Director-General, Nigeria Employers’ Consultative Association (NECA), Mr Adewale Smatt-Oyerinde, has called for a more pragmatic approach in the implementation of economic policies to ensure job security for the people and survival of businesses in Nigeria.

Speaking during his appearance on a programme, Business Nigeria on TVC, on Tuesday, Smatt-Oyerinde urged policymakers to review implementation of policies that could hinder economic growth and job creation in Nigeria

He stressed the need for regulatory bodies to align their actions with government’s broader economic recovery agenda, pointing out that recent policy adjustments, such as the suspension of the 4 per cent Free on Board (FOB) levy and the reduction of the 50 per cent tariff, should be extended to other regulatory measures.

He noted that excessive levies and compliance costs imposed by government would ultimately impact consumers and the economy, urging it to consider long-term economic stability in the implementation of economic policies.

“While it is the law, expediency should come first. Is it appropriate to implement certain policies now when businesses are reducing capacity utilisation, stock levels are increasing and jobs are being lost? The law is not made to kill us; it is made to facilitate business growth. If it is constituting a hindrance to the private sector and, by extension, the economy, then we must review it.

He urged government to prioritise developing policies that would create business opportunities as against stifling business growth in Nigeria.

“This myopic view of revenue generation will do more damage to the bigger picture that the President is focused on. Every additional financial burden on businesses translates to job losses, higher consumer prices, and reduced disposable income for Nigerians. We must shift our focus to policies that promote business survival and economic recovery,” he concluded.