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.
Photo: Ambassador Idaere Gogo Ogan
The Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has unveiled plans to attract up to five billion dollars structured investments to the oil-producing region in five years.
The Chairman of NDCCITMA, Ambassador Idaere Gogo Ogan, made the disclosure at a pre-summit conference ahead of the Niger Delta Economic and Investment Summit in Port Harcourt, Rivers State.
He said that the initiative would catalyse no fewer than 500,000 direct and indirect jobs as well as spur investments and create wealth.
He said the summit with the theme, “Driving Investment, Innovation, and Industrial Growth in the Niger Delta”, slated for Port Harcourt, would deliberate on investment mobilisation, enterprise growth, industrial expansion, and regional coordination.
Business
Dangote: Middle East crisis might take us back to ‘Work from home’ COVID era
In some countries today, what they’ve done is ask everybody to work from home because they cannot afford it.“I think in Indonesia, they only go to work four days a week.
The President of the Dangote Group, Aliko Dangote, has expressed concerns about the ongoing Middle East crisis taking many countries back to the COVID19 era’s work from home.
Dangote stated this on Monday, after a meeting with President Bola Ahmed Tinubu at his residence in Lagos.
While expressing concern about the economic impact of oil price uncertainty, Africa’s Richest man noted that Nigeria and other African countries might be forced to start working from home, just like the COVID19 era.
Dangote called for prayers and international intervention to end the conflict which has affected the price of fuel and other energy sources in the country.
He said, “In some countries today, what they’ve done is ask everybody to work from home because they cannot afford it.“I think in Indonesia, they only go to work four days a week. And they will look at the situation. If it doesn’t improve, they will ask everybody not to go to work anymore. We will do like that time of COVID, where people will now go and work from home,” Dangote said.
It’s not only energy. Some people will try to take a chance and say, ‘Ah, this is an opportunity. So, let me make money. So, if this thing doesn’t de-escalate, it is going to keep going up and governments cannot really now go and add salaries also. So, people will really feel the pinch,” he said.
Dangote explained that the crisis would hit hardest at ordinary Africans operating small businesses, “People who are barbers, people who are doing bread, people who have industries who have to pay their own generator, I mean, you can see what is happening,” he said.
Business
Binance seeks out-of-court settlement in Nigeria tax evasion case
Following submissions from both parties, Justice Nwite adjourned the case until May 12 for a report on settlement talks.
Binance Holdings Limited on Tuesday said it is exploring a resolution of the tax evasion charges filed against it by the Federal Government, signalling a pause in the trial.
Sunday Agaji, the company’s counsel disclosed this before Emeka Nwite of the Federal High Court in Abuja.
Moses Ideho, counsel to the government a deputy director in the legal department of the Federal Inland Revenue Service (now Nigeria Revenue Service), confirmed the development.
Although the matter was slated for continuation of trial, Ideho told the court he had been informed earlier by the defence that the company had approached the tax authority to discuss an out-of-court settlement.
Agaji said discussions were ongoing.
“My lord, parties are exploring settlement. That is essentially where we are,” he said.
Following submissions from both parties, Justice Nwite adjourned the case until May 12 for a report on settlement talks.
( Business Day)
2027: Labour Party says Presidential flag bearer must be a southerner
FG to reopen Enugu–Onitsha expressway March 31
Niger Delta Chamber Investment Summit Targets $5bn, 500,000 Jobs
Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander
Organ Trafficking: Ekweremadu bags 10 years in UK prison
SAINT OBI: Between his marriage and his death
-
News3 days agoBUK expels 171 students for admission frauds
-
Entertainment3 days agoPapa Ajasco rebrands as Bondu Alaska
-
Entertainment3 days agoAGN President Jetting to London for UK–Nigeria Creative Roundtable and Awards
-
Business3 days agoMoniepoint buys Orda to capture Africa’s $50bn restaurant economy
-
Politics3 days agoPeter Obi: I can govern from Kaduna if elected
-
Business3 days agoDangote Refinery Ship 456,000 tonnes of PMS to African countries in February
-
Sports22 hours agoInt’l friendlies: 15 players open Eagles camp in Turkey
-
International3 days agoHong Kong police can now demand phone passwords under new national security rules