ANEC 2024: NACCIMA President Calls for Economic Reforms And Media Accountability
THE National President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA),
Hon. Dele Kelvin Oye, Chambers of Commerce has expressed concern over the significant hurdles that remain. Citing a recent World Bank report, he noted that poverty has climbed to 56% in Nigeria, affecting 129 million people. While reforms are critical, Oye warned that economic policies must address these inequalities and avoid further financial strain on citizens. He voiced concerns over the Naira’s steep devaluation, which has led to considerable challenges for businesses and households alike.
Oye criticised the Central Bank’s high-interest policies, which have driven up bond yields and discouraged lending to small businesses, contributing to the shutdown of over 700 manufacturing companies. “The current structure prioritizes banks’ profits over entrepreneurship,” he argued, stressing the need for a Central Bank more attuned to Nigerian industry needs.
He drew attention to the urgency of economic reforms and the pivotal role of the media in Nigeria’s development.
In his address, at the annual All Nigerian Editors Conference (ANEC) holding in Yenagoa themed “Strategies for Economic Growth and Development in a Resource-Rich Nation,” Oye called for deep introspection on Nigeria’s economic trajectory.
He stated, “As we gather at this critical time, we must acknowledge both the strengths and profound challenges facing our nation,” he stated, emphasising the need for transparency and accountability across all sectors.
Oye praised recent economic reforms under President Bola Ahmed Tinubu, including the removal of fuel subsidies, introduction of a unified exchange rate, and efforts to boost fiscal stability. These actions, he noted, have increased foreign direct investments, particularly in the oil and gas sector, with production rising to 1.61 million barrels per day and a substantial increase in oil revenues. He stated further that the Tinubu administration has implemented a series of initiatives to empower youth and small businesses through the creation of MSME hubs and skill development programs. The rise in the national minimum wage to N70,000 was also lauded as an essential support for Nigerian workers amidst inflation.
Highlighting lessons from countries like Estonia, Peru, and Rwanda, Oye underscored the importance of fiscal discipline, transparent governance, and policies that prioritize citizen welfare. “Botswana and Chile have managed their resources with integrity, creating environments of stability and investor confidence,” he stated, urging Nigeria to adopt similar principles.
Oye reserved a portion of his speech to address the Nigerian Guild of Editors (NGE), encouraging the media to play a more proactive role in advocating for accountability and championing public interest. He outlined a vision for the NGE to safeguard intellectual property rights, uphold transparency, and invest in investigative journalism. He also highlighted the potential for the Nigerian media to increase credibility and revenue by building international partnerships and fostering community engagement.
“We must become the agents of change,” he urged, emphasizing that the media’s commitment to truth and accountability would be central to Nigeria’s progress. Drawing from the words of former U.S. President James Madison, Oye reminded the audience of the media’s duty as the “theoretical checks” on governance, which protect society from the abuse of power.
Hon. Oye’s call-to-action concluded with an inspiring message for all attendees. “The future of our nation lies in our hands,” he declared. “Together, we must reshape Nigeria’s narrative and foster a new era defined by growth, accountability, and resilience.”
