Business

Over 200 Chambers of Commerce Lamenting Taxation, Inflation hampering Businesses

Published

2 years ago

October 21, 2024

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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

Naira Exchange Rates Thursday, 5 Nov 2026

Published

2 days ago

November 5, 2026

OCHEFA

133 Views

BLACK/ PARALLEL MARKET RATES

₦1400DOLLAR (USD)

₦1830POUND (GBP)

₦1515 EURO (EUR)

₦950 CANADIAN DOLLAR (CAD)

₦70 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED

₦190 Chinese YUAN (CNY)

₦100 Ghanaian CEDI (GHS)

West African CFA ₦2240 (XOF)

Central African CFA ₦2180 (XAF)

₦820 Australian Dollar AUSSIE (AUD)

Business

NNPCL wants to sell 10% equity via IPO on NGX, LSE

NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.

Published

3 days ago

November 4, 2026

OCHEFA

172 Views

The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.

The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.

The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.

Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.

The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.

Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.