The National Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has described 2024 as a challenging year for businesses in Nigeria, citing the unexpected devaluation of the naira, hyperinflation, and exorbitant interest rates imposed by commercial banks.
NACCIMA President, Dele Oye, made this known in a Christmas message on Wednesday, where he highlighted the economic hurdles that have tested the resilience of Nigerian entrepreneurs and industries.
In his message, Oye reflected on the struggles businesses faced amid unfavorable macroeconomic conditions, particularly the burden of commercial bank interest rates ranging between 35 and 40 percent.
“The unexpected devaluation of the naira, hyperinflation, and significant interest rates imposed by commercial banks have tested our resolve and resilience,” he said.
Oye lauded the resilience of Nigerian entrepreneurs, describing their ability to adapt to such adversity as a testament to their unwavering strength and determination.
“Your ability to adapt and thrive in adversity is a testament to the strength and determination that defines all investors and entrepreneurs in the Nigerian landscape,” he added.
As Oye winds down his tenure as NACCIMA president, he assured stakeholders of the association’s renewed vigor and commitment to advocating for a more favorable business environment in Nigeria.
“NACCIMA is stronger than ever, and we are well-positioned to advocate for a better business climate for your enterprises. Our commitment to enhancing the business landscape remains unwavering,” Oye assured.
The NACCIMA president also used the festive season to urge entrepreneurs to uphold integrity and ethics in their businesses, emphasizing the collective responsibility of fostering national growth and development.
“This Christmas, as we celebrate and look forward to a new year, I urge you to continue conducting your businesses with integrity and ethics. Let us all work together as agents of positive change, contributing to the growth and development of our beloved Nigeria,” he concluded.
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