Nigeria’s economy may have crawled out of the Intensive Care Unit (ICU), but citizens are still gasping under the weight of inflation, falling demand, and multiple taxes, the Nigeria Employers’ Consultative Association (NECA), has warned.
Reacting to the Director-General, (DG) of the World Trade Organization (WTO), is Ngozi Okonjo-Iweala, recent verdict that Nigeria’s economy has stabilised, NECA’s Director General, Adewale-Smatt Oyerinde, agreed that government reforms have restored a measure of balance but insisted that the ‘stability on paper’ is yet to translate into relief for households and businesses.
‘Two years ago, we were on a path to bankruptcy — printing money to fund subsidies and defend the naira. Today, macro stability is visible: forex rates are nearly aligned, trade surplus has replaced deficits, and reserves have grown. But Nigerians are not feeling it’, Oyerinde declared.
NECA lamented that rising costs have weakened consumer demand, leaving many businesses struggling to stay afloat.
‘Businesses need stable demand. If people cannot afford goods, production suffers, loans remain due, and companies face collapse’, it cautioned.
The umbrella body for employers in country, also raised the alarm over anti-business regulations and arbitrary taxation by some government agencies, warning that such practices could erode the gains of ongoing tax reforms.
‘While reforms aim to harmonise levies, some agencies exploit legal loopholes to introduce new charges. Without decisive action, these efforts will be undermined’, NECA DG said.
The group urged the federal government to complement macroeconomic stability with urgent relief measures for Nigerians, stressing that only then will economic recovery move from the boardroom to the marketplace.
