The Nigeria Employers’ Consultative Association (NECA) has called on the Federal Government to take decisive actions to improve the business operating environment in the country.
NECA emphasized that such actions are necessary to facilitate a return to a more stable business environment that supports job creation.
Expressing concern over the escalating unemployment rate in Nigeria, NECA’s Director-General, Mr Adewale-Smatt Oyerinde, urged the government to address critical economic challenges.
He highlighted the need to end the ongoing monetary rationing and ensure that the optimal amount of money required to stabilize the economy is in circulation.
Oyerinde also called for a review and moderation of the fuel subsidy removal, emphasizing that subsidies are vital tools for socio-economic stability and growth.
He pointed out that various subsidies, such as unemployment allowance, free healthcare, social security allowance, old age allowance, and child upkeep allowance, are essential for overall stability.
In addition to the recommendations, NECA urged the government to review the floating exchange rate regime to prevent a potential monetary collapse.
The association also called for a reassessment of the tax credit for infrastructure, especially in road construction carried out by the private sector.
Oyerinde stressed that high taxes, as currently experienced, could have adverse effects on businesses and advocated for a more balanced approach to taxation in the prevailing economic conditions.
