Business

Over 200 Chambers of Commerce Lamenting Taxation, Inflation hampering Businesses

Published

1 year ago

October 21, 2024

206 Views

Over 200 chambers of commerce worldwide says insecurity, taxation, inflation holding down businesses from performing optimally.

The International Chamber of Commerce (ICC) reveals this in its World Chambers Federation (WCF) 2024 Global Economic Survey, released on 17 October.

In the report, respondents from 96 countries spanning five continents, believe that the global trade environment has hampered business operations.

The respondents say the main constraints for businesses are:

• shortage of labour or skilled labour,• inflation,

• geopolitical tensions,

• taxation, and

• financial problems.

Specifically, the report says inflation and limited access to finance still weigh heavily on businesses Over 80% of respondents expect inflation to rise, affecting operating costs, wages, supply chains and competitiveness, with concerns especially pronounced in North America and Sub-Saharan Africa.

Commenting at the launch of the survey results in Istanbul, ICC Secretary General John W.H Denton AO said:

“As the voice of the real economy worldwide, ICC has leveraged its unique institutional reach to provide a comprehensive global picture of the realities of doing business in today’s increasingly complex environment. We hope this real-time data will help shape the strategic response of governments to the key challenges faced by MSMEs.”

Global business environment

Rising prices and labour costs were cited as a significant challenge in the majority of countries surveyed, with more than 80% of respondents expressing concern that cost pressures will persist into 2025 — casting doubt on recent claims from prominent economists that inflation is “no longer a thing”.

Inflation has translated into significantly higher staffing costs for businesses in some 44 countries— a trend exacerbated in several regions by skills shortages in the local workforce, most notably North America and Europe. 

The economic environment and tight financial conditions have hindered access to finance where findings show that high interest rates are limiting access to credit particularly in Sub-Saharan Africa (80%), Latin America and the Caribbean (63%) and South Asia (60%),”said the report.

Business

Flutterwave buys Mono for $40 million

Under the deal, Mono will continue to operate as an independent product, with no changes to its leadership or operations.

Published

4 hours ago

January 5, 2026

OCHEFA

21 Views

• Flutterwave Nigeria HQ, Lagos

Flutterwave, Africa’s largest fintech company, has acquired Nigerian open banking startup Mono in an all-stock transaction valued between $25 million and $40 million.

The acquisition brings together two major fintech infrastructure players as Flutterwave looks to strengthen its payments stack with open banking, data, and identity capabilities.

Under the deal, Mono will continue to operate as an independent product, with no changes to its leadership or operations.

The transaction allows Mono’s investors to at least recoup their capital, with some early backers reportedly recording returns of up to 20x.

(Nairametrics)

Business

Venezuela: Crude prices edge lower following Maduro’s overthrow

CNBC reports that U.S. crude oil fell 31 cents, or 0.54%, to $57.01 per barrel. Global benchmark Brent fell 22 cents, or 0.36%, to $60.53 per barrel.

Published

10 hours ago

January 5, 2026

OCHEFA

24 Views

• An oil-themed mural in Caracas, Venezuela

Crude oil prices edged lower Sunday, as the overthrow of President Nicolas Maduro by the Trump administration has cast deep uncertainty over oil-rich Venezuela.

Venezuela, a founding member of OPEC, sits on the largest proven crude oil reserves in the world at 303 billion barrels or about 17% of the global total, according to the U.S. Energy Information Administration.

CNBC reports that U.S. crude oil fell 31 cents, or 0.54%, to $57.01 per barrel. Global benchmark Brent fell 22 cents, or 0.36%, to $60.53 per barrel.

President Donald Trump made it clear Saturday that U.S. investment in Venezuela’s oil sector is a key objective of the regime change operation that ousted Maduro.

“We’re going to have our huge United States oil companies — the biggest anywhere in the world — go in, spend billions of dollars, fix the badly broken infrastructure, the oil infrastructure,” Trump said in a press conference from his Mar-a-Lago residence in Palm Beach, Florida.

The president said Saturday that the U.S. embargo of Venezuelan oil remains in place.

Business

MAN woos CBN, MOF for manufacturing refinancing facility

The Director -General of MAN, Segun Ajayi-Kadir, made the call for the facility in a report on the manufacturing outlook for 2026.

Published

3 days ago

January 2, 2026

OCHEFA

62 Views

Cover image: MAN

The Manufacturers Association of Nigeria (MAN) has called on the monetary authorities ( CBN and MOF) to introduce a Manufacturing Refinancing and Rediscounting Facility (MRRF) believing that it can reinvigorate the manufacturing sector in 2026.

The Director -General of MAN, Segun Ajayi-Kadir, made the call for the facility in a report on the manufacturing outlook for 2026.

He said that the MRRF is to enable banks to refinance approved manufacturing loans at single-digit rates for up to seven years.

He emphasised that to ensure a more robust manufacturing sector in 2026 , there was need for:

1. Launch a Manufacturing Refinancing and Rediscounting Facility (MRRF) that allows banks to refinance approved manufacturing loans at single-digit rates for up to 7 years.
2. Create a publicly accessible dashboard tracking lending flows, interest rate spreads, loan approvals and sectoral disbursement patterns in real time.

3. Further reduce the benchmark interest rate by at least 200–300 basis points over the next two quarters to make credit affordable for manufacturers.

4. Craft and ensure the effective execution of the implementation strategy for the recently approved Nigeria Industrial Policy.

5. Categorize manufacturers as strategic users of gas to remove the gap between what manufacturers and electricity generation companies pay per cubic foot of gas.

6. Introduce a stable, transparent gas pricing framework for manufacturers and prioritize local gas supply before exports.