Business
NACCIMA Tasks FG On Growth-Stimulating Sectors
Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), has appealed to the Federal Government to give more attention to sectors that could grow the economy.
The association’s President, Dr Herbert Ajayi, who made the call in a press statement issued in Lagos, advised that more attention should be paid to agriculture, power supply, health and education.
Ajayi said that lack of adequate attention to these sectors was responsibility for the slow growth of the nation’s economy.
He noted that some of these challenges were part of the blueprint that the association wanted to discuss with the flag bearers of the various parties in a dialogue that was never held.
“We therefore decided to put across to all flag bearers our major concerns on the major challenges that militate against resounding success of the business community.
“The concerns, if looked into will galvanise the whole nation to achieve double digit real growth in all sectors of our national economy,” he said.
Ajayi urged the government to revive the farm settlements, industrial clusters, irrigation, storage, processing and packaging facilities, among others, to boost trade.
According to him, Nigeria can be food self-sufficient in the next four years if adequate attention is given to agriculture sector.
NACCIMA boss explained that agriculture employed more than 60 per cent of the nation’s population while contributing over 40 per cent to the Gross Domestic Products (GDP).
He said that it was worrisome that the sector was not well supported with cheap loans.
On the power, he called for community-based power generation and distribution to enhance power supply.
“All three phases of generation, transmission and distribution, including insurance and maintenance, must be planned as well as research into the possibility of generating solar power on a big scale,” he said.
Ajayi called for more commitment from the Federal Government on the implementation of the Local Content Law, saying the implementation had been slow and poor.
According to him, the development had inhibited the realisation of the laudable aspirations of job creation and inclusivity in the oil and gas sector.
“Our concern is the need to intensify more commitment and sincerity towards local refining of crude oil to make Nigeria a net exporter of refined products within the next five years and create jobs,” he said.
He noted that such achievement would provide opportunities for industrial growth and save the huge amount spent on subsidy on importation petroleum products annually.
The NACCIMA chief also advocated integrated transportation system that would connect roads, rails, airport, and waterways with the major cities and industrial estates.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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