By JOAN NWAGWU

The Nigeria Employers’ Consultative Association (NECA) says many Nigerian businesses are still struggling in spite of the recent Federal Government economic reforms.

Mr Adewale-Smart Oyerinde, Director-General of NECA, made this known in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.

Oyerinde said that while the reforms had stabilised some macroeconomic indicators, companies still faced high costs, inflation and operational challenges.

“Forex stability has helped a bit, but inflation and inconsistent regulations continue to strain businesses.

“Many companies are operating under intense cost pressures, from energy to logistics, making it difficult to translate macroeconomic improvements into real business growth.

“Businesses are adapting through restructuring and cost management, but recovery remains slow and uneven across several sectors.

“Without policy consistency and regulatory clarity, many firms will continue to struggle despite the reforms already introduced,” Oyerinde said.

He added that many companies are restructuring operations to remain competitive in the current economic environment.

He explained that businesses were also reviewing operational models to manage rising production costs and maintain profitability.

Oyerinde said overlapping regulations and multiple compliance demands remain major obstacles to investment and growth.

According to him, regulatory duplication often increases administrative costs and discourage investments.

“Recovery is uneven. Some sectors are bouncing back, but many are still barely surviving due to economic pressures,” he added.

He urged the government to streamline regulations and maintain policy consistency to support sustainable business recovery.

Oyerinde stressed that closer engagement between policymakers and the private sector was necessary to ensure reforms translate into tangible economic benefits.

He added that improving the ease of doing business would help businesses stabilise operations and encourage new investments.

The NECA boss said the association would continue working with stakeholders to promote industrial stability and strengthen the business environment. (NAN)

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