NECA raises alarm over continuous business shutdown

The Nigeria Employers’ Consultative Association said with the high rate at which businesses declare losses, especially in the real sector, the country may be in for another round of business shutdown. Director-General/Chief Executive of NECA, Adewale-Smatt Oyerinde, who stated this, called for urgent action to address the crisis.

Sharing some of the contradictions, Oyerinde said while the country grapples with a high unemployment rate and low business capacity utilisation, some regulatory agencies are still creating bottlenecks for business growth.He said even though the Taiwo Oyedele-led Presidential Committee on Tax and Fiscal Policy Reforms has done well in engaging critical stakeholders and building consensus on the tax reforms, some agencies continued to introduce new levies.

The NECA boss called for the suspension of the sugar tax for the food and beverage to allow the sector to stabilize and contribute maximally to current efforts at achieving food security. A professional tax and advisory firm, PwC, says Nigeria’s economic outlook remains uncertain despite efforts made by the Central Bank of Nigeria to ensure stability in the foreign exchange market and attract investors. It noted that the rising inflationary pressure and volatile FX market are increasing the uncertainty level and dampening investors’ confidence.…

With several government initiatives designed to curb the activities of extortionists in the maritime industry, the impact on the haulage sector has remained unabated as the number of extortion checkpoints has doubled since 2022, ADAKU ONYENUCHEYA writes. The growing number of extortion points in the maritime haulage has continued to stall both the sector and…

Pan African Towers Ltd, Nigeria’s leading provider of digital infrastructure has announced the appointment of Jyoti Desai and Vivek Gupta as Non-Executive Directors, with effect from May 21st, 2024. Jyoti Desai, a former Group Chief Operating Officer of MTN, is a banking and telecoms professional with more than 35 years in the industry. Her…

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NECA seeks end to business-stifling policiesThe Nigeria Employers' Consultative Association (NECA) has called on the Federal Government to address the major challenges
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‘Enterprise sustainability key to driving business growth’Director-General of the Nigeria Employers’ Consultative Association (NECA), Adewale-Smatt Oyerinde, spoke with members of the Labour Writers’ Association of Nigeria (LAWAN) on issues bordering on the economy and challenges businesses are currently facing, among others.
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