- NACCIMA expresses concerns over 2025 budget: The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has expressed concerns that the 2025 budget goals are difficult to achieve due to reforms not working.
- Private sector shrinking: NACCIMA noted that the private sector is shrinking due to massive running costs, deficit financing, loans, and a wobbling Naira.
- 2024 economic performance unsatisfactory: NACCIMA stated that the 2024 economic performance was unsatisfactory for the private sector, with all data and statistics confirming that the private sector bore the negative burdens of the nation’s current economic reforms.
- Need for reforms: NACCIMA emphasized the urgent need for reforms to address imbalances threatening the private sector.
- Challenges faced by private sector: High inflation, increased borrowing costs, currency devaluation, and excessive fiscal deficits are some of the challenges faced by the private sector.
NACCIMA, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, has expressed concerns over the 2025 budget, stating that the goals are difficult to achieve due to reforms not working. The private sector is shrinking, and massive running costs, deficit financing, loans, and a wobbling Naira are major hurdles .
NACCIMA noted that the 2024 economic performance was unsatisfactory for the private sector, with all data and statistics confirming that the private sector bore the negative burdens of the nation’s current economic reforms. The body emphasized the urgent need for reforms to address imbalances threatening the private sector.
Some of the challenges faced by the private sector include:
- High inflation: The private sector faced higher inflation rates, making it difficult for businesses to operate.
- Increased borrowing costs: The cost of borrowing and repaying existing loans increased, further straining the private sector.
- Currency devaluation: The devaluation of the Naira led to higher costs in all sectors of the economy.
- Excessive fiscal deficits: The funding of fiscal deficits through government borrowing resulted in high interest rates and high inflation.
NACCIMA recommended that the public sector should spend less and become more efficient and productive. The body also emphasized the need to recognize the private sector as stakeholders and to address the imbalances threatening the sector.
