Key points
- NECA says sustainable businesses are essential for creating jobs and driving economic growth.
- The employers’ body urged government to balance business competitiveness with workers’ welfare.
- NECA backed key economic reforms, including fuel subsidy removal and exchange rate unification, despite their short-term impact.
- The association says recommendations from its summit will be submitted to government to support ongoing reforms.
Main story
The Nigeria Employers’ Consultative Association (NECA) has urged the Federal Government to strike a balance between sustaining businesses and creating decent jobs as it pursues economic reforms.
The Director-General of NECA, Mr Adewale-Smatt Oyerinde, made the appeal in an interview with journalists on the sidelines of the fifth Nigeria Employers’ Summit in Abuja.
Oyerinde said sustainable businesses remain the foundation of employment generation and national economic development, stressing that enterprises must survive before they can create jobs and contribute meaningfully to the economy.
According to him, thriving businesses not only employ workers but also generate company income taxes, making them critical to government revenue and economic stability.
He urged the government to pursue policies that improve business competitiveness while ensuring workers benefit through decent employment, fair remuneration and better workplace conditions.
Oyerinde said NECA had maintained regular engagement with government to ensure that economic reforms reflected the interests of employers, employees and the wider economy.
He added that stronger collaboration between government and the organised private sector was essential to the successful implementation of the reforms.
According to him, recommendations from the Nigeria Employers’ Summit, including discussions on Environmental, Social and Governance (ESG) principles, would be presented to relevant ministries and government agencies as practical policy options.
He said the recommendations were intended to support, rather than oppose, government efforts to achieve its economic objectives.
Oyerinde acknowledged that the removal of petrol subsidy had significantly increased business operating costs and weakened consumers’ purchasing power.
However, he described the policy as a necessary step to correct long-standing distortions in the economy.
He also identified the unification of Nigeria’s foreign exchange market as one of the government’s most significant economic reforms.
The NECA Director-General further commended reforms in the aviation sector, expressing confidence that they would strengthen the economy over time despite current challenges.
He said Nigeria had begun addressing longstanding economic problems and expressed optimism that citizens would eventually benefit from the ongoing reforms.
The issues
Businesses have faced rising operating costs following recent economic reforms, including the removal of fuel subsidy and exchange rate liberalisation. While many employers acknowledge the long-term benefits of the reforms, they have also called for policies that improve the operating environment and protect businesses’ capacity to create jobs.
What’s being said
“There must be a business before there are workers. It takes a sustainable business to create jobs.” — Adewale-Smatt Oyerinde, Director-General, NECA
“Government needs the collaboration and support of organised businesses to drive these reforms effectively.” — Adewale-Smatt Oyerinde
What’s next
NECA plans to submit recommendations from the Nigeria Employers’ Summit to relevant ministries and agencies to support the implementation of economic reforms and improve the business environment.
Bottom line
NECA says sustaining businesses and creating decent jobs should be pursued together, arguing that stronger private sector growth remains essential to achieving inclusive economic development.
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