NECA: Economic Reforms Not Yet Benefiting Nigerian Businesses

Mr. Adewale Smatt Oyerinde, the Director General of the Nigeria Employers' Consultative Association (NECA), expressed that the ongoing economic reforms by the federal government have not yet fully impacted businesses across Nigeria. In an interview in Abuja, 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 businesses, particularly micro, small, and medium enterprises (MSMEs), continue to face operational challenges due to the depreciating naira and rising product costs. Oyerinde pointed out that while macroeconomic indicators like foreign reserves and government revenue show improvement, high inflation, energy costs, and multiple taxation remain significant constraints.

He emphasized the need for deeper structural reforms to reduce the cost of doing business, improve access to affordable finance, and stabilize power supply. Oyerinde also advocated for increased investment in vocational education and stronger public-private sector collaboration to enhance workforce readiness and support local product patronage.