The Nigeria Employers’ Consultative Association (NECA) has raised concerns over the increasing financial strain on businesses, warning that the current rate of losses could lead to another wave of business closures across the country. This warning was issued by NECA’s Director General, Mr. Adewale-Smatt Ayorinde, in a statement titled “Protests: NECA Calls for Stoppage and Urges Government to Address Economic Contradictions.”
Ayorinde urged the federal government to urgently address the economic contradictions that are stifling the organized private sector, which is crucial to Nigeria’s development. He highlighted that over ₦533 billion in losses were reported by four companies in the first half of 2024, signaling a need for immediate intervention.
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Ayorinde also criticized certain regulatory agencies for creating obstacles to business growth, despite the efforts of the Presidential Committee on Tax and Fiscal Policy Reforms (PCTFPR) to build consensus on tax reforms. He called for regulatory agencies to focus on regulation rather than imposing penalties on struggling businesses.
Furthermore, NECA urged the suspension of the sugar tax to help stabilize the food and beverage sector and emphasized the importance of sustaining crude oil supply to the Dangote Refinery to reduce fuel importation dependency. These measures, NECA believes, are vital to revitalizing the economy.
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