The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has called on the Minister of Finance, Mr. Olawale Edun, to prioritise transparent financial strategies and tax relief to foster private sector development.
Mr. Dele Oye, the National President of NACCIMA, conveyed this message during a statement issued on Saturday in Lagos following the association’s meeting with the minister. Oye emphasised the importance of constructive engagement concerning the nation’s economic landscape.
Highlighting the association’s observations, Oye noted the diligent tax compliance of the private sector but stressed the need for reciprocal benefits in the form of efficient public services and infrastructure. He underscored the necessity of directing tax revenue towards stimulating economic activities within the private sector.
In light of prevailing challenges, Oye outlined key requests including a transparent articulation of the government’s short-term financial strategy, clear policy directives on tax relief for the formal sector, and a defined policy agenda addressing critical areas such as food security, inflation, and infrastructure development.
He emphasised the significance of government commitment to curtailing expenditure, reducing wastage, and optimising resources for the benefit of the nation. Additionally, he advocated for the full adoption and swift implementation of the African Development Bank’s Special Agro-Industrial Processing Zones to enhance food security, exports, and employment opportunities.
Furthermore, Oye called for the strengthening of local development banks to provide low-interest rate loans, support entrepreneurship, and foster the growth of both existing and new businesses.
The NACCIMA president urged the establishment of industrial clusters across various states through collaborative efforts among federal and state governments, development partners, and private investors to drive industrialisation and job creation.
He recommended the expansion of the Bank of Industry’s role to finance sectors beyond industry, thereby reducing the demand for foreign exchange and promoting economic stability.
Oye also appealed for the Minister’s engagement with the Central Bank of Nigeria Governor to revisit and honour forward contracts, ensuring effective utilisation of hedging mechanisms by commercial banks.
In conclusion, NACCIMA emphasised the importance of collaborative efforts between the government and the private sector to navigate economic challenges and foster sustainable growth.
