Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) is collaborating with the House of Representatives to facilitate commerce and drive economic growth in the country.
NACCIMA President, Dele Kelvin Oye, Esq., recently met with the House Committee on Commerce, led by Hon. Ahmed Munir, during a stakeholders’ interactive session in Abuja in connection with the partnership.
The meeting marked the commencement of a series of dialogues aimed at boosting the trade sector.
In his address, Munir outlined the committee’s scope, encompassing the oversight of various governmental sectors, including industry, trade, and consumer protection, among others.
He emphasised the current administration’s commitment to enacting and revising laws and policies vital for the country’s economic rejuvenation, affirming that the committee is set to deploy necessary legislative tools to make a tangible impact.
On his part, the NACCIMA president introduced the association as Nigeria’s premier business network advocating policies conducive to economic prosperity. He cited the successful collaborations between governments and chambers of commerce in countries, such as Germany, Singapore, and the United States, which had been instrumental in achieving high rankings on the Ease of Doing Business Index.
Oye thanked the House of Representatives for their societal role, and proposed key legislative actions to enhance Nigeria’s economic landscape, including tax law reformation. He advised the emulation of New Zealand’s simple tax system to encourage compliance and attract investments and business facilitation. He also proposed the replication of Rwanda’s reforms to improve ease of doing business through efficient company registration and permitting processes.
Oye identified others as, “Investment Promotion and Protection-Establishing legislative frameworks akin to Singapore’s to ensure investor confidence; Infrastructure Development-Following Japan’s example of combining dedicated funding with innovative technologies to boost commerce; Trade Facilitation-Implementing agreements like the AfCFTA to expand market access and competitiveness, and Industrial Policy-Creating laws to support industrial growth in sectors with high global competitiveness potential, inspired by South Korea.”
He also highlighted the need for regulatory reform, learning from Canada’s efforts to align regulations across sectors to reduce business costs; skills and capacity building, which entails investing in education and training programmes, taking cues from Finland’s approach; public-private partnerships, including leveraging successful models from Australia to combine private sector efficiency with public sector support and intellectual property protection, which involves ensuring robust IP protection to foster innovation, similar to the United States model.
The NACCIMA president emphasised that with these legislative measures, Nigeria could become an African industrial, trade, and commerce powerhouse. He asserted NACCIMA’s readiness to work closely with the National Assembly to ensure the country’s prosperity.
Responding to NACCIMA’s presentation, the committee suggested the organisation of workshops with relevant agencies to raise awareness among the public and businesses. The committee agreed that government recognition and support for the business community should be bolstered by legislation.
The NACCIMA delegation comprised prominent stakeholders, including Engr. Jani Ibrahim (First Deputy President), Dr. Idi Hong (Second Deputy ACCI), Alhaji Suleiman Farouk (NVP), Chief Kola Akosile (NVP), Dr. Agada John Elachi (Chair of NACCIMA Training Institute), Dr. Victoria Akai (Chair of NACCIMA Trade Fair Committee), Ms. Uche Osoka (Director General of Nigeria Turkiye Business Council), Ms. Weyinmi Eribo (DG of Women Chamber of Commerce and Industry), among others.
