WHILE the Federal Government’s economic reforms were necessary to address long-standing structural weaknesses, businesses across the country continue to struggle with rising operating costs and a difficult business environment three years after the policies were introduced, the Nigeria Employers’ Consultative Association (NECA) has said.

Speaking recently at the opening of the 5th Nigeria Employers’ Summit in Abuja, the President of NECA, Dr Ifeanyi Okoye, who was represented by the Treasurer of NECA, Richard Ayibiowu, said the association recognised the courage required to implement far-reaching reforms, including the removal of fuel subsidy, foreign exchange liberalisation, tax reforms and measures aimed at improving the ease of doing business.

However, he stressed that the success of any reform programme should be measured by its impact on businesses, investment, job creation and citizens’ welfare.
According to him, despite improvements in some macroeconomic indicators, enterprises continue to contend with high energy costs, persistent inflation, exchange rate volatility, multiple taxation, infrastructure deficits, logistics bottlenecks, regulatory challenges and weak consumer purchasing power.

He noted that the situation has been particularly difficult for Micro, Small and Medium Enterprises (MSMEs), many of which continue to bear the brunt of the adjustment process.
“Three years into this reform journey, it is both timely and necessary to evaluate how these policies have influenced enterprise growth, employment generation, investment, productivity, competitiveness and overall economic welfare,” he said.

The NECA president said the summit would provide an opportunity for government and the organised private sector to assess the implementation of ongoing reforms, identify policy gaps and develop practical solutions to improve enterprise competitiveness.

He also announced the launch of the Environmental, Social and Governance (ESG) Implementation Guide for MSMEs in Nigeria, developed in partnership with the International Labour Organisation (ILO).

According to him, the guide is intended to help small businesses integrate sustainability into their operations, improve resilience and strengthen their competitiveness as ESG considerations increasingly influence investment decisions, financing opportunities and participation in global value chains.

He commended the ILO for supporting the initiative. Also speaking, NECA Director-General, Adewale-Smatt Oyerinde, said the organised private sector had consistently advocated the removal of fuel subsidy long before the current administration implemented the policy.

He noted that although businesses understood the necessity of the ongoing reforms, government must continue engaging employers to address implementation challenges affecting enterprise growth.
“Our responsibility is to ensure that government also understands where businesses are experiencing challenges and what policy adjustments are required to improve enterprise competitiveness,” he said.

Oyerinde described the Employers’ Summit as an important platform for dialogue between policymakers and the business community, noting that recommendations from previous editions had shaped national economic conversations and influenced government policies.

He revealed that from 2027, the Nigeria Employers’ Summit would be expanded into the International Employers’ Summit to attract participants from across Africa and other parts of the world.
According to him, the international edition will leverage NECA’s partnerships in more than 50 African countries and its affiliation with the International Labour Organisation to promote dialogue on investment, labour migration, enterprise development and economic transformation.

He said this year’s summit examined the implementation of economic reforms, industrial policy, regulatory reforms, ESG principles and the country’s tax reform programme, with senior government officials expected to engage directly with employers on policy issues affecting the business environment.