The Nigeria Employers’ Consultative Association (NECA) has raised concerns that while Nigeria’s economy may have exited the “Intensive Care Unit” as a result of ongoing reforms, citizens and businesses are still burdened by inflation, falling demand, and multiple taxes.
Reacting to the recent assessment by the Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, who noted that Nigeria’s economy had regained stability, NECA’s Director General, Adewale-Smatt Oyerinde, acknowledged the progress but cautioned that the improvement remains largely “stability on paper” with little impact on households.
“Two years ago, Nigeria was on the verge of bankruptcy — printing money to fund subsidies and defend the naira. Today, macroeconomic stability is visible: forex rates are almost aligned, trade surplus has replaced deficits, and reserves are improving. But Nigerians are not feeling it,” Oyerinde stated.
He explained that the rising cost of living has drastically weakened consumer demand, forcing many businesses into survival mode.
“Businesses need steady demand to thrive. When citizens cannot afford goods and services, production slows down, loans remain unpaid, and companies risk collapse,” he warned.
NECA also decried the persistence of anti-business regulations and arbitrary taxation from some government agencies, stressing that such practices threaten to undermine the gains of ongoing fiscal reforms.
“While reforms are supposed to harmonise taxes and levies, some agencies exploit loopholes to introduce new charges. Without firm action, these efforts could be eroded,” Oyerinde cautioned.
The employers’ body urged the federal government to pair its macroeconomic stabilisation efforts with urgent relief measures targeted at households and enterprises.
“Only then will the recovery move from boardroom statistics to real-life impact in the marketplace,” NECA concluded.
