NECA Warns of Economic Burdens on Nigerian Businesses

At the 5th Nigerian Employment Summit held in Abuja, representatives from the Nigeria Employers' Consultative Association (NECA), including Dr. Ifeanyi Okoy and Mr. Richard Ayibiowu, discussed the significant challenges businesses, particularly micro, small, and medium enterprises (MSMEs), face due to the Federal Government's economic policies. They highlighted issues such as high energy costs, persistent inflationary pressures, volatile exchange rates, multiple taxation, infrastructural deficits, logistical constraints, and regulatory complexities that weaken consumer purchasing power and adversely affect business performance across sectors.

Vice President Shettima explained that the government aims to restore macroeconomic stability as a priority, emphasizing the need for infrastructural development to support business growth. He noted that the economy carries a deep structural burden requiring urgent measures to avert collapse.

Shettima also mentioned the importance of foreign exchange reform and the need for a reliable taxation system to encourage investment and support small businesses.