Private Sector Holds the Key

Speaking at the 65th Annual Conference of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) in Ilorin, Tinubu highlighted the importance of private enterprise. His message, delivered by Senator John Eno, Minister of State for Industry, Trade and Investment, emphasized the need for a private-sector-led economy backed by public-private partnerships.

During the event, Engr. Jani Ibrahim officially took office as the new president of NACCIMA. The president congratulated him and encouraged the association to work closely with government ministries and agencies to drive trade and attract investments.

Building a Friendly Business Climate

Tinubu said his administration is committed to creating an environment where businesses thrive. To achieve this, the government is working on reforms that simplify processes and support key sectors like manufacturing, agriculture, and services.

He urged NACCIMA to play an active role by using its influence to shape policies, attract investors, and support local businesses. Collaboration, he said, will help unlock Nigeria’s economic potential.

Kwara Encourages Local Investment

Representing the Kwara State Governor, Deputy Governor Kayode Alabi called on stakeholders to make full use of Nigeria’s strengths—its population, talent, and natural resources. He said Kwara offers great opportunities in agribusiness, tourism, innovation, and creative industries.

According to him, the state’s mix of modern infrastructure and rich cultural heritage makes it a strong destination for trade and investment.

Legal Framework Getting a Boost

The Attorney General of the Federation, Prince Lateef Fagbemi (SAN), also spoke at the event. He assured the audience that the government is reforming legal and policy frameworks to protect businesses.

These changes will help fight corruption, support investor confidence, and promote fair competition. Fagbemi said legal stability is a key factor in attracting serious investors to Nigeria.

A New Era for NACCIMA

Engr. Jani Ibrahim, now leading NACCIMA, promised to bring innovation and reform to the chamber. He said his goal is to strengthen the chamber’s role in shaping national economic policy and improving the business landscape.

With government backing and new leadership, NACCIMA is expected to play a bigger role in creating jobs, attracting investment, and boosting Nigeria’s economy.

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Reform, Don’t React
Kale urged leaders to stop waiting for problems to happen. Instead, he wants proactive policies that solve deep-rooted issues. He pointed out Nigeria’s key strengths—its young population and rich natural resources. These, he said, must be used better to gain from African and global trade.

Stabilize the Economy First
He called for quick action to fix the economy. Kale said Nigeria must restore trust in its financial systems. Inflation needs to drop, and investor confidence must grow. He also stressed the need to invest in key areas like farming, tech, manufacturing, and services. Strong institutions will help carry these plans forward.

Farming Is a Weak Spot
Kale raised concerns about agriculture. For example, maize yields in Nigeria are just 1.5 tons per hectare, while the global average is six to eight. This, combined with high post-harvest losses and climate change, makes agriculture risky. Kale believes Nigeria needs more than just any growth—it needs growth that creates jobs and spreads wealth.

Private Sector Calls for Support
Dele Kelvin Oye, head of NACCIMA and leader of the Organized Private Sector, agreed with Kale. He said the U.S. tariff increase will hurt non-oil sectors badly. Oye warned that many businesses could shut down and jobs may be lost. He criticized the government for not consulting business leaders before making major decisions. Sudden changes in taxes and trade rules, he said, make investors nervous.

Time for a Reset
With youth unemployment over 53% and inflation above 23%, Oye believes Nigeria must look beyond the U.S. He advised forming new trade deals with countries in Asia, Africa, and Latin America. Relying on just one trade partner, he said, is risky and limits growth.

Talk Is Not Enough—Act Now
Other experts at the event said Nigeria must move from planning to action. Tayo Aduloju, CEO of the Nigerian Economic Summit Group, said strong institutions are the key. He added that poor leadership and weak systems are the real reasons for Nigeria’s slow progress.

Muda Yusuf, head of the Centre for the Promotion of Private Enterprise, added that Nigeria’s trade rules focus too much on collecting revenue. High tariffs, he said, are putting pressure on businesses and blocking investment.

The Message Is Clear
Nigeria is running out of time. The economy won’t fix itself. Leaders must choose: real growth or more hardship. Kale’s message was loud and clear—the country must act now, or fall further behind.

The post Yemi Kale Warns: Nigeria Must Sprint to 40% Growth or Face Tariff Trouble appeared first on Housing TV Africa.

The Nigeria Tax Bill 2024 proposes minimum tax rates and removing tax exemptions for Free Trade Zones (FTZs) nationwide.

NACCIMA warns these changes could cost Nigeria over $200 billion in foreign investments and threaten 600,000 jobs.

Dele Oye, NACCIMA’s president, criticized the reforms for undermining Nigeria’s industrialization goals and foreign investment attraction efforts.

Established under the 1992 Nigeria Export Processing Zones Act, FTZs provide tax incentives, fostering investments and economic growth.

The proposed amendments could reduce investor confidence, prompting businesses to relocate to Ghana, Angola, and similar favorable markets.

Oye stressed that crucial stakeholders, including FTZ associations and companies, were not consulted before announcing these reforms.

He emphasized sustaining current tax incentives is essential for economic growth, considering substantial revenue generated from FTZs.

NACCIMA urged the National Assembly to reconsider reforms, protecting Nigeria’s competitiveness within the global investment landscape.

They recommended delaying amendments, allowing investors adequate time to adapt and stabilize operations under new business conditions.

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