Kelvin Dele Oye, the National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), has expressed concern over Nigeria's fragile economy, particularly highlighting the volatility of exchange rates and the rising dollar rates. In a recent interview, he emphasized the necessity for stability in exchange rates to facilitate effective business planning [c90d6d8a]. Oye criticized the high interest rates imposed by commercial banks compared to those of development banks, calling for government intervention to create a more supportive environment for businesses [c90d6d8a].
Oye also advocated for greater stakeholder engagement in policy formulation, suggesting that this approach could lead to more effective economic strategies. He praised the Presidential Economic Coordinating Council's initiative to inject N2 trillion into the economy, viewing it as a positive step toward addressing some of the pressing economic challenges [c90d6d8a].
In addition to these financial concerns, Oye stressed the importance of trade fairs as a means to boost economic growth and leverage opportunities presented by the African Continental Free Trade Area (AfCFTA). He pointed out the significant infrastructure deficits in power generation that hinder business operations, urging the government to create an enabling environment for businesses to thrive [c90d6d8a]. Furthermore, he highlighted the need for improved communication and support for businesses facing challenges, reinforcing the idea that a collaborative approach is essential for sustainable economic development [c90d6d8a].
The recent discussions by NACCIMA regarding arbitrary taxation and its potential negative impacts on businesses have also been echoed by Oye, who reiterated the need for a balanced tax policy that encourages investment and innovation. He called for a comprehensive review of the 2024 Tax Bill, emphasizing that high taxes could stifle growth and deter foreign investment [b7da148c]. Oye's remarks reflect a growing consensus among business leaders that a stable and supportive economic environment is crucial for Nigeria's recovery and growth in the face of global economic challenges.