Ibadan Chamber Advises Private Sector on Recession

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  • Ibadan Chamber Advises Private Sector on Recession

The President, Ibadan Chamber of Commerce and Industry, Mines and Agriculture, Margaret Amusa-Ogunnaike, has called on members of the Organised Private Sector to help end the economic recession in the country by creating opportunities for knowledge sharing.

She made the call at the 2017 Annual General Meeting of the chamber held in Ibadan.

Speaking on activities in the last one year, Amusa-Ogunnaike lamented low performance of trade groups and companies mainly as a result of the depreciation of the naira and unfavourable foreign exchange rates in the banks and at the parallel market.

She said these adversely affected the business environment in the country last year, noting that exchange of ideas and information in the form of training and workshops would allow for wider views on how to overcome financial challenges.

The ICCI president lauded the efforts of the National Association of Chambers of Commerce, Industry, Mines and Agriculture for consistently mounting pressure on the Federal Government to formulate a policy on the reasonability of the foreign exchange rate.

She said, “Our umbrella body, NACCIMA, continually and consistently mounts heavy pressure on the Federal Government to formulate a policy conducive to the reasonability of the foreign exchange rate.

“It is obvious that economic recession is biting hard, and many stakeholders are facing serious challenges and battling for survival. Yet, I still believe that planning seminars and workshops is the best option for our people to overcome the menace of the recession.

“In order to optimise our performance, we have technocrats and professionals among us who can guide us properly on how to succeed through knowledge acquisition.”

At the event, the Oyo State Commissioner for Trade, Investment and Cooperative, Taibat Agaba, commended the chamber for working with the government in the interest of the members.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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