The Director-General, Nigeria Employers’ Consultative Association (NECA), Mr. Adewale Smatt-Oyerinde has called for a more pragmatic approach in the implementation of economic policies to ensure job security for the people and survival of businesses in Nigeria.
Speaking during his appearance on a popular business-related program, Business Nigeria on TVC, on Tuesday, March 11, 2025, Smatt-Oyerinde urged policymakers to review 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 4% Free on Board (FOB) levy and the reduction of the 50% tariff, should be extended to other regulatory measures.
He noted that excessive levies and compliance costs imposed by government would ultimately impact consumers and the economy, urging it to consider long-term economic stability in the implementation of economic policies.
“While it is the law, expediency should come first. Is it appropriate to implement certain policies now when businesses are reducing capacity utilization, stock levels are increasing, and jobs are being lost? The law is not made to kill us; it is made to facilitate business growth. If it is now constituting a hindrance to the private sector and, by extension, the economy, then 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 the economy of this nation, I think we can review it. If the 4% FOB can be suspended, if I see a feeling that the 50% 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 government to prioritize developing policies that would create business opportunities as 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 concluded.
