The Nigeria Employers’ Consultative Association (NECA) has urged the Federal Government to formulate and implement implementable economic and industrial policies to enhance the country’s economic performance. NECA emphasized the need for joint efforts by fiscal and monetary policy authorities to create a national policy that would address the high inflation rate in the country.
Speaking at NECA’s 66th yearly general meeting in Lagos, NECA’s President and Chairman of Council, Taiwo Adeniyi, called on the government to devise strategies that combine monetary and fiscal policies to address the high inflation rate, double-digit lending rates, and unfavorable foreign exchange rates.
NECA also advocated for improved forex availability through the unification of various exchange rates and the development of necessary infrastructure in the real sector to boost value addition in non-oil industries. This, according to Adeniyi, will enhance global competitiveness in the Nigerian export market and attract foreign exchange from non-oil exports.
The association urged the government to ensure transparency in the foreign exchange management system to boost investor confidence and allow investors to repatriate their funds freely. Additionally, NECA called for the proper implementation of the new Electricity Act, focusing on off-grid solutions and independent power projects by the private sector to improve power supply.
NECA also recommended a review of the status of the four national refineries and the establishment of modalities for their privatization. Furthermore, the government should create incentives to attract private sector investment in gas aggregation to end gas flaring.
Under the theme ‘Rethinking the Role of the Private Sector in National Development,’ NECA acknowledged the challenges faced in fulfilling its core mandate but praised the resilience and support of business leaders in addressing these issues through advocacy activities.