The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has expressed deep concern at the continuous exit of businesses from Nigeria occasioned by unfavourable government policies.
President of NACCIMA, Dele Oye, stated this in a statement made available to Vanguard, yesterday, in reaction to the recent announcement by Pick n Pay, a South African retail supermarket, to leave Nigeria.
His words: “NACCIMA is deeply concerned about the alarming continuous trend of companies, including notable entities like Pick n Pay, exiting Nigeria.
“This situation is largely attributed to ineffective monetary policies from the Central Bank of Nigeria (CBN), which have resulted in substantial foreign exchange losses for businesses.
“Compounding this issue are the opaque practices within the oil and gas sector under the Nigerian National Petroleum Corporation (NNPC), leading to inflation in gas and petrol prices after the removal of subsidies.”
In order to reverse this trend and create a more favourable business environment, Oye said CBN must implement transparent and stable policies that will encourage investment and stabilize the naira.
