.72
(July, 2016)
Nigeria's Merchandise Trade 2,723.9billion (Quarter 1, 2016)
Crude Oil $44.55 (OPEC Daily Basket, September 2, 2016)

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