NACCIMA President, Ide Udeagbala urges members’ co-operation as “The Voice of the Nigerian Business”

The National President Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) Ide John C. Udeagbala, has called on all members to ensure that they continue to work together to ensure that the Association truly remains “The Voice of the Nigerian Business”.

Ide Udeagbala made the call during the 3rd Quarter Council Meeting of the prestigious Association for 2021 held at Akure, Ondo State On Thursday, 26th of August, 2021.

He expressed his profound gratitude for the members’ support during his election at the last Annual General Meeting, (AGM).

He informed members that the Association has continued to receive invitations to attend local and International events organized by Ministries, Government Agencies, Private Sector operators and other Stakeholders, many of which were virtual; while few were physical.

Many of these invitations also include proposals to collaborate for programmes and projects. They include invitation by NAFDAC to find urgent and lasting solution to export rejections of some of our products by the European Union.

The National President NACCIMA stated that many of these invitations also include proposals to collaborate for programmes and projects, adding that they include invitation by NAFDAC to find urgent and lasting solution to export rejections of some of their products by the European Union.

“We were also part of the NECA (OPSN)/CIPE roundtable discussion on the AfCFTA Agreement and a one-day Investors Webinar by BPE to showcase the Investment Opportunities in Nigeria.

“We also recently attended the 1st Abuja SME Conference and Exhibition.  I would like to use this opportunity to thank my esteemed colleagues who have represented the Association at these events at their own expense when called upon to do so,” he said.

He recalled the agenda he presented to the association which is the focus of his administration to include: Harnessing Technology and Digital Ecosystem; Strengthening the collaboration between the private sector and the National Assembly; Ensuring the effective implementation of the African Continental Free Trade Area (AfCFTA) Agreement for the benefit of the private sector;

Gender and Youth Empowerment; Strengthening the collaboration between the private sector, diplomatic missions and development agencies; Promoting the Creativity Economy and Industry, and  Creating an enabling environment for Micro, Small and Medium Enterprises (MSMEs) with a focus on business and capacity development in the areas of agriculture, industry and services.

He affirmed that high on the NACCIMA Agenda is the completion of the NACCIMA Abuja Towers project.

According to him, NACCIMA has continued to receive high profile visitors at the Secretariat, as well as request from Diplomatic Missions and various organizations to pay courtesy calls on him as the National President and implicitly NACCIMA to discuss collaborations.

He announced the upcoming events to include the 2nd Intra-Africa Trade Fair (IATF2021) in Durban, Kwazulu-Natal, South Africa, taking place from 15th to 21st of November 2021  and the 12th WCC (World Chamber Congress) scheduled to take place in Dubai from 23rd – 25th Nov, 2021 with the theme: Generation Next: Chambers 4.0.

He advised that registration for this event can be made online as the Secretariat is coordinating participation by NACCIMA and urged members to contact the secretariat for more information.

Speaking on the Petroleum Industry Bill and Judgment of the FIRS on Practice Direction, the National President NACCIMA said “the PIB which was signed into law by President Buhari deserves our attention because the arrangements for implementation have been put in place. Our focus should be how the Private Sector can become the key players in the Upstream, Midstream and Downstream of the Oil and Gas Sector.  Also of importance is the judgment on the FIRS on Practice Direction.  It deserves attention by us.”

On the issue of the suspension of Foreign Exchange (ForEx) issuance to BDCs, he said, “my take is that the outcome of the CBN’s action to suspend the issuance of forex to BDCs will depend on the efficiency of its alternative, which is the use of Commercial Banks to carry out forex sales to the general public. As long as the demand for ForEx outweighs the supply, the issues of inaccessibility and high rates will remain. This is largely because our economy remains import dependent for raw materials and intermediate goods on which our production activities rely on.”

He harped on the need for the government to do more to promote and encourage exports from Nigeria such that more forex is earned into the country.

He lamented that access to forex is a cause for concern for members, as some members who have accessed CBN interventions to fund importation of machinery and equipment are faced with a major challenge of repayment.

He stressed that there was no window of provision to cover the foreign exchange component for such interventions, while the commercial banks who bid fortnightly for FX are only allocated small percentages of the bidding amount.

“I urge the CBN to provide a special window for foreign exchange when providing these loan interventions for Nigerian businesses,” he said.

Ide Udeagbala pointed out that there are some of NACCIMA members who conducted feasibility analysis and applied for CBN loan interventions to enable them import machinery to boost production when the exchange rate was at N370 to $1. 

He noted that “however, from the time the loans are approved up to the time these machines are fabricated, the exchange rate has shot up by almost 40% thereby increasing the eventual cost of these machines, making it almost impossible for businesses to pay back these loans due to the loss incurred due to the change in exchange rate.”

The National President NACCIMA appealed for continued support as they embark on a journey to build on past successes and reposition the Association for the expected impact by the Private Sector on the economy and the nation.