Dr Abubakar Al-Mujtaba is the new president of the Abuja Chamber of Commerce and Industry (ACCI). He is also the managing director/chief executive officer of Apt Pension Funds Managers Limited, as well as a non-executive director of Zenith Bank Plc. In this interview, he speaks on the Nigerian economy and how the private sector can contribute to the country’s economic growth.
What are you bringing on board as the new president of ACCI?
I am a veteran in the finance industry in Nigeria. So, my network and experience in the banking sector, spanning nearly four decades, will enrich the Chamber and take it to new heights. Aside from that, I am an old member of the ACCI, who rose through the ranks to the top. In the Chamber, we have a succession structure, involving stages in the leadership cadre. You have to be a Council member, a vice president, a second deputy president and first deputy president before you can become a president. I have passed through all these stages. I have served under at least five presidents. So I am a president that has a huge private sector background and long years within the Chamber movement.
My experience under previous presidents equipped me to effectively lead the Chamber at this material time.
What are the innovations you are bringing on board to advance the Chamber?
We will deepen our robust engagement with government as the voice of business through various platforms and structures. Our target is to enhance our capacity to influence policies in favour of our members and the business community. We are recommitting ourselves to providing data-driven proposals, from which the government can tap from for economic prosperity through facilitation rather than regulation of the business sector.
To achieve that, my presidency will adopt a deliberate policy of capacity building for the ACCI, alongside development of management processes to enhance efficiency and productivity.
The Abuja Trade Centre (ATC) is a trading arm of the ACCI, and I am delighted with its many programmes, which promise to earn the Chamber more resources and recognition. We will also consolidate the centres as national points under the Nigerian Association of Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA).
As part of our drive to give a strong voice to the Chamber movement, it is my pleasure to announce the establishment of ACCI radio and television. Both are taken off through the ACCI Podcast and YouTube channels. We will later migrate to dedicated programmes on national radio and television through a public-private partnership arrangement.
The economy has exited recession but businesses are still struggling, what is the way out?
Let me first put on record that the Nigerian government really reacted holistically to support businesses during and after the pandemic. The various interventions by the administration through the Central Bank of Nigeria (CBN) granted succour and lifeline to small and medium enterprises (SMEs) in Nigeria. The effect on businesses would have been worse but for the multi-pronged support from the government.
On how businesses can survive these trying times, I think many business leaders have become very innovative in the area of cost management and balancing on human resources. Many businesses are now smartly run because waste is no longer acceptable. The way to go is innovation in the deployment of scarce resources. As many are barely surviving, remaining afloat is a first priority as the economy gradually rebounds. The situation is likely to remain like this for some time to come.
What is your plan for businesses with the African Continental Free Trade Area (AfCFTA)?
The ACCI is already supporting its members through training and networking for opportunities. We are closely involved in several governmental committees that are working to open doors for Nigerian businesses. We, in turn, integrate our members into trading knowledge gained through participation in government policy support processes.
Again, the government’s plan of action for the AfCFTA is deep and extensive. It covers all the sectors of the economy. So I advise Nigerian businesses interested in the export market to look into various government initiatives and be equipped with knowledge and available resources. The opportunities are huge.
What will be your partnership drive with the government on economic issues?
We are strengthening our policy advocacy infrastructure. My presidency has also created a standing presidential policy partnership with the National Assembly; the first of its kind in the country. The Legislative Policy series has conducted data analysis of all pending bills in the National Assembly, with a view to sharpening the inputs of the business sector.
We have also created statutory programmes focussing on critical sectors, such as the Energy Policy Series, the Digital Policy Series, the Fiscal Policy Series, among others. My goal is to make the ACCI a major policy voice in Nigeria and beyond. We are to deploy all tools of policy advocacy to engage and integrate business units into public policy.
There is a growing emphasis on renewable energy, away from fossil fuel use, how can Abuja businesses be mobilised on this?
The transition is already ongoing, with an increasing percentage of non-oil export in the national budget.
We are doing a lot at the ACCI for Abuja businesses. We host the Nigerian Chamber of Mining. We are providing rallying points for businesses to venture into the solid mineral zone.
We are also the host of the Gemmological Institute of Nigeria, the only body in Nigeria that trains people on refining, weighing and recognising gemstones. We also have the waste-to-wealth programme. We are already into the transition stage and the ACCI is at the forefront.
The ACCI is known for international trade fairs and exhibitions, are there expectations for more?
We are expanding the scope of our specialisation. We are no longer just a Chamber of trade fair. We are now also a strong policy hub and centre for alternative dispute resolution. We have expanded to organise more than one trade fair on an annual basis. We are now going to be having the annual Halal fair, annual railway exhibition, annual real estate fair, among others.
Nigeria has high rates of unemployment and underemployment, how can these be addressed?
Unemployment can best be addressed in several ways. First is the need to entrench practical entrepreneurship in our educational system; this is key. Secondly, there is a need to return to new skills among the unemployed. For us at the ACCI, skill training is a major focus. There is a massive skill gap. We are going to strengthen the Best Centre. We will build on previous achievements. There will be a deliberate policy of partnership with established training institutions.
