By Abubakar Yunusa
The Nigeria Employers’ Consultative Association on Monday said the Federal Government’s economic reforms have yet to translate into meaningful relief for businesses, warning that companies are still grappling with soaring energy costs, inflation, exchange rate volatility and multiple taxation.
The association, however, acknowledged that the reforms were necessary to reposition the economy on the path of sustainable growth.
NECA stated this at its two-day Employers’ Summit in Abuja, themed “Leveraging Reforms and ESG for Enterprise Competitiveness and Inclusive National Growth.”
Speaking at the opening ceremony of the fifth edition of the summit, the President of NECA, Ifeanyi Okoye, who was represented by the association’s Treasurer, Richard Ayibiowu, described the gathering as coming at a critical stage in Nigeria’s economic transformation.
He said the time had come for a comprehensive assessment of the impact of the reforms on businesses, employment and investment, noting that many enterprises, particularly Micro, Small and Medium Enterprises, were struggling to cope with the adjustment burden.
According to him, the Federal Government has, over the past three years, embarked on far-reaching reforms aimed at correcting structural distortions and placing the economy on a stronger footing.
He said, “Over the past three years, the Federal Government has pursued a series of bold and far-reaching reforms aimed at addressing longstanding structural challenges, strengthening fiscal sustainability, enhancing public finance management, improving revenue generation, and positioning the economy for long-term growth and competitiveness.
“As employers and investors, we appreciate the courage and commitment required to implement reforms of this scale. Measures such as the removal of fuel subsidies, foreign exchange market reforms, ongoing tax reforms, initiatives to improve the ease of doing business, and efforts to stimulate industrial development reflect a deliberate attempt to place the economy on a stronger and more sustainable foundation.”
Okoye, however, maintained that the true test of any reform agenda lies in its impact on businesses and ordinary Nigerians.
He said, “However, the effectiveness of any reform programme is ultimately determined not only by its intentions but by its impact on businesses and citizens. Three years into this reform journey, it is both timely and necessary to evaluate how these policies have influenced enterprise growth, employment generation, investment, productivity, competitiveness, and overall economic welfare.
“While there have been positive developments in certain macroeconomic indicators, businesses continue to operate in a challenging environment. High energy costs, persistent inflationary pressures, exchange rate volatility, multiple taxation, infrastructure deficits, logistics constraints, regulatory complexities, and weakened consumer purchasing power continue to affect business performance across sectors. For many enterprises, particularly Micro, Small and Medium Enterprises, the adjustment burden has been significant.”
He said the summit’s theme offered stakeholders an opportunity to review the impact of the ongoing reforms, engage in constructive discussions and develop practical solutions to address the challenges confronting businesses and the wider economy.
According to him, the summit will also serve as a platform for key stakeholders to assess the progress of the reform agenda and identify practical measures to improve enterprise competitiveness and strengthen policy implementation
