2024 Poses Challenges for Industries, Says NACCIMA

The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has described 2024 as a challenging year for industries, citing persistent economic hurdles. The association pointed to factors such as high inflation, foreign exchange volatility, and rising production costs as critical issues affecting business operations across the country.

In a statement, NACCIMA noted that while the government has implemented some measures to stabilize the economy, the industrial sector continues to face significant headwinds. “Industries are grappling with an uncertain operating environment marked by escalating costs and declining consumer purchasing power,” the statement read.

Energy costs, limited access to foreign exchange, and infrastructure deficits were also highlighted as key concerns. NACCIMA emphasized the need for urgent policy interventions to support businesses, including access to affordable credit, improved power supply, and the reduction of bottlenecks in the regulatory framework.

Despite the challenges, NACCIMA expressed optimism about the resilience of Nigerian businesses. The association urged stakeholders to explore innovative solutions and collaborative efforts to navigate the tough economic landscape. “Industries must leverage technology, partnerships, and capacity building to remain competitive in these trying times,” said a NACCIMA official.

The association also called for stronger public-private partnerships to drive economic recovery and enhance the ease of doing business. It encouraged the government to prioritize policies that promote industrial growth and attract both local and foreign investments.

While 2024 may present significant obstacles, NACCIMA remains confident in the potential of the industrial sector to adapt and emerge stronger, provided there is consistent support from all stakeholders.