On the auspicious occasion of May Day, a day internationally recognized for the celebration of the labor and indomitable spirit of workers worldwide, the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) extends its warmest greetings and a message of hope to the Nigerian worker, the business community, and our esteemed government.
As we reflect on the resilience and determination that characterize our nation’s workforce, let us acknowledge the challenges that cast shadows on our collective aspirations. Our workers strive tirelessly, our businesses endeavor to innovate and expand, and our government works to shape policies that should underpin economic growth and stability. Yet, the path is fraught with hurdles that we must address with courage and foresight.
We appeal to the government to recalibrate policies that currently impede access to credit for businesses, especially the Small and Medium Enterprises (SMEs) that are the backbone of our economy. We are witnessing a public sector that inadvertently crowds out the private sector, thereby stifling the growth that we desperately need. It is time to revisit and revise these policies to unlock the full potential of our private sector.
Moreover, the decision to persist with a market-determined exchange rate in the face of our economic realities is concerning. We urge a thoughtful reassessment, taking cues from nations like China, Qatar, and Saudi Arabia, which have harnessed fixed rate systems to maintain stability and boost investor confidence.
Inflation continues to erode the purchasing power of our citizens, and the instability of customs duties further exacerbates the uncertainty that businesses face. High interest rates coupled with the dearth of accessible short-term and long-term credit facilities are impediments that need urgent attention.
Our fiscal policy for 2024 must be proactive, not reactive. It must be a policy crafted with inclusivity, enabling the private sector to drive growth and development. As negotiations with the Labour Congress for a new minimum wage progress, we emphasize that any agreement must be viewed within the broader context of our inflationary trends. Without arresting these trends, the value of wages will continue to diminish, and the cycle of economic hardship will persist.
Therefore, we call for a new dawn of stakeholder engagement, where policies are crafted through the lens of those they impact most. Only through collaborative and comprehensive reviews can we ensure that Nigeria remains competitive, retains its talents, and stands as an attractive destination for foreign direct investment.
Let us all, on this May Day, renew our commitment to dialogue, transparency, and reform. Our collective efforts can forge a future where the Nigerian worker thrives, businesses flourish, and the government’s role as a facilitator of economic success is fully realized.
May this message serve not just as a beacon of hope but as a catalyst for change, inspiring all of us to work together towards a more prosperous Nigeria.
With warm regards and unwavering solidarity,
Hon Dele Kelvin Oye, Esq.
National President, Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA)
+234 704 660 0857
president@naccima.com
naccima30@yahoo.co.uk
