Nigerian Businesses Struggle Post-Reforms, NECA Reports

The Nigeria Employers' Consultative Association (NECA) reported that businesses are still struggling three years after significant reforms introduced by the federal government. Issues such as soaring energy costs, persistent inflation, and a volatile exchange rate continue to burden firms, particularly micro, small, and medium enterprises (MSMEs).

NECA President Ifeanyi Okoy and Treasurer Richard Ayibiowu spoke at the fifth employment summit in Abuja, themed "Leveraging Reform for Enterprise Competitiveness and Inclusive National Growth." They emphasized the need for a comprehensive review of the impact of reforms on business and employment. Despite acknowledging the necessity of reforms to reposition the economy for sustainable growth, they warned that the true measure of reform programs lies in their actual impact on ordinary Nigerians.

The summit aimed to provide a platform for stakeholders to assess the progress of the reform agenda and identify practical solutions to improve enterprise competitiveness.