NECA Raises Concerns Over More Business Closures

Director general and chief executive officer (CEO), Nigeria Employers Consultative Association of Nigeria (NECA), Adewale-Smatt Oyerinde has raised alarm over the looming collapse of more business outfits because of the bad business environment and unfriendly government policies.

Oyerinde also cried against the #Endbadgovernance protest because of destruction of lives and properties that came with it.

According to him “the unfortunate looting that has characterised the protest in some parts of the nation is condemned. While we commend the President for addressing the nation on the protest and the many ongoing efforts of the government to address the pains of Nigerians, we urge the government to also give urgent attention to the myriads of contradictions bedevilling the private sector to enable economy open up and return to the path of rapid growth.

“While the nation grapple with high unemployment rate and low business capacity utilisation, some regulatory agencies are still creating bottlenecks for business growth; it is obvious to all that the Taiwo Oyedele-led Presidential Committee on Tax and Fiscal Policy Reforms have done creditably well in engaging critical stakeholders and building consensus on the tax reforms, however, some agencies continue to introduce new levies and other forms of taxes, negating the one of the main reason for the establishment of the Presidential Committee.

“The expectations that Dangote Refinery will contribute to reducing the nation’s propensity for fuel importation was almost dashed by regulatory bottlenecks in the Oil and Gas industry, thanks to the Presidential decision that paved the way for sale of crude to the Dangote refinery in Naira. This is especially worrisome given the significant time and effort the President has invested in wooing Foreign Direct Investors.”

He called on Tinubu to summon the organisers of the protest for dialogue in order to find lasting solutions to the protest.

Saying that suspension of the sugar tax for the Food and Beverage (sugar sub-sector) will allow the sector stabilise and contribute maximally to current efforts at achieving food security, he noted that, sustaining the supply of crude oil to the Dangote refinery as directed by the President to reduce the nation’s propensity to import fuel, even as he urged government to curtail the rising interest and inflation rates, while also addressing ongoing forex volatility.

‘All these measures, no doubt, are crucial to unlocking the potential of Organised Businesses and fast track the much needed economic growth,’ he noted.