Nigeria 
Nigerian commerce hails rupture with IMF

afrol News, 25 March - The Nigerian government's recent withdrawal from economic programmes of the International Monetary Fund (IMF) is welcomed by Nigerian businesses. The newly gained economic independence would help Nigeria to "effectively implement" policies fitted for the country's situation.

The Nigerian Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) this weekend applauded the government's decision. NACCIMA President Alhaji Umaru Shehu Ndanusa was quoted by the Lagos-based 'Vanguard' as saying: "This initiative to look inwards in proffering solution to our economic problems and strategies is a welcome development." He repeated government allegations IMF programmes were not in touch with "local realities."

The government of Nigeria earlier this month announced its formal withdrawal from an IMF-monitored economic programme to enable it pursue a home grown alternative it believes is in the interest of its people. The government announced it had no interest in continuing "arrangements where only narrowly defined macro-economic targets come into play." The rupture was quickly followed by the announcement of new protectionist taxes ranging from 100 to 150 percent, placed on imported luxury goods.

NACCIMA earlier has been complaining about the unchecked import of cheep foreign items and the resulting closure of national factories. Ndanusa welcomed the new taxes on luxury consumer imports as "a bid to protect local manufacturers from unfair competition and dumping," according to the 'Vanguard'.

NACCIMA is the umbrella organisation for the chamber movement in Nigeria, headquartered in Lagos. It has 65 organizational member chambers, all of which adhere voluntarily. In 1999, for the first time, NACCIMA expanded its membership beyond chambers of commerce, allowing other business associations and trade and professional groups the opportunity to join. NACCIMA is now Nigeria's largest and most representative private-sector business association. 

Also the Manufacturers Association of Nigeria earlier has welcomed the discontinuation of the IMF-Nigeria cooperation. The Fund's prescriptions had not been working for Nigeria as they were "stereotyped", the association held.

Sources: Based on press reports, IMF, Nigerian govt and afrol archives

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