…Oye charges on tax, regulatory reforms, others
…says Nigeria can become Africa’s industrial, trade powerhouse
The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) is collaborating with the House of Representatives to facilitate commerce and trade and drive economic growth and development in the Country.
NACCIMA President, Dele Kelvin Oye Esq., met with the House Committee on Commerce led by Hon. Ahmed Munir, during a stakeholders’ interactive session, in Abuja.
The meeting marked the commencement of a series of dialogues aimed at propelling the commerce and trade sector forward.
In his address, Hon. Munir delineated the Committee’s scope, encompassing the oversight of various governmental sectors, including industry, trade, and consumer protection, among others.
He emphasized the incumbent administration’s commitment to enacting and revising laws and policies vital for the nation’s economic rejuvenation, reaffirming that the Committee is set to deploy every legislative tool to make a tangible impact.
On his part, the NACCIMA President introduced the association as Nigeria’s premier business network, advocating for policies conducive to economic prosperity, citing the successful collaboration between governments and Chambers of Commerce in countries such as Germany, Singapore, and the United States, which has been instrumental in achieving high rankings on the Ease of Doing Business Index.
Oye, who thanked the House of Reps for their societal role, proposed key legislative actions to enhance Nigeria’s economic landscape, including tax law reformation, which entails emulating New Zealand’s simple tax system to encourage compliance and attract investments and business facilitation, involving the replication Rwanda’s reforms to improve ease of doing business through efficient company registration and permitting processes.
Others are “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 programs, 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 emphasized that with these legislative measures, Nigeria could become an African industrial, trade, and commerce powerhouse, asserting NACCIMA’s readiness to work closely with the National Assembly to ensure the nation’s prosperity and its people’s well-being.
Responding to NACCIMA’s presentation, the Committee suggested the organization 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 Committee expressed its intent to work with NACCIMA on enhancing laws and policies for the industry and trade sector. The forum concluded with the Committee on Commerce extending gratitude to NACCIMA’s President and delegates for their insightful contributions and pledged continued collaboration.
The NACCIMA delegation was comprised of prominent figures including Engr. Jani Ibrahim (1st Deputy President), Dr. Idi Hong (2nd Deputy ACCI), Alh 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.
