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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, 22nd September, 2017

1

Lagos Chamber of Commerce and Industry (LCCI) seeks investment-friendly tax policies

The Lagos Chamber of Commerce and Industry has said for Nigeria to sustain the economy after its exit from recession, it has to put in place tax policies that are investment-friendly.

The chamber also recommended a reduction in multiple exchange rates, alignment of procurement policies at all levels of government to support domestic investment; investment policy that would protect domestic investors; interest rate policy that would be investment-friendly and trade policy that would reduce cost of operations across sectors.

The President, Lagos Chamber of Commerce and Industry (LCCI), Dr. Nike Akande, gave these recommendations during a media briefing on the economy in Lagos on Friday.

Akande pointed out that beyond the Gross Domestic Product numbers and exit from recession, the impact on the cost of doing business, productivity of investors, competitiveness of firms and the sustainability of investments remained paramount.

The Punch. Sunday, 17th September, 2017

 

2

FG kicks as oil, electricity workers begin strike

LAGOS - The Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, yesterday said loading of products, including aviation fuel, would stop from today as affiliates of United Labour Congress of Nigeria, ULC, begin an indefinite strike.

Also, electricity workers, on the platform of National Union of Electricity Employees, NUEE, National Association of Aircraft Pilots and Engineers, NAAPE, and National Union of Railway Workers, have also asked members to down tools and join the strike.

However, leaders of the National Union of Banks, Insurance and Financial Employees, NUBIFIE, said members may not effectively join the strike today because the union just concluded its delegates conference weekend, warning, however, that members would fully join should the strike persist.

Vanguard. Monday, 18th September, 2017

3

BoI releases N24bn to industrialists in Kano

The Managing Director, Bank of Industry, Mr. Olukayode Pitan, says the bank has provided a total of N24bn to industrialists in Kano State.

He gave the figure on Sunday in Abuja during a meeting with the Kano State Governor, Abdullahi Ganduje.

He stated that that the bank through the disbursement of the funds had generated about 96,000 direct and indirect jobs in the Small Medium Enterprises as well as Micro Small and Medium Enterprises.

He said that the funds were disbursed through different funding windows such as the BoI/Kano State Government matching fund; the Bol-Dangote fund; and the Government Enterprise Empowerment Programme (Market Moni).

The Punch. Monday, 18th September, 2017

4

Nigeria, 195 others okay strategy to contain land degradation

Nigeria and other countries have agreed on a new global roadmap to address land degradation at the 13th meeting of the Parties to the United Nations Convention to Combat Desertification held in Ordos, China.

The new UNCCD 2018-2030 Strategic Framework is the most comprehensive global commitment to achieve Land Degradation Neutrality (LDN) in order to restore the productivity of vast swathes of degraded land, improve the livelihoods of more than 1.3 billion people, and to reduce the impacts of drought on vulnerable populations.

To reaffirm the progress made at the summit, more than 80 Ministers from around the world issued the Ordos Declarationurging countries to step up efforts on all fronts to tackle desertification - one of the planet's most pressing global challenges.

The Guardian. Monday, 18th September, 2017

5

Nigeria, US to promote small-scale farming, others

The 2017 United States-Nigeria Agriculture Business Investment Summit will impart knowledge of modern farming methods, fishery, poultry, agric-tourism, aqua farming and the use of relevant modern technologies for large-scale farming to participants who will represent Nigeria and other parts of the world.

A statement by the organisers on Sunday said the summit was planned to promote business enterprise at the Small and Medium Enterprise and government levels between the US and Nigeria; develop bilateral business partnerships; attract foreign; investors; promote US goods and services in Nigeria; as well as Nigerian goods and services to the American market.

The Nigerian delegation to the summit, scheduled to hold in Atlanta, Georgia, US in November, will be led by the Chairperson, Advisory Board, US-Nigeria Trade Council, Chief Alaba Lawson, it added.

Lawson, who is also the President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, was recently appointed into the council.

The Punch. Monday, 18th September, 2017

6

Invest in FG's N100bn sukuk, CBN urges Nigerians

The Central Bank of Nigeria has urged Nigerians to take advantage of the sovereign sukuk being offered by the Federal Government in order to support the country's infrastructural development while making money.

