The Nigeria Employers’ Consultative Association (NECA) has expressed cautious optimism about Nigeria’s economic recovery, urging the Federal Government to sustain ongoing reforms, strengthen security and accelerate power sector improvements to reduce business costs and enhance the competitiveness of local enterprises.

The association said that although businesses continue to grapple with economic and operational challenges, the outlook for the remainder of the year remains positive, supported by moderating inflation, improved foreign exchange availability and the gains from ongoing infrastructure investments.

President and Chairman of NECA’s Governing Council, Dr Ifeanyi Okoye, stated this at the association’s 69th yearly general meeting, noting that sustained implementation of key reforms would be critical to consolidating the country’s economic recovery.

According to him, reforms in the power sector have significant potential to reduce production costs, improve productivity and strengthen the competitiveness of Nigerian businesses over the medium term. He, however, urged the Federal Government to sustain the momentum of its economic reforms while taking deliberate measures to cushion their social and economic impact on businesses and citizens. Despite the positive outlook, Okoye expressed concern over the country’s persistent security challenges, warning that insecurity continues to discourage investment, disrupt supply chains and increase operating costs for businesses.

He stressed that reforms must be implemented in a manner that preserves business viability, protects jobs, sustains investor confidence and delivers tangible economic benefits.
Okoye said that despite prevailing challenges, Nigerian businesses have continued to demonstrate resilience, innovation and adaptability. He added that NECA remains committed to advocating policies that enhance competitiveness, attract investment, reduce the cost of doing business, create sustainable employment opportunities and strengthen the private sector’s role in driving economic growth.

He also called for stronger and better-coordinated efforts to tackle insecurity, protect business assets and secure critical transport corridors to support economic activities across the country.
The Minister of Labour and Employment, Muhammad Dingyadi, reaffirmed the Federal Government’s commitment to improving the ease of doing business, strengthening investor confidence and promoting policies that encourage enterprise growth.

According to him, economic reforms can only achieve their intended objectives where there is industrial peace, mutual trust and effective collaboration among government, employers and workers.
As part of efforts to modernise labour administration, Dingyadi said the ministry was advancing labour law reforms to ensure Nigeria’s legal framework responds effectively to the realities of a changing world of work characterised by digital transformation, platform employment, new forms of work organisation and emerging occupational safety challenges.

He commended NECA for promoting ethical business practices, supporting productivity improvement and contributing to the formulation of national economic and labour policies. A highlight of the meeting was the emergence of Richard Ayibiowu as NECA’s new President. In his acceptance remarks, Ayibiowu pledged to advance employers’ interests, promote decent work and champion policies that support business growth and economic development.