The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has voiced concerns about the increasing exodus of businesses from Nigeria, largely driven by unfavorable government policies.
In a statement, NACCIMA President, Dele Oye, responded to the recent announcement by South African supermarket chain Pick n Pay regarding its exit from the Nigerian market.
Oye highlighted the troubling trend of prominent companies leaving Nigeria, attributing it to ineffective monetary policies from the Central Bank of Nigeria (CBN), which have led to significant foreign exchange losses for businesses.
He also pointed to opaque practices in the oil and gas sector, particularly within the Nigerian National Petroleum Corporation (NNPC), as factors contributing to rising inflation in gas and petrol prices following subsidy removal.
To counter this trend, Oye urged the CBN to adopt transparent and stable policies that encourage investment and stabilize the naira. He emphasized the need for comprehensive reforms to improve the business climate, ensuring sustainable economic growth and attracting both local and foreign investors.
Additionally, Oye underscored the importance of open dialogue among the government, private sector, and civil society, stating, “This collaboration is essential for developing tailored solutions to the economic challenges facing our nation.”