NECA DG Urges Urgent Government Action in Tackling Economic Crisis

Adewale Oyerinde, the Director-General of the Nigeria Employers’ Consultative Association (NECA), emphasized the urgency of addressing the current economic crisis in Nigeria.

Reflecting on President Bola Tinubu’s administration since its inauguration in May 2023, Oyerinde acknowledged some bold reforms but highlighted the need for further actions.

Oyerinde commended the administration’s decision to remove fuel subsidy, describing it as a long-overdue step that previous administrations had failed to take.

He noted that Nigeria’s reliance on subsidies for fuel, despite the moribund state of its refineries, was unsustainable and contributed to the economic challenges facing the country.

The NECA boss emphasized the importance of political will in implementing difficult reforms and challenging entrenched interests. He cited the removal of fuel subsidy as a positive achievement of the current administration, which demonstrated its commitment to addressing structural issues in the economy.

While acknowledging the challenges facing the economy, Oyerinde expressed optimism about the impact of various fiscal and monetary reforms, noting some stability in the value of the naira. He underscored the importance of continued collaboration between the government and the private sector in driving economic recovery and growth.

Oyerinde cautioned against neglecting fiscal discipline and emphasized the need for a business-friendly environment to support organized businesses. He urged the government to maintain its current trajectory of reforms and collaboration with stakeholders to navigate the country out of its economic challenges.

Overall, Oyerinde’s assessment underscores the importance of decisive action and collaboration between the public and private sectors in addressing Nigeria’s economic crisis and unlocking its growth potential.