NECA tasks Federal Government on policy implementation to boost economy

The Nigeria Employers’ Consultative Association (NECA) has called on the Federal Government to ensure development of implementable economic and industrial policies to boost the performance of the economy.

The employers’ body said through fiscal and monetary policy authorities’ joint efforts, the government should formulate and implement a national policy that would address the current high inflation in the country.

President and Chairman of Council, NECA, Taiwo Adeniyi, said this during the 66th yearly general meeting of the body in Lagos. Speaking on organised business’ expectations from the government, he urged the government to develop strategies to synthesise monetary and fiscal policies to moderate the high rate of inflation, double-digit lending rate and unfavourable foreign exchange parity.

For improved forex availability, he said there is a need for the government to sustain and fine-tune the current effort at unifying the various exchange rates in the economy. He urged the government to support the real sector with the necessary infrastructure required to boost value addition in non-oil sectors.

According to him, this will drive global competitiveness in the Nigerian export market and ultimately facilitate inflows of foreign exchange from non-oil exports.

He said government should ensure transparency in the foreign exchange management system to deepen investors’ confidence, stating that capital control measures should be abolished, while investors should be allowed to repatriate their funds at will.

For effective power supply, NECA said the government should adequately implement the new Electricity Act, particularly as it empowers state governments to generate and distribute electricity.

Adeniyi urged the government to develop and implement a roadmap for improved power supply focusing on off-grid solutions and independent power projects by the private sector; as well as develop and implement strategies to boost renewable energy utilisation and energy efficiency in the country.

The employers’ body urged the government to review the current status of the four national refineries and establish modalities for privatisation.

According to NECA, government should create incentives to attract private sector investment in gas aggregation to end the current gas flaring.

Emphasising the theme ‘Rethinking the Role of Private Sector in National Development’, the NECA chief said over the years, the association has been beset with several challenges in the process of carrying out its responsibilities and fulfilling its core mandate of protecting the rights of organised businesses and influencing the socio-economic policies of government.

Stating that notwithstanding the challenges, the association has remained strong and focused, he commended business leaders for their doggedness and resilience in the face of the challenges and for supporting the association in addressing them through advocacy activities.