• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Monday, July 7, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

NECA Raises Alarm Over High Rate Of Divestment, Capital Flight, Business Closure

by Andrew Ojiezel
2 years ago
in Business
Share on WhatsAppShare on FacebookShare on XTelegram

 

Advertisement

The Nigeria Employers Consultative Association (NECA) has raised alarm over rising rates of divestment, capital flight and business closure in the country.

The director general, NECA, Mr Adewale-Smatt Oyerinde who made the call, cited the folding up or relocating of factories and industries to other neighbouring countries because of government policy summersaults, as reasons for his warning.

According to Oyerinde: “in most developing economies across the globe, private businesses account for over 93% of employment, including formal and informal jobs. The private sector continues to remain the catalyst for economic growth, being a major contributor to national income and the efficient flow of capital.”

Speaking in Lagos, the director general stated that, “the recent trend of business relocation and divestment is unfortunate. Over the last decade, the Private sector has been adversely affected by various policy thrusts of government.

RELATED

African Manufacturers Urge Investment In Local Industries

African Manufacturers Urge Investment In Local Industries

21 hours ago
Regularise Property Titles For Sustainable Housing Security, LASG Urges Homeowners

Regularise Property Titles For Sustainable Housing Security, LASG Urges Homeowners

21 hours ago

“Many of these policies were either anti-growth, ill-timed or not-well thought out, while others were not in alignment with the country’s economic realities. In more complex cases, we witnessed an era of policy clashes and contradictions, regulatory and legislative strangulation of businesses, which left many companies without a clear path for planning and decision making. Operational costs have increased astronomically, heaping more woes on many companies”.

Furthermore, Oyerinde noted that, “the consequences of the years of wrong policy choices are not far-fetched. As expected, divestment, capital flight and outright closures have become the ‘new normal’ within the business community. This is one of the chief reasons why the rate of unemployment continues to soar perpetually with consequential rise in crime and other security issues.

“When businesses cease operations, divest or move to other profitable and hospitable environments, large number of Nigerians become unemployed. Inadvertently, the country loses income from taxes, social investment is hindered and poverty holds sway.”

While urging a more definitive and urgent intervention, Mr. Oyerinde stated that, “it is germane to state that Government must take urgent steps to arrest this predicament. While we acknowledge and commend the current administration’s effort to address the concerns of the Private Sector and the steps it took to provide some respite to businesses in specific sectors of the economy, more needs to be done.

“Beyond the tax reforms activity and the provision of palliatives to select corporate entities, government should, by deepening engagement with the Organized Private Sector provide the right intervention and incentive not only to attract more Foreign Direct Investment (FDI), but to also prevent more companies from shutting down, divesting or leaving the country.”

 


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


SendShareTweetShare
Previous Post

Noor Takaful Shares N208m Surplus With Non-claiming Policyholders

Next Post

Energy Transition: NUPRC Stresses Need For African Oil & Gas Market Integration

Andrew Ojiezel

Andrew Ojiezel

You May Like

African Manufacturers Urge Investment In Local Industries
Business

African Manufacturers Urge Investment In Local Industries

2025/07/06
Regularise Property Titles For Sustainable Housing Security, LASG Urges Homeowners
Business

Regularise Property Titles For Sustainable Housing Security, LASG Urges Homeowners

2025/07/06
Notore Chemical Industries Delists From NGX
Business

Notore Chemical Industries Delists From NGX

2025/07/06
Business

PIA: PWDs Demand Inclusion In Niger Delta Host Community Board

2025/07/06
Share Local Content Success Strategies With Us, African Leaders Urge Nigeria
Business

Share Local Content Success Strategies With Us, African Leaders Urge Nigeria

2025/07/06
Burger King Recommits To Environmental Sustainability, Expands Footprint In Ogun
Business

Burger King Recommits To Environmental Sustainability, Expands Footprint In Ogun

2025/07/06
Leadership Conference advertisement

LATEST

Mixed Sentiment To Dominate Stocks Performance Amid Cautious Optimism This Week

After 16.57% H1 Gain, Analysts Expect Stronger Momentum In H2

United Capital Commits To Financial Inclusion Advancement

Green Bond Market Devt Programme Unveils Bootcamp To Boost Climate-resilient Enterprises

‘Business Confidence Remains High Despite Dip In June PMI’

SPIN Inducts 96 New Members

Improved Forex Supply Bolsters Exchange Rate Stability

Economy: Analysts Optimistic Of Stronger H2

NASS’ Oversight Of MDAs Ineffective – CSOs, Others

PDP Dismisses Mass Defection Rumours To ADC

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.