NACCIMA Raises Alarm Over Multinational Exits Due to Poor Policies

Samuel Mobolaji

The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has voiced serious concerns over the increasing departure of multinationals from Nigeria, primarily attributed to unfavorable government policies.

In a statement, NACCIMA President, Dele Oye reacted to the recent announcement from South African supermarket chain Pick n Pay about its exit from the Nigerian market.

He highlighted the troubling trend of notable companies leaving Nigeria, linking it to ineffective monetary policies from the Central Bank of Nigeria (CBN) that have led to significant foreign exchange losses for businesses.

Oye pointed to the opaque practices in the oil and gas sector, particularly, under the Nigerian National Petroleum Corporation (NNPC), as contributing factors to rising inflation in gas and petrol prices following subsidy removal.

To reverse this trend, Oye called for the CBN to implement transparent and stable policies that foster investment and stabilize the naira. He emphasised the necessity of comprehensive reforms to enhance the overall business climate, ensuring sustainable economic growth and attracting both local and foreign investors.

Furthermore, Oye stressed the importance of open dialogue among the government, private sector, and civil society, stating that, ‘this collaboration is critical for developing tailored solutions to the economic challenges facing our nation.’