At an investors' forum organised by the Debt Management Office in Kaduna, the CBN's Deputy Director, Financial Markets Department, Mr. Demenongu Yanfa, assured participants of the apex bank's commitment to the smooth running of the Islamic bond, a statement issued by the DMO said on Sunday.

According to Yanfa, the sukuk will not only allow Nigerians to take ownership of the roads with half yearly rental incomes, but will also fast-track the building of road infrastructure in the country.

The Punch. Monday, 18th September, 2017

7

Nigeria attracts American investors, targets $25bn FDI

Officials of the Nigerian Government have assured U.S. investors of the favourable investment climate, promising the highest returns on investments, more than anywhere else in the world.

The Minister of Trade, Industry and Investment Okechukwu Enelamah and his Foreign Affairs counterpart Geoffrey Onyeama, stated this at the Nigeria-U.S. Business and Investment Forum in New York.

Yewande Sadiku, the executive secretary of the Nigerian Investment Promotion Council said $25billion in Foreign Direct Investment is the target of the country in 2020.

Enelamah explained that the Federal Government is building the Nigeria of the future where things would be done differently from the way they were done in the past.

The Sun. Tuesday, 19th September, 2017

8

CBN to punish banks for forex infractions

The Central Bank of Nigeria on Monday threatened to sanction any Deposit Money Bank found in breach of its earlier directive of March 3, 2017 instructing them to, among other things, open teller points for retail forex transactions and to have electronic display boards in all their branches, showing rates of all trading currencies.

This is even as the apex bank sustained its intervention in the various sectors of the inter-bank foreign exchange market with the injection of $545m.

A circular issued by the CBN warned that it would mete out stiff regulatory sanctions to banks that failed to comply fully with the directive by October 13, 2017.

The circular, signed by the Director, Banking Supervision, CBN, Ahmad Abdullahi, stressed that the apex bank would bar errant DMBs from all future CBN foreign exchange interventions.

The Punch. Tuesday, 19th September, 2017

9

Unity Bank promotes agric scheme with N24bn loan

Unity Bank Plc says it has disbursed N24bn to farmers through the Commercial Agriculture Credit Scheme introduced by the Federal Government.

The lender noted that it had effectively keyed into the various intervention funds of the Central Bank of Nigeria to boost agriculture.

It said it had emerged as one of the leading players in the industry driving the intervention schemes, as a bank that drives agribusiness as its major strategic business focus.

In a statement on Tuesday, the bank said, "The commitment of the bank towards participating in the on-lending schemes is borne out of Unity Bank's belief in pursuing benefits of greater financial inclusion and reaching out to greater number of farmers all around Nigeria initially excluded with financial services, all of which is made possible by the bank's deep knowledge of rural economy."

The Punch. Wednesday, 20th September, 2017

10

FG reconstitutes Investment & Securities Tribunal

The federal government, Tuesday, reconstituted the Investment and Securities Tribunal, with the Minister of Finance, Mrs. Adeosun, assuring that it would restore investor confidence in the nation's capital market.

Speaking at the inauguration, in Abuja, the minister explained that the delay in reconstituting the Tribunal was to enable the government carefully overhaul the system and ensure that credible, competent and experienced people were brought in to effect the desired change.

Mrs. Adeosun expressed confidence that the Tribunal would work assiduously to restore the confidence of the capital Market Operators and investing public which may have been dampened by the delay in dispensation of justice during the absence of the Tribunal.

Vanguard. Wednesday, 20th September, 2017

11

Nigeria's foreign debts hit $15.05bn in June – NBS

ABUJA - The National Bureau of Statistics, NBS, yesterday, said Nigeria's foreign debt stood at $15.05 billion, while the domestic debt portfolio was put at N14.06 trillion in June this year.

According to the NBS, this represents a growth of $3.64 billion and N0.04 trillion respectively within a six month period.

Investigations by Vanguard showed that the foreign debt profile was $11.41 trillion, while domestic debt was N14.02 billion at the end of December 2016.

