You are here: HomeBusiness2023 05 31Article 659648

Business News of Wednesday, 31 May 2023


NACCIMA challenges Tinubu on SMEs, private sector-driven economy

Bola Tinubu Bola Tinubu

THE Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, has urged the President Bola Tinubu-led government to tackle challenges that Small and Medium Enterprises, SMEs, encounter in the country.

Speaking at the Commerce and Industry Correspondents Association of Nigeria, CICAN agenda-setting seminar and investiture of new executives in Lagos, yesterday, National President, NACCIMA, Ide Udeagbala, said that the Nigerian economy, primarily powered by the SMEs, needed to be given much attention.

He said: “It is no longer news that there are challenges that the SME’s face, most of which are often ignored and consequently affect the productivity of these enterprises with adverse impact on the country’s GDP. Some of these challenges include – multiple taxation, unstable power supply, poor infrastructure, unavailability of forex, high cost of diesel for production, insecurity, etc.

“As the voice of Nigerian businesses, a leading member of the Organized Private Sector (OPS), and the umbrella body for all City, State, and Bilateral Chambers of Commerce in Nigeria, including Business Associations, NACCIMA encourages the Federal Government administration to pay attention to these issues, amongst others, and cooperate with all public and private sector partners to enunciate policies that will foster a private sector-driven economy in Nigeria.”

Also speaking, CICAN Chairman, Charles Okonji, who urged government at all levels to revamp the country, said: “Inflation rate according to the government is over 20 per cent but our findings show that it is actually over 40 per cent. Goods are lying fallow in shelves and warehouses because purchasing power is at an all time low. Government must create enabling environment for manufacturers who are struggling.”