Nigeria’s economy may have regained some stability, but citizens and businesses are yet to feel the impact, the Nigeria Employers’ Consultative Association (NECA) has warned.
Reacting to recent comments by the Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, who noted that Nigeria’s economy has stabilised, NECA’s Director-General, Adewale-Smatt Oyerinde, admitted that government reforms have delivered some macroeconomic balance. However, he insisted that the improvement remains largely on paper.
“Two years ago, we were on the path to bankruptcy—printing money to fund subsidies and defend the naira. Today, there is visible macro stability: forex rates are nearly aligned, trade surplus has replaced deficits, and reserves have grown. But Nigerians are not feeling it,” Oyerinde said.
NECA expressed concern that rising costs have weakened consumer demand, leaving businesses in a precarious position.
“Businesses need stable demand. If people cannot afford goods, production slows, loans become harder to service, and companies face collapse,” the association cautioned.
The employers’ body also decried the proliferation of anti-business regulations and arbitrary taxes by some government agencies, warning that these practices could undermine the objectives of ongoing tax reforms.
“While reforms seek to harmonise levies, some agencies exploit legal loopholes to introduce new charges. Without decisive action, these efforts will be eroded,” Oyerinde noted.
NECA urged the federal government to complement macroeconomic stability with urgent relief measures for households and businesses, stressing that true economic recovery must reflect in the marketplace, not just on paper.
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