The President of the Abuja Chamber of Commerce and Industry, ACCI, Chief Emeka Obegolu, has warned about Nigeria’s harsh business climate. He stated that the economy is contracting as businesses continue shutting down nationwide. According to him, rising closures reflect deeper structural and policy challenges facing enterprises.
Speaking at the 2025 Media Parley, Obegolu revealed alarming employment trends within the chamber. He noted that ACCI receives job applications daily from displaced workers. This trend, he explained, clearly indicates declining economic activity and rising unemployment.
Although he commended the FCT Minister’s industrial park efforts, Obegolu expressed serious concerns. He stressed that the core commercial base remains largely neglected. Furthermore, he pointed out the absence of basic facilities within the industrial park. According to him, this issue stems from poor planning, not insecurity.
Additionally, Obegolu urged the government to demonstrate political will on ranching reforms. He advised adopting tested international ranching models to curb insecurity. He argued that insecurity and weak policies significantly contribute to business closures and job losses.
On tax reforms, Obegolu highlighted widespread financial illiteracy among business owners. Consequently, ACCI now organises tax education programmes for members. He acknowledged that the new tax law reduces multiple taxation. However, he warned that ignorance could result in unintentional tax violations.
Describing tax as Nigeria’s “next oil,” Obegolu emphasised accountability in public finance management. He explained that taxation effectively gives government significant stakes in businesses. Therefore, he urged businesses to demand transparency in tax revenue usage.
Finally, Obegolu raised concerns about rising production costs and limited financing access. He advised businesses to prepare bankable feasibility studies. He also called for transparency in consultancy agreements to protect national security and data integrity.
