Business

2024 The Year of Tensed Business Environment

Foreign Direct Investment, the most critical investment that shows long-term investor confidence dropped to $103.82 million in Q3 2024, or 8.29 per cent.”

Published

2 years ago

December 18, 2024

OCHEFA

458 Views

That’s how Chinyere Almona, the Director-General of the Lagos Chamber of Commerce and Industry (LCCI), summed up the outgoing 2024 and urged Nigerian companies to prepare for “more stress in 2025.”

Almona said: ” It was a year of higher inflation, interest rates, and exchange rates, making the country less attractive to investors.

“The persistent rise in the inflation rate, reaching a 28-year record high of 34.60 in November, continues to fuel a tense business environment as elevated prices constrain various business operations,” Almona said.

The LCCI is particularly concerned because, with the persistent and unabated rise in inflation, businesses should prepare for more stress from the burden of higher interest rates as we enter the new year.

“A disappointing negative record of our capital importation at $1.25 billion during the third quarter of 2024 compared with $2.60 billion recorded in the preceding second quarter of the year points to an unattractive environment for investors.

“Foreign Direct Investment, the most critical investment that shows long-term investor confidence dropped to $103.82 million in Q3 2024, or 8.29 per cent.”

The LCCI boss said the rising costs of food, energy, housing, transportation, and services are driving inflation, worsening economic conditions, and reducing both purchasing power and business profitability.

Segun Ajayi-Kadir, the Director-General of the Manufacturers Association of Nigeria (MAN), noted that the government must take decisive action to reverse the trends in 2025.

Ajayi-Kadir said that the harsh himfect of hostile economic policies has largely constrained the country’s goal of rapid industrialisation and has left the economy struggling for survival.

He said that for a positive outlook in the coming year, especially for the manufacturing sector, MAN recommends the following:

1. Create special windows for providing single-digit interest rates to productive sectors and relax stringent conditions for SMEs to access funding

.2. Retain the current excise duty of N10 per litre on non-alcoholic beverages to avoid shutting down the industry.

3. Recapitalize the Bank of Industry (BOI) to meet the growing credit demand of industries.

4. Implement the recommendations of the Presidential Fiscal Policy and Tax Reforms Committee.

5. Review import duty rates for production inputs, particularly those not locally available, and consider pegging the rate at N800.

6. Direct the Central Bank of Nigeria to clear $2.4 billion outstanding dollar obligations on FX forward contracts to support manufacturers.

Related Topics:Economic review Featured Year in review

Up Next

BOI to start servicing Afreximbank’s EUR 2bn Debt After 1 year

Don't Miss

MTN Plans to Launch Bank

Click to comment

Business

Naira Exchange Rates Friday, 3 July 2026

Published

21 hours ago

July 3, 2026

OCHEFA

24 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 397 Sell ₦1,405

GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,865

EURO (EUR) Buy ₦1, 580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,370.15

GREAT BRITISH POUND (GBP) ₦1,832.17

EURO (EUR) ₦1,568.28

SWISS FRANC (CHF) ₦1,1705.44

JAPANESE YEN (JPN) ₦8. 51

CHINESE YUAN (CNY) ₦201. 80

WEST AFRICAN CFA (XOF) ₦2.38

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,859. 98

SAUDI RIYAL (SAR) ₦364.91

SOUTH AFRICAN RAND (ZAR) ₦84. 32

Business

Issue: Cloning Nigerian Investment Promotion Commission (NIPC)

Published

2 days ago

July 2, 2026

OCHEFA

48 Views

The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.

The Presidency says a man identified as Prince Adeniyi Adeyemi Matthew allegedly created and operated fake government agencies, forged appointment letters, and falsely claimed to have been appointed by Femi Gbajabiamila.
According to the statement:
The Office of the Chief of Staff discovered the alleged scheme after complaints from the Nigerian Investment Promotion Commission (NIPC) that an unauthorized body was operating in a way that conflicted with its functions.

The Chief of Staff petitioned the Department of State Services and the Nigeria Police Force in October 2025 to investigate alleged forged appointment letters.

The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.

Investigators allege Adeyemi operated from an office in the Federal Secretariat Complex, held meetings with diplomats, and sought diplomatic support to obtain U.S. visas for members of the alleged organization.
Police reportedly recovered forged documents and other exhibits during searches of his office and residence.

The investigation allegedly found that Adeyemi operated 34 bank accounts, including several in the names of fictitious organizations, and used forged documents to open a Central Bank of Nigeria account.

The Presidency says no government funds were paid into that account.
Police charged Adeyemi and two others before the Federal High Court on multiple counts, including forgery, impersonation, and obtaining by false pretence. The case is scheduled for hearing on July 27.

The Presidency also denied claims that Gbajabiamila appointed Adeyemi, stating that appointments to federal offices are issued through the Office of the Secretary to the Government of the Federation, not the Office of the Chief of Staff.

Current status

The Presidency maintains that:
the agencies in question are fictitious,
the appointment letter was forged,
Adeyemi is an impostor,
and the allegations against him should be resolved by the court.

As the case is pending before the court, the allegations remain subject to judicial determination.