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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, 17th February, 2017

1.

FG plans companies ownership register

The Minister of Justice and Attorney General of the Federation, Mr. Abubakar Malami, has said the Federal Government will initiate a registry to identify owners of companies in the country.

According to Malami, the Corporate Affairs Commission is working on a bill to repeal the Company and Allied Matters Act with a view to incorporating the international standard on beneficial ownership, as set out in the Financial Action Task Force.

Malami, who said this at a national consultation workshop on beneficial ownership in Abuja, on Friday, emphasised that the establishment of the registry would also ensure that owners of companies bidding for government contracts were known and could be identified.

Punch. Sunday, 12 February 2017

2.

FG, Dana sign deal on reduction of Airfares for government officials

As part of efforts by the Federal Government to reduce the cost of governance, Dana Airlines has agreed to give 50 per cent discount on air ticket for public officials on official duties.

The Efficiency Unit of the Federal Ministry of Finance last year requested for discount from airlines operating in the country.

The government is expected to realise about N5 billion yearly with this arrangement.

The Guardian. Monday, 13 February 2017

3.

FG budgets N51bn to revive textile industry

The Federal Government has set aside the sum of N51bn in this year's budget to promote the development of the garment and textile industry in the country.

The allocation is part of measures aimed at boosting the sector in a manner that will create jobs, support the diversification efforts of the Federal Government and increase the patronage of made-in-Nigeria apparels.

Statistics from the Ministry of Industry, Trade and Investment revealed that between 1980 and 2016, about 145 companies operating in the textile sector had shut down owing to the harsh economic climate.

Punch. Monday, 13 February 2017

 

4.

FG to pursue 59-point strategy in Economic Recovery Growth plan

The Federal Government is to pursue implemetation of a 59-point strategy to achieve the objectives of its Economic Recovery Growth Plan that will be launched in the next few weeks.

The document which has been finalised waiting for Federal Executive Council's endorsement has twelve strategies that have been prioritised based on their importance to the success of the government recovery plan.

Those who are working on the document, a copy of which Vanguard sighted, said that the federal government intends to restore crude oil production to budget target of 2.2 million barrel per day and move from there to 2.5 million barrels per day by 2020. The Economic Recovery Growth plan also include privatisation of some federal government selected assets to raise the needed funds to implement the plan

Vanguard. Monday, 13 February 2017

5.

External reserves rise by 20% in three months

The nation's external reserves have risen by $4.7bn or 20 per cent in the past three months, according to the latest data from the Central Bank of Nigeria.

Statistics on the CBN website on Sunday revealed that the foreign exchange reserves increased from $24.0bn on November 9, 2016 to $28.7bn on February 9, 2017.

The data also showed that within two months, the reserves increased by $3.8bn or 15.3 per cent from $24.9bn recorded on December 9, 2016 to $28.7bn on February 9, 2017.

In the same vein, the reserves have increased by $2.9bn or 11.2 per cent since the beginning of this year till date. Specifically, the external reserves rose from $25.8bn on December 30, 2016 to $8.7bn recorded on February 9, 2017.

The nation's external reserves had risen by 15 per cent in three months, the CBN data showed in late January.

Punch. Monday, 13 February 2017

6.

Nigeria to service $1b Eurobond with N361b

Nigeria is considering a new debt service provisioning of N361 billion ($1.2 billion) for the $1 billion (N305.1 billion) Eurobond which was acclaimed to have been over-subscribed.

When consummated, the development will not only add to the country's debt stock, its current debt service provision at over N1.4 trillion will rise, and it will deepen the troubled debt-to-revenue ratio which has been impeding the country's ability to freely finance growth projects.

Government had said its 15-year Eurobond offer was priced at 7.875 per cent, with a lump sum repayment of the principal ($1 billion) at the due date – February 2032.

The investors had opted for a higher yield to cover their assessed risks or devaluation in early negotiations, asking for a 7.5 per cent for a 10-year period or eight per cent and above for a 15-year period, due to foreign exchange crisis and other macroeconomic issues.

The Guardian. Monday, 13 February 2017

7.

FG plans to generate $16.4bn through asset sales

Nigeria plans to generate as much as $16.4 billion through asset sales in the next four years to reduce the burden on the public budget, a Budget Ministry document showed.

The sales will help to tackle inefficiencies and stem "corruption in public enterprises," according to the document obtained by Bloomberg, which outlines the West African nation's plans for economic recovery from 2017 to 2020. President Muhammadu Buhari will introduce the proposal on an unspecified date this month. It didn't name the assets it may sell.

Nigeria estimates its economy contracted 1.5 percent in 2016, partly because of a decline in the price and output of oil, the country's biggest export and revenue generator. Buhari proposed a 20 percent increase in this year's budget to stimulate the economy and help gross domestic product expand by an average of 4.7 percent annually over four years and reach 7 percent in 2020.

