The Nigerian Association of Chambers of Commerce, Industry, Mines & Agriculture (NACCIMA), has  said plans by GlaxoSmithkline to exit Nigeria’s business space, represents a major blow to the nation’s manufacturing sector,  already  experiencing significant collapse among its local businesses.

 

The Chamber in a statement signed by its National President, Dele Kelvin Oye, on Wednesday, argued that though the incumbent administration is making efforts at setting the country on a long-term path to economic progression, some of such reforms have had  adverse effects on  some sectors of the nation’s economy.

 

It cited  the sudden rise in the price of  petrol, and the abolition of the official naira rate, as some of the factors that have caused a significant backlash, thereby eroding  the already earned income and trading capital of several multinational companies that had established their previous earnings, based on the official  rate at the time.

 

“As a result, there has been a steady exodus of multinational companies and the collapse of several local companies, resulting in significant job losses and economic damage,” it stated.

 

NACCIMA, therefore, called on the government  to urgently review  the short-term  inpact of its  economic policies, regarding commitments already concluded for remmitances/raw materials  by the affected companies, so as  to reverse the trend of companies  leaving Nigeria.

 

It also urged the government to collaborate with the private sector to develop policies that will stimulate  economic growth and create job  opportunities in the country.

 

“We firmly believe that with the right policies in place, Nigeria’s economy can be revitalized and the country can become  a hub for business and investment in Africa,” the group stated.