The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has lamented over the continuous exit of businesses from Nigeria, which is caused by unfavourable government policies.

The president of NACCIMA, Dele Oye, made this known in a statement available to Vanguard, on Sunday, October 10, 2024, while reacting to the recent announcement by Pick n Pay, a South African retail supermarket, to leave Nigeria.

He stated: “NACCIMA) is deeply concerned about the alarming continuous trend of companies, including notable entities like Pick n Pay, exiting Nigeria.

“This situation is largely attributed to ineffective monetary policies from the Central Bank of Nigeria (CBN), which have resulted in substantial foreign exchange losses for businesses.

“Compounding this issue are the opaque practices within the oil and gas sector under the Nigerian National Petroleum Corporation (NNPC), leading to inflation in gas and petrol prices after the removal of subsidies.”

Oye advised CBN to implement transparent and stable policies that will encourage investment and stabilize the naira, in order to put an end to this worrying trend.

He also pushed for comprehensive reforms to make better the general business climate in the country,

“There is an urgent need for open dialogue among the government, private sector, and civil society.

“This collaboration is critical for developing tailored solutions to the economic challenges facing our nation,” he added.