The Guardian. Tuesday, 14 February 2017

8.

FG to work with illegal oil refiners – Osinbajo

The much sought peace in the Niger Delta may not be far from realisation, as the Federal Government has made a u-turn by deciding to work with illegal oil refiners, instead of destroying their refineries.

Speaking, Tuesday, during a visit to Rivers State, acting President Yemi Osinbajo, said that Nigeria needs to provide work for people who make a living from illegal refining of oil in the Niger Delta in order to achieve peace.

"Our approach to that is that we must engage them (illegal refiners) by establishing modular refineries so that they can participate in legal refineries. We have recognised that young men must be properly engaged," he said, without giving details.

He also said that the government will make more provisions for the amnesty scheme for former militants who laid down arms in 2009 in exchange for cash stipends and job training.

Vanguard. Wednesday, 15 February 2017

9.

Nigeria's inflation rate hits 18.72% in January - NBS

The National Bureau of Statistics says the Consumer Price Index, which measures inflation, increased by 18.72 per cent (year-on-year) in January from 18.55 per cent recorded in December, 2016.

The CPI, which measures the average change over time in prices of goods and services consumed by people for day to-day living, is 0.17 per cent points higher from the points recorded in December.

A report released by the NBS in Abuja on Wednesday noted that increases recorded in all Classification of Individual Consumption by Purpose divisions that yielded the Headline Index.

Punch . Wednesday 15 February 2017

10.

FG gives out N70m to 56 inventors

No fewer than 56 people yesterday received grants from the 2016 Presidential Standing Committee on Inventions and Innovations (PSCII).

Minister of Science and Technology, Dr. Ogbonnaya Onu, who handed out cheques to the beneficiaries, said the funds were meant to empower them to improve, mass-produce, commercialise their products where necessary and register the patents.

The Minister noted that government undertook the initiative because success would lead to the development of Small and Medium Scale Enterprises (SMEs), which in turn would enhance job and wealth creation in the country.

He urged the beneficiaries to deploy the grants to improve on their creativity, inventiveness and innovation, warning that the ministry would monitor how the funds were being used.

The Sun. Wednesday, 15 February 2017

11.

FG closes 20,000 bank accounts, moves N5.2tn into TSA

Since the commencement of the Treasury Single Account in September 2015, over 20,000 accounts with Deposit Money Banks belonging to Federal Government Ministries, Departments and Agencies have been closed with a total sum of N5.24tn moved into the TSA.

The Accountant-General of the Federation, Ahmed Idris, gave the figures on Tuesday in Abuja at the opening session of a two-day retreat on the TSA.

The event, which was attended by Vice President Yemi Osinbajo; Minister of Finance, Mrs. Kemi Adeosun; and Secretary to the Government of the Federation, Mr. Babachir Lawal, among other top government officials, had as its theme: 'One year anniversary of the Treasury Single Account: Benefits, challenges and way forward'.

The TSA is a platform used by the government to unify all its accounts by ensuring that all monies belonging to it are kept with the Central Bank of Nigeria.

Punch. Wednesday, 15 February 2017

12.

FG denies plans to raise N5tr from asset sale, disburses N53m for inventions

"The publications claim that the projected amount is contained in the Economy Recovery and Growth Plan (ERGP) being finalized by the Federal Government. It has become necessary to state that the ERGP that is being finalized and which will soon be presented to the public has no recommendation for raising that amount of revenue from sale of assets,'' the statement said.

It however indicated that to achieve the objectives of the plan, 60 strategies have been developed for implementation with four key execution priorities: Stabilization of the macroeconomic environment, agriculture and food security, sufficiency in energy (power and petroleum products), industrialization and focusing on Small and Medium Scale Enterprises.

Meanwhile, the Federal Government, yesterday released N53 million to encourage inventors for the commercialisation of their works.Minister of Science and Technology, Dr. Ogbonnaya Onu, who gave out the funds to the 56 inventors, said the gesture would encourage small and medium scale enterprises as well as job and wealth creation.

The Guardian. Wednesday, 15 February 2017

13.

Power generation hits 4,043MW as gas supply improves

The Transmission Company of Nigeria says the nation's power generation rose from 3,528MW to 4,043MW between February 1 and February 15.

TCN, in its website, said that the 515MW increase in generation as at February 15 was due to slight increase in gas supply to some power generating companies.

It said, "The total output of 4,043 megawatts from all the GENCOs on Wednesday has been transferred to the 11 distribution companies across the country."

An official of Egbin Power Station, who pleaded anonymity, said in Lagos that gas supply to the station had increased slightly in the last seven days.

The source said that the station, which has capacity to generate 1,320MW, now generates 420MW as against former generation of 160MW.

Punch. Wednesday, 15 February 2017

14.

BoI's entrepreneurship scheme: Applicants lament non-disbursement of loans

Applicants of the Youth Entrepreneurship Support (YES) programme of the Bank of Industry (BoI) have lamented that, months after completing the rigorous online and in-class training aspect of the scheme, they have not been able to access any loan from the bank.

