NACCIMA Urges FG To Implement Business-Friendly Policies

NACCIMA President, Dele Kelvin Oye Esq

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) welcomes the recent interventions by the Federal Government on some recent tax changes.

While appreciating the administration’s commitment to ensuring that Nigerian businesses are not unduly burdened by unfavourable policies, the body called on the Federal Government to implement policies that are business-friendly in order to promote sustainable economic growth.

NACCIMA President, Dele Kelvin Oye Esq, in a statement said “the tax changes were intended to raise revenue while addressing important public health and environmental concerns,” but noted that “the lack of adequate notice and clarity on the implementation of the changes has resulted in significant challenges for affected businesses, including rising costs, falling margins and capacity underutilization.

“We commend the decision by President Bola Ahmed Tinubu to sign executive orders deferring the commencement of the tax changes as contained in the Finance Act and Customs, Excise Tariff (Variation) Amendment Order.

“We also support the suspension of the 5% Excise Tax on telecommunication services, the Excise Duties escalation on locally manufactured products, the Green Tax on Single Use Plastics, including plastic containers and bottles, and the Import Tax Adjustment levy on certain vehicles,” NACCMA President said.

While urging the Federal Government to continue to engage with stakeholders and implement policies that are business-friendly and promote sustainable economic growth., NACCIMA President said, “We believe that the private sector is essential to achieving the government’s goal of higher GDP growth and reduced unemployment rate through job creation

“We look forward to collaborating with the government to create an enabling business environment that will attract more investment into the country and enhance the competitiveness of Nigerian businesses.”