The Nigeria Employers’ Consultative Association (NECA) has said the economic reforms introduced by the Federal Government is yet to ease the burden on businesses, as Nigerians continue to battle rising energy costs, inflation, unstable exchange rates and multiple taxes.

NECA disclosed this at the just concluded Employers’ Summit which ended in Abuja on Tuesday, themed “Leveraging Reforms and ESG for Enterprise Competitiveness and Inclusive National Growth.”

The President of NECA, Ifeanyi Okoye, said the summit was taking place at a critical point in Nigeria’s economic transformation journey.

He noted that the time had come to undertake a comprehensive review of the impact of the reforms on businesses, employment and investment, warning that many enterprises, particularly Micro, Small and Medium Enterprises, were finding it increasingly difficult 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 addressing 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.”

The NECA president, however, stressed that the true measure of any reform programme lies in its impact on businesses and ordinary Nigerians.

“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.

Also speaking, NECA DG, Adewala Smart-Oyerinde said the Summit was necessary so that the voice of employers is heard and that policies are informed by practical business realities.

The NECA DG disclosed that beginning from 2027, the Nigeria Employers’ Summit would be transformed into the International Employers’ Summit.

According to him, the move is aimed at creating a global platform for discussions on investment, labour migration, enterprise development and economic transformation.

By the grace of God and with the support of our partners across Africa and the world, I am pleased to announce that beginning in 2027, the Nigerian Employers’ Summit will transition into the International Employers’ Summit.

“Through our partnerships in more than 50 African countries and our affiliation with the International Labour Organisation, representing over 180 member states, the summit will become a global platform for dialogue on investment, labour migration, enterprise development and economic transformation.” (Daily Trust)

Update news