Their complaints are in response to a recent report in Vanguard on the experiences of beneficiaries of the programme, where they highlighted the impact of the scheme on their business orientation. The applicants claimed that while the training they under-went in various centres and online were very enriching, accessing the loans thereafter has proved to be a herculean task, contrary to the promise made by BoI officials during the training. Here are some of the complainants and their complaints:

Vanguard. Thursday, 16 February 2017

15.

Forex: CBN releases $2.8bn to manufacturers, others in two months

The Central Bank of Nigeria on Thursday said it had disbursed the sum of $2.83bn worth of foreign exchange for the importation of various types of equipment in the real sector of the economy.

The amount was made available to the manufacturers to enable them source for raw materials and spare parts to boost production capacity.

The Acting Director, Corporate Communications Department, CBN, Mr Isaac Okoroafor, who confirmed the development said the amount was released in the last two months covering December 2016 and January 2017.

Okorafor explained that manufacturing, raw material, and agriculture among others got the highest amount, adding that this was done by the apex bank as part of its measures to create jobs, reduce the level of poverty and ensure inclusive growth in the economy.

Punch. Thursday, 16 February 2017

16.

Stock market bounces back, as investors gain N33.9bn

The persistent losing streak on the Nigerian Stock Exchange, NSE, was halted, yesterday, as investors gained N33.9 billion propelled by positive activity in Nigerian Breweries Plc, Dangote Cement Plc and Forte Oil Plc.

This came as the NSE launched Lagos Chapter of Nigerians in the Square Mile (NISM). NISM, established in 2008, is a membership organisation and think tank made up of outstanding individuals in the financial and professional services sectors in the City of London and has become a quietly and increasingly influential organisation advancing the interests of Nigeria and Nigerians in the world's leading financial centre. At the close of the day's trading session, the market capitalisation of all listed equities rose to N8.697 trillion from N8.774 trillion on Tuesday, representing 0.4 per cent increase.

Vanguard. Thursday, 16 February 2017

17.

Nigeria's total debt profile $57.39bn – DMO boss

ABUJA-The Debt Management Office, DMO, said yesterday that the nation's total debt profile currently stood at $57.39 billion.

Director-General of DMO, Dr. Abraham Nwankwo, who disclosed this when he appeared before the Senator Shehu Sani's Committee on Foreign and Local Debts to defend his agency's budget proposal, said the total debt stock comprised external and domestic debts of the federal government, those of the 36 states of the federation and the Federal Capital Territory, FCT, as December 31, 2016.

This came on a day the Presidency slashed its 2017 budget by N3 billion, in view of the present economic recession in the country.

Nwankwo explained that of the total debt stock, external debt stood at $11.41 billion, while domestic debt stock was put at $45.98 billion.

Vanguard. Friday, 17 February 2017

18.

No query from AGF on forex sale -CBN

LAGOS- The Central Bank of Nigeria, CBN, yesterday, said it has not received any query from the Attorney-General of the Federation, AGF, on sale of foreign exchange, contrary to media reports.

Meanwhile, the apex bank has directed banks to report all foreign exchange transactions in United States dollars, disclosing that it has disbursed $2.83 billion for utilization in the critical sectors of the economy in the last two months of December 2016 and January 2017.

Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor, stated this in statements, yesterday.

Okoroafor said: "The attention of the Central Bank of Nigeria, CBN, has been drawn to a media report suggesting that the Office of the Attorney-General of the Federation and Minister of Justice has issued a query to the Central Bank of Nigeria,CBN, over issues relating to the sale of foreign exchange.

Vanguard. Friday, 17 February 2017

 

Other Economic and Business Indicators

GDP -2.24%
(Q3, 2016)
Inflation Rate
(Year-on-Year change)
18.72%
(January, 2017)
Unemployment Rate 13.9%
(Q3, 2016)
Underemployment Rate 19.7%
(Q3, 2016)
Monetary Policy Rate 14%
(December, 2016)
Inter-Bank Call Rate 10.39%
(December, 2016)
Prime Lending Rate 17.09%
(December, 2016)
Maximum Lending Rate 28.55%
(December, 2016)
External Reserve USD 29,051,165,986   
(2 February 2017)
Exchange Rate (CBN)
17 February 2017
USD: 305.5
POUNDS: 379.27
EUROS: 325.29
Exchange Rate (Parallel Market)
6 February 2017
USD: 500.00
POUNDS: 616.00
EUROS: 530.00
Liquidity Ratio 30%
Treasury Bill Rate (91 Days) 13.69%
(15 February, 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) 11,261.89
(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) 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 $53.11 (OPEC Daily Basket, February 17, 2017)

Source: CBN, NBS and DMO
Compiled by: Research Department, NACCIMA
20 February, 2017