The NBS in its report on Nigerian Domestic and Foreign Debt - June 2017 data, showed that $9.67 billion of the debt was multilateral; $218.25 million, bilateral, while $5.15 billion was from the Exim Bank of China, credited to the Federal Government.

Vanguard. Wednesday, 20th September, 2017

12

Naira appreciates to N360.22/ $ in NAFEX

The naira, yesterday, depreciated to N360. 22 per dollar in the Investors and Exports (I&E) Foreign Exchange, forex Window.

Data from the Financial Market Dealers Quote, FMDQ showed that the indicative exchange rate for the I & E Window, known as Nigerian Autonomous Foreign Exchange, NAFEX declined to N360.22 per dollar, yesterday, from N359.91 per dollar on Monday. Hence the naira has depreciated by N1.31per dollar.

Meanwhile, in the parallel market, the naira yesterday appreciated to N367 per dollar from N369 per dollar recorded on Monday. This represents a gain of N2.00 per dollar.

Meanwhile, the Federal Government plans to auction N135 billion in bonds next week, the Debt Management Office said yesterday.

Vanguard. Wednesday, 20th September, 2017

13

FG considers tax reliefs to fund road construction

The Federal Government said it might resort to a tax recovery funding arrangement for the execution of some major road projects in the country.

The Minister of Power, Works, and Housing, Mr. Babatunde Fashola, sad this on Tuesday in Abuja during a progress report meeting with contractors handling major road projects for the government

The new arrangement, he stated, became imperative as a result of revenue shortfalls, which had made funding of projects challenging for the government.

Fashola said that the government was exploring innovative ways of funding infrastructure projects, and as such, would allow companies operating within tax reliefs to undertake key road projects in the country.

The Punch. Wednesday, 20th September, 2017

14

Poor World Bank ranking on Nigeria discouraging investments'

As part of contributions to reduce the many challenges facing the realestate financing in the country, the Central Bank of Nigeria [CBN] has said the poor ranking by the world Bank in 2016 has continued to discourage both local and foreign investment Inflows into the mortgage financing sector of the nation's economy..

In 2016, the World bank Group Report on the ease of doing business ranks Nigeria 139th out of 190 countries examined in the area of ''Enforcement of contracts."

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, stated this on Wednesday, in his message at a workshop for Judicial Officers organized by the National judicial Institute (NJI) held in Abuja

The Guardian. Friday, 22nd September, 2017

Other Economic and Business Indicators

GDP 0.55%
(Q2, 2017)
Inflation Rate
(Year-on-Year change)
16.01%
(August, 2017)
Unemployment Rate 14.2%
(Q4, 2016)
Underemployment Rate 21.0%
(Q4, 2016)
Monetary Policy Rate 14%
(July, 2017)
Inter-Bank Call Rate 12.28%
(July, 2017)
Prime Lending Rate 17.65%
(July, 2017)
Maximum Lending Rate 30.94%
(July, 2017)
External Reserve USD 31,883,732,360
(14 September, 2017)
Exchange Rate (CBN)
22 September, 2017
USD: 305.85
POUNDS: 415.03
EUROS: 366.01
Exchange Rate (Parallel Market)
22 September, 2017
USD: 367.00
POUNDS: 488.00
EUROS: 437.00
Liquidity Ratio 30%
Treasury Bill Rate (91 Days) 13.35%
(16, August 2017)
Demand Deposits at Banks
(NGN million)
8,883,822.34
(July, 2017)
Credit to Government (Net)
(NGN million)
4,987,790.39
(July, 2017)
Credit to Private Sector
(NGN million)
22,172,372.60
(July, 2017)
Currency in Circulation
(Million Naira)
1,769,750.47
(July, 2017)
Bank Reserves
(Million Naira)
3,446,384.83
(July, 2017)
External Debt: FGN + States
(USD million)
13,807.59
(as at March 31, 2017)
Local Debt: FGN only
(NGN million)
11,971,336.53
(as at March 31, 2017)
Nigeria's Merchandise Trade N5,697.5 billion (Quarter 2, 2017)
Crude Oil $54.84 (OPEC Daily Basket, 22 September, 2017)

Source: CBN, NBS and DMO
Compiled by: Research Department, NACCIMA
25 September, 2017