The Nigeria Employers’ Consultative Association (NECA) has cautioned that while recent reforms may have pulled the nation’s economy out of the “Intensive Care Unit,” millions of Nigerians are still reeling from inflation, weakened demand, and multiple taxation.
The group was reacting to comments by the Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, who recently declared that Nigeria’s economy had stabilised. NECA’s Director-General, Adewale-Smatt Oyerinde, acknowledged the progress but stressed that the impact has yet to filter down to businesses and households.
“Two years ago, we were on a path to bankruptcy — printing money to fund subsidies and defend the naira. Today, macro stability is visible: forex rates are nearly aligned, trade surplus has replaced deficits, and reserves have grown. But Nigerians are not feeling it,” Oyerinde said.
He noted that rising costs had eroded consumer purchasing power, leaving many businesses in distress.
“Businesses need stable demand. If people cannot afford goods, production suffers, loans remain due, and companies face collapse,” he cautioned.
NECA further expressed concern about arbitrary taxation and anti-business regulations imposed by some government agencies, warning that they could wipe out the gains of ongoing tax reforms.
“While reforms aim to harmonise levies, some agencies exploit legal loopholes to introduce new charges. Without decisive action, these efforts will be undermined,” Oyerinde added.
The association urged the federal government to pair macroeconomic reforms with targeted relief measures that will ease the burden on citizens. According to NECA, only then will the promise of recovery move “from the boardroom to the marketplace.”
* Media Report