Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has decried the exodus and closure of businesses in the country arising from the state of the nation’s economy.

In a statement, the National President of NACCIMA, Dele Kelvin Oye, appealed to the Federal Government to address the fundamental issues undermining the country’s economic stability and business climate.

He said: “The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, the apex chamber of commerce in Nigeria, acknowledges that this is a difficult time for all companies in Nigeria. We also understand the complex nature of our diverse and mixed economy and how different corporations are impacted by the current situation.

“We must, therefore, be balanced in referencing the closure of several businesses, the exit of some multinational companies, and the expansion efforts being undertaken by several local and non-international companies.

It called for policy guidance on target inflation, investment plans and other macroeconomic targets, stressing the need for forward guidance on currency management, security and inflation.

It stated: “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.”

NACCIMA also urged the government to 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 stabilise 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.

Other suggestions by the chamber include opening up investment opportunities for critical infrastructure to the private sector; and reducing government footprint (like the NNPC being a regulator and a player).

“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,” it said.

MEANWHILE, the association has disclosed plans for a high-level trade mission to the State of Michigan, United States in September in collaboration with the Global African Business Association (GABA).

In a statement, Oye said the trade mission would focus on strengthening business partnerships between Nigeria and Michigan while exploring investment, and public-private partnerships to support economic growth and showcase Nigeria’s readiness for increased international trade and market access.

On his part, the President of GABA, Akindele Akinyemi shared his enthusiasm for the collaboration, stating: “This mission represents a critical step in strengthening the economic bridge between Michigan and Nigeria. The opportunities for trade, investment, and collaboration in areas such as mobility and smart city development are immense. We look forward to working closely with NACCIMA to foster meaningful connections that will benefit both regions for years to come.”