The director general of the Nigeria Employers’ Consultative Association (NECA), Adewale Smatt-Oyerinde, has called for a more pragmatic approach to implementing economic policies to ensure job security for the people and the survival of businesses in Nigeria.
Speaking during his appearance on a popular business-related programme, Smatt-Oyerinde urged policymakers to review the implementation of policies that could hinder economic growth and job creation in Nigeria.
He highlighted the need for regulatory bodies to align their actions with the government’s broader economic recovery agenda, pointing out that recent policy adjustments, such as the suspension of the four per cent Free on Board (FOB) levy and the reduction of the 50 per cent tariff, should be extended to other regulatory measures.
He noted that excessive levies and compliance costs imposed by the government would ultimately impact consumers and the economy, urging it to consider long-term economic stability in implementing economic policies.
“While it is the law, expediency should come first. Is it appropriate to implement certain policies now when businesses are reducing capacity utilisation, increasing stock levels, and jobs are being lost? The law is not made to kill us but to facilitate business growth. If it is now a hindrance to the private sector and, by extension, the economy, we must review it.”
“And if that same law is now constituting an endurance to development of the private sector, and by extension, an endurance to development of this nation’s economy, I think we can review it. If the four per cent FOB can be suspended, if I see a feeling that the 50 per cent tariff can also be reduced, can also be suspended, I think there is no reason why the FRCM cannot also take a cue from this pattern that has been initiated for us to save the horse, for us to save the goose that is laying the golden egg,” he said
He urged the government to prioritise developing policies that would create business opportunities against stifling business growth in Nigeria.
“This myopic view of revenue generation will do more damage to the bigger picture that the President is focused on.
Every additional financial burden on businesses translates to job losses, higher consumer prices, and reduced disposable income for Nigerians. We must shift our focus to policies that promote business survival and economic recovery,” he said.
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