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The group also called for some policy guidance on target inflation, investment plans and other macro-economic targets.
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has appealed to President Bola Tinubu’s administration to urgently address the fundamental issues undermining the country’s economic stability and business climate.
Dele Kelvin Oye, NACCIMA National President in a statement on Saturday, urged the government to review monetary policies to reduce debt, deficit financing and excess expenditure to tackle inflation and stabilize the currency.
The group also called for some policy guidance on target inflation, investment plans and other macro-economic targets.
It added that the recently released statistics paint a grim picture for the remaining quarter, describing the losses of major manufacturing entities occasioned by currency devaluation as disheartening.
According to the statement, the government needs to provide clear and unambiguous support to businesses by being behind businesses and not in front of it.
The statement reads in part, “We acknowledge that this is a difficult time for all companies in Nigeria. We also understand the complex nature of our diverse/mixed economy and how different corporations are impacted by the current situation.
“We must therefore be balanced in referencing the closure of several businesses and the exit of some multinational companies, as well as the expansion efforts being undertaken by several local and non-international companies.
“For this reason, we would like to make some contribution to any consideration being undertaken by corporations who are yet to make a final decision to expand or exit the Nigerian market.
“NACCIMA’s position is based on a long-term outlook for the Nigerian market. However, NACCIMA concedes that the short-term challenges are real and impactful.
“The absence of a published fiscal policy for 2024 impacts the uncertainty and decision-making process at the strategic and board level of most private entities.
“We therefore seek some policy guidance on target inflation, investment plans and other macro-economic targets. We also seek forward guidance on currency management, security and inflation.
“The recently released statistics paint a grim picture for the remaining quarter as the losses of major manufacturing entities occasioned by currency devaluation is disheartening.
“However, on a positive note, we must report that some local and multinational companies are weathering the storm and investing heavily in expansion projects. We want to commend the Dangote Group, Mangal Cement, Nestle, Kam steel, M Saleh Group, Arise Group, SecureID, Brightwaters Energy, Emzor Pharmaceuticals, BUA Cement, and Transcorp Hotel for demonstrating staying power, resilience and confidence in the Nigerian market. Their investments, totaling billions of Dollars, are a testament to the potential of the Nigerian economy.
“We will therefore appeal that more companies take a long-term view of the Nigerian economy by taking strategic steps to minimise the short impact on their business.
“We also appeal to the government to urgently address the fundamental issues undermining the country’s economic stability and business climate by
“Reviewing monetary policies to reduce debt, deficit financing and excess expenditure to tackle inflation and stabilize the currency.
“Enhance rural security and transport links across the country to protect lives and property.
“Develop and communicate a clear and investor-friendly fiscal policy for 2024 and beyond.
“Reduce red tape/over-regulation and simplify the bureaucratic processes for doing business in Nigeria.
“Open up investment opportunities for critical infrastructure to private sector.
“Reduce government footprint (like the current NNPC fiasco of being a regulator and a player). The government needs to provide clear and unambiguous support to businesses by being behind businesses and not in front of it.
“Government policies should be geared towards trade facilitation and not revenue collection alone.
“NACCIMA stands ready to work closely with the government and other stakeholders to develop long-term intervention plans for local and global investors as we navigate these short-term challenges.”
“We therefore encourage all stakeholders to continue to explore all options which help us during this difficult period,” the statement added.
