The Abuja Chamber of Commerce and Industry (ACCI) extends heartfelt New Year greetings to Nigerians, particularly the business community in the Federal Capital Territory and its environs. As we step into 2025, the Chamber is optimistic about the opportunities for growth and economic development that lie ahead.
The President of ACCI, Chief Emeka Obegolu, SAN, PhD, commends the resilience and determination of the business community in navigating the economic challenges of 2024. He lauds their commitment to innovation and growth despite the difficulties faced, expressing optimism that 2025 will bring renewed opportunities for businesses to thrive.
In his New Year message, Chief Obegolu, SAN, PhD calls for policies that will address the pressing challenges of multiple taxation and rising operational costs. He urges governments at all levels to harmonize tax policies to ease the burden on businesses and prevent closures. Additionally, he calls on the administration of President Bola Ahmed Tinubu to prioritize improving the ease of doing business in Nigeria, noting the need for improvement in the country’s global ranking.
He highlights the importance of streamlining regulations, eliminating unnecessary administrative bottlenecks, and implementing clear, business-friendly policies. He emphasizes the critical role of Micro, Small, and Medium-scale Enterprises (MSMEs) in the Nigerian economy and advocates for enhanced access to financing and the creation of a reliable database of active businesses to better support this vital sector.
The ACCI President commends the Tinubu administration’s focus on infrastructure development, particularly the allocation of ₦4.06 trillion in the 2025 budget. This investment in sectors like transport, energy, and housing, he notes, will boost productivity, create jobs, and foster economic growth. He also welcomes the administration’s macroeconomic stabilization goals, particularly the targets to reduce inflation and stabilize the exchange rate, which are crucial for enhancing the business environment and attracting investment.
However, Chief Obegolu, SAN, PhD stresses the importance of effective budget implementation while he urges the government to adhere to timelines, ensure transparency in project execution, and adopt a results-driven approach to maximize the impact of allocated funds. He also advises caution regarding ambitious revenue projections, emphasizing the need to improve collection mechanisms, reduce leakages, and adopt balanced tax policies that do not overburden businesses.
The ACCI reaffirms its commitment to working with the government to align policies with business realities and promote private-sector-led growth. Chief Obegolu further calls for increased investment in green initiatives and inclusive strategies to benefit rural and marginalized communities.
On behalf of the Executive Council and members of ACCI, Chief Obegolu, SAN, PhD, wishes all Nigerians a prosperous and fulfilling 2025 filled with opportunities for growth, innovation, and success.