The Nigeria Employers’ Consultative Association (NECA), the leading umbrella body for employers in the country, has emphasized the need for the government to take substantial measures to steer the nation’s economy toward growth.
NECA has recommended an eight-point solution to tackle the socio-economic challenges confronting Nigeria. In recent years, the Nigerian economy has faced a cost-of-living crisis, high inflation caused by escalating food and energy prices, increased global interest rates, tightened financial conditions, and technical recession in various economies around the world.
During its 66th Annual General Meeting (AGM) held in Lagos, NECA, as the Voice of Businesses in Nigeria, expressed concern over the sustained inflationary pressures that have persisted into 2023 due to the government’s inability to address the underlying fundamentals with consistent policy instruments.
To address these challenges, NECA proposed a range of solutions, including the development of implementable economic and industrial policies, macroeconomic stability, improved forex availability, reliable energy and power supply, revitalization of domestic refining capabilities, taxation and government regulations, infrastructure development, and addressing issues of insecurity.
NECA believes that by implementing these measures, the government can create a conducive environment for sustainable economic growth and address the pressing issues hindering Nigeria’s progress.
Addressing members and other guests, NECA’s President, Mr. Taiwo Adeniyi, said; “The persistent rise in inflation in the country was more of a cost-push as a result of unbridled importation of almost all items needed for daily production and individual needs, notwithstanding the unfavorable and debilitating Naira exchange rate parity.
“It was also persistently reinforced by contractionary monetary policy stance and its negative rob-offs on other rates in the economy.”
Nevertheless, he commended the new government for showcasing political determination through the removal of fuel subsidies and other courageous actions it has undertaken thus far.
His words; “The Leadership of the Association is elated with the very critical components of the President’s inaugural speech, particularly the intention for a consultative-based governance approach.
“We identify with the interest in tackling the vast security challenges in the country; driving the economy with growth-centric industrial policy and improved access to electricity for businesses; resolving the issues of multiple taxes on private businesses; promoting domestic and foreign investments; creating meaningful job opportunities, particularly for the youths; ramping up agricultural production; advancing the infrastructure stock such as networks of roads, rail, and ports; and reconfiguring the monetary policy system.
“We believe that these measures are critical to addressing the enormous social and economic quagmires facing organised businesses in the country.”
