The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has voiced serious concern over the escalating exit of businesses from Nigeria, attributing the trend to unfavorable economic policies.
President of NACCIMA, Dele Oye, stated this in a statement made available to newsmen, yesterday, in reaction to the recent exit announcement by South African retailer Pick n Pay, citing challenging market conditions.
NACCIMA President, noted that flawed Central Bank of Nigeria (CBN) policies are a primary cause, leading to significant foreign exchange losses for businesses.
Additionally, opaque practices in the Nigerian National Petroleum Corporation (NNPC) have spurred inflation in fuel prices after subsidy removal, compounding economic strain.
Oye stressed the need for the CBN to enact clear, stable policies to attract investment and stabilize the naira. He also urged for widespread reforms to improve the national business climate, fostering sustainable growth and appeal to both local and international investors.
Calling for an open dialogue among government, the private sector, and civil society, Oye emphasized that such collaboration is crucial for crafting solutions to Nigeria’s economic challenges.
