Business
Over 200 Chambers of Commerce Lamenting Taxation, Inflation hampering Businesses
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.
OFFICIAL CBN EXCHANGE RATES
US DOLLAR (USD) ₦1,380. 93
GREAT BRITISH POUND (GBP) ₦1,824.90
EURO (EUR) ₦1,577. 58
SWISS FRANC (CHF) ₦1,710.13
JAPANESE YEN (JPN) ₦8.54
CHINESE YUAN (CNY) ₦203. 13
WEST AFRICAN CFA (XOF) ₦2.39
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,867. 05
SAUDI RIYAL (SAR) ₦367.72
SOUTH AFRICAN RAND (ZAR) ₦83. 89
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 393 Sell ₦1, 400
GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,870
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
Official CBN Exchange Rates
US DOLLAR (USD) ₦1,380. 11
GREAT BRITISH POUND (GBP) ₦1,818.34
EURO (EUR) ₦1,566.84
SWISS FRANC (CHF) ₦1,698.80
JAPANESE YEN (JPN) ₦8.53
CHINESE YUAN (CNY) ₦202. 99
WEST AFRICAN CFA (XOF) ₦2.39
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,866. 38
SAUDI RIYAL (SAR) ₦367.54
SOUTH AFRICAN RAND (ZAR) ₦83.65
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 392 Sell ₦1, 395
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
Official CBN Exchange Rates
US DOLLAR (USD) ₦1,380.08
GREAT BRITISH POUND (GBP) ₦1,815. 63
EURO (EUR) ₦1,566.63
SWISS FRANC (CHF) ₦1,696.05
JAPANESE YEN (JPN) ₦8.53
CHINESE YUAN (CNY) ₦202.62
WEST AFRICAN CFA (XOF) ₦2.38
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,858. 54
SAUDI RIYAL (SAR) ₦367.58
SOUTH AFRICAN RAND (ZAR) ₦82. 91
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 390 Sell ₦1, 395
GREAT BRITISH POUND (GBP) Buy ₦1,845 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
16-Year-Old Osasere Okundaye Becomes Nigeria’s Youngest Chartered Accountant
JUST IN: Vigilante Groups Rescue Kidnapped NECO Students in Borno State
EFCC Charges Former Port Harcourt, Warri Refinery MDs with Money Laundering
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
-
Crime3 days agoBREAKING: JTF Rescues Five Kidnap Victims Along Benin-Ore Expressway
-
News3 days agoLagos Urges Students to Lead Fight Against Sickle Cell Disorder
-
Business20 hours agoNaira Exchange Rates Monday, 29 June 2026
-
News3 days agoNDLEA, Army, NAFDAC, Agunechemba, Others Rally Against Drug Abuse in Anambra
-
News3 days agoDSS Releases, Compensates Man Wrongfully Held Over Boko Haram Links
-
Health19 hours agoWHO Confirms 1,300 deaths in Europe heatwaves
-
Crime3 days agoNDLEA Seizes 10,000kg Drugs, Convicts 173 in Niger
-
News3 days agoSanwo-Olu Addresses PSP Operator’s Challenges , Announces Measures to Boost Waste Management (Photos)