2023, A Challenging Year for Businesses- Expert

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During an interview with Daily Trust, Adewale-Smatt Oyerinde, the Director General of the Nigeria Employers’ Consultative Association (NECA), highlighted the difficulties faced by businesses in 2023, leading to shifts in business models and some companies exiting the country.

He attributed these challenges to both global economic disruptions and certain government policies that impacted the local scene.According to Oyerinde, the country experienced a serious debt crisis early in the year, with the former administration allocating about 95% of government revenue to service debt and local GDP growth didn’t meet expectations due to various issues.

Recent revelations indicate that the Central Bank of Nigeria (CBN) spent at least N150 billion monthly to defend the naira. Despite these challenges, Oyerinde cautioned that the positive effects of government policies may not be felt until the second or third quarter of 2024.

Source: Daily Trust

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