Business
NACCIMA Highlights Concerns Over Government Economic Reforms and Private Sector Growth
The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has expressed concerns that the current economic reforms implemented by the Federal Government are not fostering growth within the private sector.
Instead, these reforms appear to be disproportionately benefiting the public sector.
The public sector encompasses the segments of the economy that are owned, controlled, and managed by the government, including various agencies and institutions responsible for delivering essential goods and services such as transportation, infrastructure, and public works.
Dele Kelvin Oye, President of NACCIMA, made these observations during an appearance on AriseTV News, stating, “In 2024, data, metrics, and statistics indicate that the private sector is shouldering the negative impacts of the nation’s economic reforms, enduring challenging conditions such as high inflation, increased borrowing costs, and currency devaluation.”
Oye emphasized the need for the government and its economic advisory teams to acknowledge the private sector as a vital stakeholder in the economy.
“While the public sector continues to thrive and expand, the economic benefits derived from recent reforms have largely been absorbed by the public sector through significant capital transfers and revenue increases.
In contrast, the private sector is grappling with escalating inflation, higher borrowing costs, unresolved foreign currency commitments amounting to 2.4 billion USD from the CBN, and rising operational expenses across all sectors.”
He further noted that the persistent imbalance caused by heightened public sector spending has been detrimental to the private sector, leading to value erosion due to excessive fiscal deficits financed through government borrowing at unsustainably high interest rates.
Looking ahead to 2025, Oye remarked, “The proposed expenditure framework appears to be heavily weighted towards substantial capital transfers to specific sectors that may not enhance national wealth.”
He advocated for the government to cultivate an environment that empowers the private sector to spearhead economic initiatives.
Business
BUA Chairman Rabiu shares South Africa visa entry denial experience at Africa CEO Forum
Rabiu said the experience highlighted the difficulties Africans still face when travelling within the continent despite ongoing talks about African integration and economic cooperation.
The founder and Chairman of BUA Group, Abdul Samad Rabiu, has recounted how he was denied entry into South Africa after his visa expired a day before his trip, while European travellers were reportedly allowed into the country without visas.
Rabiu shared the experience on Thursday while speaking on “Africa at Scale: Capital, Policy and the Architecture of Growth” at the ongoing Africa CEO Forum in Kigali, Rwanda.
He said that the incident occurred in February 2025 when he travelled from Lagos to Cape Town for the Mining Indaba conference.
He said that immigration officials stopped him on arrival after discovering that his visa had expired the previous day.
Rabiu explained that he and his team spent about four hours at the airport before he was eventually returned to Lagos.
“I take full responsibility because my visa had expired and my crew failed to notice it before the trip,” he said.
However, the businessman said that he became concerned after noticing that passengers arriving on multiple flights from Europe were allowed into South Africa without visas while he, as an African, was denied entry.
“While we were waiting at the immigration desk, there were about three international flights from Europe. Most of the passengers were Europeans, and they all entered Cape Town without visas,” he said.
Rabiu said the experience highlighted the difficulties Africans still face when travelling within the continent despite ongoing talks about African integration and economic cooperation.
“I did not have a problem with being returned because I had no valid visa. My issue was being an African in Africa and being denied entry, while foreigners from other continents were allowed in freely without visas,” he said.
He called for reforms in visa and immigration policies across the continent, stressing that Africa cannot achieve meaningful economic integration while Africans continue to face barriers moving within African countries.
Business
At Africa CEO Forum, President Tinubu Highlights “Partnerships That Moves Africa Forward”
“With our metals, we can produce batteries for cars. The private sector brings capital and expertise, but government must de-risk and create the enabling environment. That partnership is how Africa moves forward”.
President Bola Ahmed Tinubu during a panel session at the ongoing Africa CEO Forum, called for “Partnership that can move Africa forward.”
He advocated an “Africa First” approach to development, insisting that African resources should primarily benefit the continent through local processing and manufacturing.
“We don’t want scavengers and extractors. We want partners who process and manufacture locally,” said President Tinubu.
He said that his administration’s policies were positioning Nigeria as an open and competitive destination for investment.
“In Nigeria, we’ve attracted nearly $20 billion in direct investment this year because we are efficient, transparent, and open for business,” President Tinubu said.
President Tinubu attributed the inflow to reforms aimed at improving transparency, efficiency, and investor confidence in the country.
He said that Nigeria would no longer permit the export of raw minerals without local value addition, noting that the country possesses the capacity to manufacture products such as electric vehicle batteries from its mineral resources.
He said: “With our metals, we can produce batteries for cars. The private sector brings capital and expertise, but government must de-risk and create the enabling environment. That partnership is how Africa moves forward”.
Business
Obi Meets UK Business Leaders, Advocates Stronger Support for MSMEs
Presidential hopeful of the National Democratic Congress (NDC), Mr. Peter Obi, has reiterated the critical role of micro, small, and medium-sized enterprises (MSMEs) in driving Nigeria’s economic growth and reducing unemployment.
Obi made the remarks on Tuesday following a series of meetings in London with stakeholders in British politics and the business community, including Jonathan Marland, Chairman of the Commonwealth Enterprise and Investment Council (CWEIC).
According to Obi, discussions with Lord Marland focused on prospective trade opportunities, economic advancement, and strategies for promoting small businesses across Nigeria.
Drawing comparisons with rapidly developing economies such as China, Indonesia, and Vietnam, Obi stressed that sustainable economic growth and job creation can only be achieved through deliberate support for MSMEs.
The former Anambra State governor maintained that small businesses remain the backbone of the economy and called for stronger policies aimed at boosting development and creating employment opportunities, particularly in the agriculture and manufacturing sectors.
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