NACCIMA: Lifting Local Businesses To A Higher Pedestal
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) stands as a pivotal institution in Nigeria’s economic landscape, serving as the umbrella body for all affiliate chambers across the country. It plays a vital advocacy and policy-influencing role, striving to promote free enterprise and sustainable business growth in a rapidly evolving global economy.
Empowering Local Businesses and MSMEs
Under the leadership of President Kelvin Dele Oye, NACCIMA has intensified efforts to support local businesses, particularly Micro, Small, and Medium Enterprises (MSMEs), which are crucial drivers of Nigeria’s economic development. At events such as the Ekiti Trade Fair, NACCIMA has called on governments and stakeholders to empower MSMEs with the necessary tools for innovation and growth, creating platforms that foster collaboration between local artisans and large enterprises. This approach aims to enhance competitiveness and enable Nigerian businesses to thrive domestically and internationally.
Championing the African Continental Free Trade Area (AfCFTA)
NACCIMA has been at the forefront of Nigeria’s engagement with the African Continental Free Trade Area (AfCFTA), recognizing it as a transformative opportunity for expanding market access and wealth creation across Africa. The association was among the first to endorse the AfCFTA agreement and has actively supported its implementation through strategic partnerships and sensitization programs, including a notable lecture series in collaboration with Deloitte.
President Dele Oye has urged the Nigerian government to expedite the ratification of AfCFTA to unlock intra-African trade benefits fully. The agreement, connecting 55 countries with a combined GDP of $3.4 trillion and a population of 1.3 billion, promises to create the largest free trade area globally, boosting job creation and economic integration. NACCIMA’s involvement extends to coordinating with key stakeholders such as the African Export and Import Bank (Afreximbank) and the United Nations Economic Commission for Africa (UNECA) to prepare Nigerian businesses for effective participation in the continental market.
Strategic Partnerships and Policy Advocacy
NACCIMA’s collaboration with the Federal Ministry of Industry, Trade and Investment (FMITI) exemplifies its commitment to enhancing business competitiveness and economic growth. This partnership addresses critical challenges such as currency volatility, rising interest rates, and foreign exchange constraints, which impact business sustainability. Together, they advocate for policies that support domestic investors, improve access to funding through development banks, and ensure that tax reforms do not undermine free trade zone incentives.
Moreover, NACCIMA has emphasized the importance of attracting Foreign Direct Investment (FDI) by facilitating matchmaking between Nigerian businesses and global investors, thereby ensuring that international commitments translate into tangible benefits for local enterprises.
Achievements Under President Bola Tinubu’s Renewed Hope Agenda
Since President Bola Ahmed Tinubu assumed office in May 2023, his Renewed Hope Agenda has focused on economic stabilization and transformation, creating a conducive environment for business growth. NACCIMA has aligned its strategies with this agenda, supporting reforms such as the withdrawal of the fuel subsidy and the unification of the foreign exchange market, which have enhanced investor confidence and reduced import dependency.
The administration’s efforts have revitalized the Nigerian Stock Exchange, making it one of the top-performing bourses globally, a development that NACCIMA has welcomed as a boost to the country’s economic prospects. NACCIMA continues to collaborate with the government to develop long-term intervention strategies that stabilize the economy and support both local and international investors during challenging periods.
NACCIMA’s role in Nigeria’s economic development is multifaceted—advocating for policy reforms, empowering MSMEs, fostering strategic partnerships, and championing continental trade integration through AfCFTA. Under the current administration’s Renewed Hope Agenda, NACCIMA’s efforts have gained renewed momentum, positioning Nigerian businesses to capitalize on emerging opportunities within Africa and beyond. As Nigeria continues to navigate economic challenges, NACCIMA remains a critical partner in driving sustainable growth and enhancing the competitiveness of local enterprises on the global stage.