Key points
- NECA urged the Federal Government to sustain economic reforms and improve power supply.
- The association said better electricity and improved security would lower business costs and boost competitiveness.
- NECA expressed cautious optimism about Nigeria’s economic outlook despite persistent challenges.
- Richard Ayibiowu was elected the association’s new president.
Main story
The Nigeria Employers’ Consultative Association (NECA) has called on the Federal Government to sustain ongoing economic reforms, improve electricity supply and strengthen security to support business growth and economic recovery.
Speaking at the association’s 69th Annual General Meeting in Lagos, the outgoing President of NECA’s Governing Council, Dr Ifeanyi Okoye, said continued reforms in key sectors, particularly electricity, would reduce production costs, improve productivity and enhance the competitiveness of Nigerian businesses.
He said the country’s economic outlook for the second half of the year remained encouraging despite the challenges confronting businesses, pointing to moderating inflation, improved foreign exchange availability and ongoing infrastructure investments as positive indicators.
Okoye, however, stressed that reforms should be implemented in ways that protect businesses, preserve jobs and sustain investor confidence while delivering measurable economic benefits.
He also expressed concern over persistent insecurity, noting that it continued to discourage investment, disrupt supply chains and increase operating costs. He urged government to intensify efforts to secure business assets and critical transport corridors across the country.
According to him, Nigerian businesses have remained resilient despite difficult operating conditions, and NECA would continue advocating policies that promote enterprise competitiveness, attract investment and lower the cost of doing business.
The AGM also produced a change in leadership, with Mr Richard Ayibiowu elected as the association’s new president.
In his acceptance speech, Ayibiowu pledged to strengthen engagement with government and other stakeholders to advance business-friendly policies, create jobs and support sustainable economic growth.
He described NECA as a longstanding advocate for enterprise development and decent work, promising to build on the achievements of previous administrations.
Ayibiowu also urged member companies to provide credible and timely data to strengthen the association’s policy advocacy, saying evidence-based engagement would produce better outcomes for businesses and the economy.
The issues
Nigeria’s private sector continues to grapple with high operating costs, unreliable electricity supply and security challenges, with business groups arguing that sustained reforms and improved infrastructure are essential for long-term economic growth.
What’s being said
“Reforms must be implemented in a manner that preserves business viability, protects jobs, sustains investor confidence and delivers tangible economic benefits.” — Ifeanyi Okoye, outgoing President, NECA Governing Council
What’s next
NECA’s new leadership is expected to deepen engagement with government on policies affecting businesses while continuing to advocate reforms that improve competitiveness, encourage investment and stimulate job creation.
Bottom line
NECA believes that sustained reforms, better power supply and improved security are critical to reducing business costs, boosting investor confidence and supporting Nigeria’s economic recovery.
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