The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has expressed deep concern at the continuous exit of businesses from Nigeria occasioned by unfavourable government policies.

President of NACCIMA, Dele Oye, stated this in a statement made available to Vanguard, yesterday, in reaction to the recent announcement by Pick n Pay, a South African retail supermarket, to leave Nigeria.

His words: "NACCIMA) is deeply concerned about the alarming continuous trend of companies, including notable entities like Pick n Pay, exiting Nigeria.

"This situation is largely attributed to ineffective monetary policies from the Central Bank of Nigeria (CBN), which have resulted in substantial foreign exchange losses for businesses. "Compounding this issue are the opaque practices within the oil and gas sector under the Nigerian National Petroleum Corporation (NNPC), leading to inflation in gas and petrol prices after the removal of subsidies."

In order to reverse this trend and create a more favourable business environment, Oye said CBN must implement transparent and stable policies that will encourage investment and stabilize the naira.

He also called for comprehensive reforms to improve the overall business climate in the country, that will ensure sustainable economic growth and attractive both local and foreign investors.

"There is an urgent need for open dialogue among the government, private sector, and civil society.

"This collaboration is critical for developing tailored solutions to the economic challenges facing our nation," Oye added.