NECA: Businesses Struggling Amid Economic Reforms

Adewale Smatt Oyerind, the Director General of the Nigeria Employers' Consultative Association (NECA), expressed concerns that businesses have not yet reaped the benefits of the Federal Government's economic reforms. He acknowledged the removal of fuel subsidies and the liberalization of the foreign exchange market as positive steps reflecting the government's commitment to market-driven economic policies.

However, he noted that micro, small, and medium enterprises (MSMEs) continue to face operational challenges due to the depreciating naira and rising product costs, which affect competitiveness and heighten operational risks. Oyerind pointed out that while macroeconomic indicators, such as foreign reserves and government revenue, show improvement, high inflation and energy costs, along with multiple taxation and logistical challenges, continue to constrain business operations and household welfare.

He emphasized the need for structural reforms to reduce the cost of doing business, improve access to affordable finance, and stabilize power supply to foster economic recovery and strengthen investor confidence.